Credit, Collections & Insolvency News
The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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Latest data from the Institute of Directors (IoD) shows that business confidence in the UK economy took a significant leap forward in March. Bouncing back from the unexpectedly low confidence levels recorded in February, the key indicators suggest business leaders are returning to the more optimistic positions that they held in January. The IoD Directors’…
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The number of overdue invoices in Scotland reached a 16-month high in February, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that business in Scotland had 428,824 unpaid invoices on their books last month – the highest monthly total since October 2022’s…
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A new report from the Building Societies Association (BSA) will say that significant changes are required if we are to help prospective first-time buyers get on to the property ladder in the current housing market, without compromising the prospects of future generations of homebuyers. The report, which has been authored by housing expert Neal Hudson…
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The Credit Services Association (CSA), the only national trade association in the UK for organisations active in the debt collection and purchase industry, has published a collection of essays detailing the experiences so far of a sample of their members in implementing Consumer Duty requirements. The Financial Conduct Authority’s (FCA) Consumer Duty rules began on…
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The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…
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While some indicators have shown small positive signs of improvement, these are not yet at the point where they can decrease the financial pressures on many UK households. Increasing wages and falling inflation bring some welcome indications of improvement for the UK’s economic outlook this month, but neither are yet significant, or long-lasting, enough to…
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AdviceUK, the UK’s largest network of advice-giving organisations, has announced a collaboration with Trustfolio and AdvicePro to offer a free 3 months’ instant access trial to client credit reports. The partnership will enables advisers to enhance the quality and speed of service they are able to offer clients, saving time and money by removing the…
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A man from Milton Keynes who committed approximately £867,299 of fraud has been sentenced at Isleworth Crown Court to 7 years 10 months in prison, following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Zaheer Abbas, pleaded guilty to 12 counts of fraud…
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