Credit, Collections & Insolvency News
Water companies will submit to Ofwat their plans for the next price review period from 2025-2030. The plans will be subject to scrutiny and challenge by Ofwat before final decisions are made in December 2024. Ofwat has told companies that they must be ambitious in their plans to reduce pollution, while delivering value for money for…
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The Government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time. Late payment…
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A man from East London who enabled over £1 million of fraud has been sentenced to five years and six months in prison for fraud by abuse of position and money laundering. Said Hussain, sentenced at Southwark Crown Court, was a member of staff at a bank branch in East Ham. During his employment, he abused…
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The Lending Standards Board (LSB), the primary self-regulatory body for the banking and lending industry, is pleased to announce its membership of the UK Regulators’ Network (UKRN). The LSB says that the partnership will further enhance collaboration among regulators from various sectors, promoting better outcomes for consumers, SMEs, and the economy. The UKRN brings together…
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A poor credit score could cost £272,302 in additional interest over a course of a lifetime (ages 20 – 68) compared to a good credit score. The in-depth study by free smart money platform, Credit Karma, found that someone in their 20s, who has a poor credit score, will pay hundreds of thousands of pounds more…
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A quarter of young homeowners, aged 29 and under, have opted for repayment terms of at least 35 years to make their monthly mortgage payments more affordable, according to Experian. This is up from one in 10 in 2020, an increase of 150%. The increased cost of borrowing means that many people will be nearing retirement…
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National brokerage Just Mortgages has announced that it has appointed Wayne Saker as Area Director. Saker has two decades of financial services experience in recruiting and mentoring brokers. He joins from Countrywide, where he first started as a mortgage consultant in 2003. Since then, he has risen through the ranks becoming regional sales manager, financial…
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Ordinary working families are bearing the burden of the cost-of-living squeeze. New data from Lowell’s Financial Vulnerability Index shows areas with a high proportion of working families have seen a worsening in financial health compared with the UK as a whole in the first half of 2023. Lowell has identified 133 constituencies which are more…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, remained subdued at -26 in September 2023, similar to August’s reading of -28. This is the fourth consecutive month in which economic confidence has been relatively low, following a large drop in June. Order books were suggestive of…
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