Credit, Collections & Insolvency News
A recent survey commissioned by finance experts ABC Finance has cast a stark light on the nation’s ability to cope with the cost of a funeral with 38% of admitting they would struggle to cover the expenses of a funeral for their next of kin. ABC says that the study’s findings are an indicator of…
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The Financial Ombudsman Service (FOS) is expecting more than 181,000 consumer complaints in the next financial year, with many involving everyday financial concerns. The complaints include a rise in disputed transactions driven by an increase in financial fraud and scams, as well as unaffordable lending linked to cost-of-living pressures. The FOS has set itself a…
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Latest figures from Accountant in Bankruptcy (AiB) have revealed that personal insolvencies increased by 2% for Quarter 3 (Q3) 2023-2024 compared with Q3 2022-2023, to a total of 2,014. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q3 2023-2024 decreased by 3.3% compared to the previous quarter’s total of 2,082…
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Latest figures from Accountant in Bankruptcy (AiB) have revealed that business insolvencies in Scotland rose by 7.3% compared with Quarter 3 (Q3) 2022-2023, to a total of 292. Business insolvencies (liquidations and receiverships) in Scotland for Q3 2023-2024 increased by 3.2% compared with the previous quarter’s total of 283 (July-September 2023). Richard Bathgate, Scotland Chair…
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MotoNovo Finance has appointed Chris Adams to the newly created position of Director of Pricing and Portfolio Performance, joining the business’ Senior Leadership Team. Adams joins MotoNovo from Lloyds Banking Group, where he worked for over twenty years, most recently as Head of Pricing and Performance for their Black Horse and Lex Autolease businesses, which…
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Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money. With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money. The nationwide survey revealed…
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MPs on the Treasury Committee have warned that SMEs face “gaps” in banking dispute resolution when an independent compensation scheme closes, questioning whether the Financial Ombudsman Service’s (FOS) jurisdiction is appropriate to handle cases from the Business Banking Resolution Service (BBRS). MP John Baron said there was “uncertainty around the future of dispute resolution services…
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