Credit, Collections & Insolvency News
Consumer card spending grew just 2.6 % year-on-year in October – noticeably less than the latest CPIH inflation rate of 6.3 % and the smallest uplift since September 2022 (1.8 %) as consumer’s concern over rising energy bills and outgoing costs ahead of the festive period hindered discretionary spending according to latest spending analysis from…
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New research conducted by StepChange Debt Charity has revealed that its clients who are women face an average budget shortfall of £30 per month, which is £70 less than men’s average monthly surplus of £40. The charity’s new report, Bearing the burden, which has been published during Talk Money Week, looks at how debt differs between…
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Everyday People Financial, a Canadian-based financial services company, has announced that its subsidiary, BPO Collections has signed a purchase agreement to acquire Arvato Financial Solutions UK (AFS). Arvato Financial Solutions is a provider of accounts receivable management services primarily focusing on providing financial and collection management services in the regulated environment. Arvato’s main creditors operate…
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Latest spending figures from the British Retail Consortium (BRC) have indicated that total retail sales increased by 2.5% in October, against a growth of 1.6% in October 2022. This was below the 3-month average growth of 3.1% and the 12-month average growth of 4.2%. Food sales increased 7.9% on a Total basis over the three…
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New research by National Institute of Economic and Social Research (NIESR) has found that low to middle income households are facing seven years of falling living standards NIESR says that GDP growth will remain sluggish in 2023 and 2024 as the monetary policy tightening continues to bite and expects GDP growth of 0.6 per cent…
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A criminal has been sentenced following a £2 million mandate fraud case by the Dedicated Card and Payment Crime Unit (DCPCU). Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act after commiting £2,260,729.09 of…
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The cost-of-living crisis has been identified as the main barrier for two fifths (41%) of over 50’s that might prevent them from securing the income they think they’ll need in retirement, according to research from Standard Life, part of Phoenix Group. A further one in ten with a DC pension or SIPP (11%) say they…
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