Credit, Collections & Insolvency News
Optimism in British companies has reached its highest level in over seven years, according to a survey by Lloyds Bank. The bank’s Business Barometer shows that trading prospects for the next 12 months rose to 56% in July, up from 44% in June. This is the highest level since April 2017. The survey also found…
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The Financial Conduct Authority (FCA) is extending its investigation into the motor finance market, saying it will set out the next steps of its review into discretionary commission arrangements (DCAs) in May 2025, rather than this September. The regulator said that firms involved in our review have engaged with us constructively, but many have struggled…
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New findings show that adoption rates of Open Banking payments are increasing, with 11% of credit unions now offering this type of payment for financial services products. The report by Access Group, highlighted the importance of providing customers with a range of options, including Open Banking, to meet their evolving expectations. Since its launch in 2018,…
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A new SME insights report by Dojo has revealed that an estimated 110,940 SMEs are at risk of going bust due to having no cash left to support business operations. The study also revealed that over 30% of SMEs cited rising inflation and high interest rates as their biggest challenge for 2024. Additionally, 1 in…
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StepChange Debt Charity Scotland’s latest quarterly client data has revealed the ongoing pressure that council tax is having on households, as average council tax arrears per client in Scotland have risen by 11% year on year. The average council tax arrears amount among Scottish clients stands at £2,075 during the second quarter of 2024, up…
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New data from Pepper Advantage, has shown that the overall rate of mortgage arrears growth has dropped to only 1.1% in Quarter 2 (Q2) 2024. This marks the third consecutive quarterly decrease in the arrears growth rate across the company’s UK portfolio, which fell from 5.7% in Q4 2023 to 3.9% in Q1 2024. The…
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Consumers have reduced their spending due to poor weather and the cost of living crisis according to latest British Retail Consortium data. The report shows that annual shop price inflation remained unchanged at 0.2% in July, the lowest rate since October 2021. Non-food price deflation continued at 0.9%, as retailers reduced prices to attract consumers.…
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Aro, has announced its partnership with personal finance app, TotallyMoney to bring personalised credit matching capabilities to secured loan customers. With the new partnership, TotallyMoney customers will be offered with more choice when it comes to selecting loan products, whether that’s with more flexible terms, lower interest rates or values that align with their financial…
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