Credit, Collections & Insolvency News
The proportion of businesses blaming profit warnings on tighter credit conditions has risen to the highest level since the financial crisis, according to new data from EY-Parthenon. UK-listed companies issued 76 profit warnings between July and September 2023, marking the first time the quarterly total has fallen year-on-year since 2021. Prior to Q3 2023, warnings…
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A new report commissioned by Grenke UK has found that over half the UK’s SMEs are relying on credit cards to support their businesses day-to-day. These findings highlight how credit cards are increasingly becoming the go-to quick fix solution despite carrying drawbacks and being a less efficient form of financing for SMEs. The survey of…
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Latest figures from the Equity Release Council (ERC) analysis showed that the equity release market grew for the first time in 12 months with quarterly increases in both new customers (10%) and total lending (8%). Total lending reached £716 million in Quarter 3 (Q3) loaned to 7,379 new customers and 8,466 returning drawdown customers. The…
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New figures released by the Payments Systems Regulator (PSR) has shown for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report showed that TSB fully reimbursed 94% of the APP scam cases reported…
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Latest Bank of England figures have shown that remortgaging approvals fell to 20,600 in September, making this the lowest level since January 1999. Net borrowing of mortgage debt by individuals decreased from £1.1 billion in August to -£0.9 billion in September – the lowest since April 2023. Net mortgage approvals for house purchases fell to…
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The Financial Conduct Authority (FCA) has taken action against PayPal and QVC after finding potentially unfair and unclear small print in their buy now, pay later (BNPL) contracts. The FCA expressed concern over the impact on customers and prompted the two companies to change their terms. PayPal and QVC voluntarily made their terms easier to…
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The number of invoices being paid after their due date in Northern Ireland fell more than 35% in September 2023 compared to the same period in 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Northern Ireland…
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Commercial lending software factoring and receivables finance company, Lenvi has been appointed by BNP Paribas, to support its European risk management and operations functions through its risk management software Riskfactor. Over the course of the multi-year contract, Lenvi will support BNP Paribas in reducing risk and improving operational efficiency. Through the implementation of the full-service…
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Debt purchase, collections, litigation and reconnection firm Perch Group has announced that it has appointed Heather Pollard as Director of Analytics. Pollard, who has held senior positions at financial service organisations and a large debt purchaser, will be tasked with ensuring that data and analytics are at the heart of all decision making across the…
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Complaints to the Financial Ombudsman Service (FOS) increased by more than 13,000 in the first half of 2023, compared to H2 2022. The latest figures showed that FOS received 93,114 complaints from January to June, up from 79,921 in the second half of last year. Banking and credit complaints were up by more than 6,000,…
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UK families are bearing some of the heaviest brunt of the ongoing cost of living crisis, with many resorting to drastic measures. Households with children in the UK are reporting that they are being more heavily impacted by the rising cost of living. In London, 25% of working parents say they’ve had to skip meals, or not…
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