Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers in Scotland saw no real change in Quarter 2 (Q2) compared to a year ago but fell by 40.2% compared to pre-pandemic levels in 2019. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Q2 saw no real change,…
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Online high-cost short-term lender Novaloans (trading as Cash4UNow) has entered administration. Novaloans Ltd is a family-run business founded in 2011, employed 38 people according to its total exemption. Its offices are at Limewood Business Park, in Seacroft. The Financial Conduct Authority (FCA) has confirmed that the firm is no longer lending. However, all existing loan…
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The High Court Enforcement Officers Association (HCEOA) is backing the Enforcement Conduct Board’s (ECB) new accreditation scheme for the enforcement profession. A register of accredited enforcement firms has now been published on the ECB’s website for the first time and marks an important step for the ECB, which was set up in 2022 to provide…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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The Lending Standards Board (LSB) has today announced the release of its latest inclusion report, ‘Increasing Access to Finance for Ethnic Minority Led Businesses.’ The report represents the third instalment of the LSB’s series on inclusion. It highlights the barriers faced by ethnic minority led businesses and underscores the crucial role that financial institutions play…
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Latest figures from Accountant in Bankruptcy (AiB) has shown that business insolvencies in Scotland rose 19.9% in Quarter 2 (Q2) 2023-2024 when compared to pre-pandemic levels in 2019 and rose by 4.8% compared to the same period last year. Business insolvency numbers (liquidations and receiverships) increased by 4.8% compared with Q2 2022-2023, to a total…
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Small companies have been left with “nowhere to turn for justice” during banking disputes following a decision not to extend the reach of the Financial Ombudsman Service, according to an Federation of Small Businesses. The Financial Conduct Authority (FCA) has decided that it would not be proportionate to provide access to the ombudsman’s dispute resolution…
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