Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) is set to cut the interest firms must pay on compensation payouts. Currently, firms must pay 8% interest on compensation awards. The study will look at cutting the interest rate applied to compensation handed down against firms that have lost cases to customers. This is the first step in FOS’s…
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Paragon Business Finance has become the latest financial services provider to register with the Lending Standards Board (LSB) Standards of Lending Practice for business customers – asset finance. The Asset Finance Standards set the best practice framework for the provision of asset finance to businesses with a turnover up to £25m, and cover hire purchase and…
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Nearly one in four UK adults (23%), around 12.5 million people, have no savings to fall back on in a crisis, according to new research from StepChange Debt Charity. Four in five (78%) of those with no rainy day savings say they find it difficult to keep up with living costs. As cost of living…
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New research from Premium Credit has shown that more than half of SMEs are continuing to use credit to ensure they maintain insurance cover despite rising premiums. The data shows that 54% of SMEs (55% in 2024) use some form of credit to pay for insurance, borrowing an average £1,180. Around 15% of them say they…
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