Credit, Collections & Insolvency News
Prime Minister Rishi Sunak has announced a General Election for Thursday 4th July in a statement outside Downing Street. Responding to the Prime Minister’s announcement, National Chair of the Federation of Small Businesses (FSB), Martin McTague, said “Small business owners and self-employed people across the country will be looking for which party puts forward the…
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New research by KPMG and charity National Numeracy, has found that one in five adults feel that their fear of numbers is hindering their financial progress, with one in five (19%) stating that the cost of living crisis has highlighted their weakness. The study of 3,000 people revealed that 20 per cent of the UK…
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UK banks could help stop loan shark growth by learning from US ‘small dollar loans’ products according to a new research by Fair4All Finance. The report says there is an urgent need for the mainstream financial sector to help address the credit vacuum for those on lower incomes, with loan sharks profiting from this financial…
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New research by Hodge has found that more people are borrowing into their retirement to help out with debt consolidation and meet day to day living costs. The research found that over two thirds of brokers say lending up to and into retirement in the UK is changing, with greater numbers borrowing into their retirement…
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New research from Compare the Market has revealed that nearly seven in ten households (69%) have been caught out by surprise costs and fees when moving home with the average cost of these hidden fees being £5,837. The most common surprise costs when moving home include legal fees being larger than expected (41%), while one…
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Latest ONS figures out have revealed that average UK private rents increased by 8.9% in the 12 months to April 2024. StepChange Debt Charity says this will create more worry among private renters as the Renters (Reform) Bill, currently making its way through the House of Lords, does not address rising affordability concerns. The ONS…
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A man who cheated taxpayers out of £50,000 by using the funds from a Covid loan to replace his car has been sentenced for fraud. Insolvency Service Investigations found that James Todd applied for and secured a £50,000 Bounce Back Loan for a fictitious business he named Pro Detailing, inventing a turnover of £255,000 to…
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Jaja Finance has announced it has become one of the first UK fintechs to launch a Generative Artificial Intelligence (Gen AI) chat assistant using Anthropic’s state-of-the-art Claude 3 model family, accelerating the fintech’s journey to becoming the UK’s leading digital lender. The new service, ‘Airi’, uses Amazon Bedrock, a fully managed service from Amazon Web…
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