22nd October 2024 - Credit Connect

SMEs switch to monthly payments as insurance bills rise

22nd October 2024 Alternative Business Lending | #business insurance

SMEs are switching to monthly payments for insurance bills as premium increases put pressure on their businesses according to new research Premium Credit. The research showed that 43% value the ability to pay for insurance monthly through premium finance or finance offered by insurers compared with 32% who prefer to pay in a lump sum.…

Leonard Curtis acquires Newsource Commercial Finance

22nd October 2024 Commercial Credit Management |

Leonard Curtis has announced it has acquired Newsource Commercial Finance (NCF) is a broker in the commercial property sector. Led by a management team of Mark Craven and Brian Walters, the business specialises in working with brokers and their clients on sourcing finance across residential BTL and property portfolios, commercial property investments, property developments, refurbishment…

Volkswagen Finance fined £5.4m by FCA

22nd October 2024 Consumer Lending | #FCA

The Financial Conduct Authority (FCA) has fined Volkswagen’s UK financial services arm £5.4m for its unfair treatment of customers in financial difficulty. The City watchdog found that between January 2017 and July 2023. The investigation, Volkswagen Finance took cars away from vulnerable customers without considering other options. The firm failed to understand customers’ individual circumstances…

Premium Credit appoints Chief Risk Officer

22nd October 2024 Appointments |

Premium Credit has announced it has appointed Rohit Ghai as its Chief Risk Officer. Ghai will lead Premium Credit’s Risk, Compliance and Legal functions as the business proudly supports its community of customers and partners in creating opportunities through convenient payments. Ghai joins Premium Credit from PayPal UK, where he was most recently the interim…

North of England hardest hit by rising mortgage costs

22nd October 2024 Arrears and Recoveries | #mortgage arrears

Homeowners in parts of northern England are more than twice as likely to be in mortgage arrears than those in the south, according to new analysis of Financial Conduct Authority (FCA) data by longer-term lender April Mortgages. The latest mortgage arrears data provided by the FCA shows that the North East (1.76%) has the highest…

Construction insolvencies hit 12 month high

22nd October 2024 Commercial Credit Management | #construction insolvencies

The construction industry experienced the highest number of insolvencies in the 12 months to August 2024, reaching a total of 4,310 according to latest Insolvency Service data for September 2024. Commenting on the latest construction insolvency statistics Kelly Boorman, National Head of Construction at RSM UK, said “The latest rise in construction insolvencies comes amidst a number…

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