Credit, Collections & Insolvency News
Over a third of the owners and directors of small businesses had to take the big step of signing a personal guarantee to keep their businesses afloat in the final quarter of 2023, according to the latest Purbeck Personal Guarantee Insurance (PGI) Monitor. 34% of PGI applications in Quarter 4 2023 were for loans to…
Read more
Latest data from the Bank of England has indicated an increase Credit Union lending, with loans to members in England passing the £1 billion mark for the first time. The figures showed that loans to members increased 5.3% quarter-on-quarter to £2.34 billion. However, the average amount in arrears grew for the 8th successive quarter, increasing…
Read more
The new Consumer Duty rules for retail financial services, which came into force in July 2023, marked a considerable shift in the regulatory expectations on firms for consumer protection. As noted by the Financial Conduct Authority (FCA), who will supervise firms for compliance, the Consumer Duty “sets higher and clearer standards of consumer protection across…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 3%. In Quarter 4 (Q4) 2023 there were 24,910 personal insolvencies, 3% higher in the previous quarter, but 15% lower than during the same quarter in the previous year. The number of debt relief orders (DROs)…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have revealed the highest quarterly number of Creditors’ Voluntary Liquidations (CVLs) since the start of the time series in 1960, and a 14% increase in business failures in 2023 compared to 2022. Between 1st October and 31st December 2023 (Q4 2023), there were 6,788 business…
Read more
Research from Nationwide shows how costs have soared for the typical British family since 2021 – from mortgage or rent payments to food, energy and fuel – with more than one in five households having less than £100 spare each month. Continued high costs have led to more than two-thirds (69%) of family households feeling…
Read more
Research by Phoenix Group has found achieving a comfortable retirement is the top long-term savings goal for people in midlife, but many face an uphill challenge to meet this standard. Midlife is a key life stage which often prompts people to think about their future finances, with retirement less than 10 years away for some…
Read more
Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…
Read more
Latest quarterly statistics from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvencies remained stable with only one insolvency more than the equivalent quarter of 2022. In Quarter 4 (Q4) 2023, there were 314 total business insolvencies in Scotland. The insolvencies comprised 105 compulsory liquidations, 196 CVLs, 12 administrations and one CVA. There were no…
Read more
New research from Bibby Foreign Exchange (BFX) has found that UK SMEs trading abroad remain hamstrung by circumstances borne out of Brexit, as the UK’s withdrawal from the European Union (EU) approaches its four-year anniversary. Data from BFX’s 2024 Trading Places report finds that more than half (55%) see the ongoing impact of Brexit as a significant challenge, ranking…
Read more
Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased by 62% from the same quarter of 2022. The figures showed that there were 81 business insolvencies in Northern Ireland in Quarter 4 (Q4) 2023. The insolvencies comprised 33 compulsory liquidations, 38 CVLs, three CVAs and seven administrations. There were no…
Read more
Reparo Finance has announced the appointment of Ronnie Harris as Business Development Manager. Commercial finance provider Reparo offers bespoke funding solutions to UK SMEs through its nationwide network of brokers. Harris will be responsible for building strong relationships with brokers and clients in the region, guiding them throughout the application process to deliver tailored lending…
Read more
Digital bank, Tandem has announced the appointment of Maria Khan, as Director of Product and Digital, and Chris Parker, as Head of Marketing. As Director of Product and Digital, Khan will lead the development of Tandem’s exciting digital offering, working with the team to create even better green digital banking solutions for its customers, as…
Read more