Credit, Collections & Insolvency News
The biggest threat to British businesses over the next six months is disruption to supplies, according to a survey by BDO with 54% of mid-sized companies saying that chaos in supply chains was the biggest challenge they faced. The bi-monthly survey – which looks at the challenges and opportunities facing mid-sized businesses – reveals the…
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Over a third (34%) of UK shoppers have now used Buy Now Pay Later (BNPL) services to spread the cost of purchases1, and thousands chose to use BNPL for the first time over the 2022 festive season. That’s according to the latest BNPL Barometer from Equifax, one of the UK’s big three credit reference agencies.…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies doubled whilst personal insolvency numbers fell. In November 2022 there were 20 business insolvencies registered in Northern Ireland, this is more than double the number in November 2021, but 35% lower than in November 2019. The business insolvencies comprised of 16…
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Students will be hit harder by the cost-of-living crisis than previously thought with the poorest students being more than £1,000 worse off than in 2020–21 according to new research by the Institute of Fiscal Studies (IFS). For university students domiciled in England, government support for living costs takes the form of so-called maintenance loans. Each…
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Half of all UK adults (51%) have been affected by scams, according to new research from Canada Life. This equates to 27m people across the UK. Most of these cases can be described “phishing scams” (51%), when a fraudster attempts to imitate a legitimate company or person to secure important information from the victim. Crypto…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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A new report out today from GoCompare Car Insurance has revealed that the cost of getting a young driver on the road has risen to £6,574 – the highest since 2019, representing a shift backwards to pre-pandemic costs. Costs for young drivers – those aged between 17- 21 – and their families dipped to £6,394…
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Record high inflation combined with low wages is hitting Britain’s 4.8m low paid workers harder than anything they have faced before, including the Covid-19 pandemic, new research by the Living Wage Foundation has revealed. Polling of over 2,000 workers earning less than the real Living Wage, by the Living Wage Foundation and Survation, found 78% of…
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The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research has found that confidence among UK consumers has fallen into negative territory for the first time since June 2020. The index fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic.…
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Economists believe the energy price cap announced by new Prime Minister Liz Truss as part of a rescue package significantly cuts the chances of Britain going into recession according to EY Item Club analysis. The EY ITEM Club now expects CPI inflation to peak below 11% in October, rather than the 15% peak which might…
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Parents twice as likely to have borrowed more and to be behind on bills: ONS 9 September, 2022/in Consumer Credit /by Stephen Kiely The ONS has published an article on parenting and spending – looking at overall spending before the cost-of-living crisis and some of the changes since: Parents more likely to report increases in their cost of living…
Read morePpoint-of-sale payment solutions specialist Duoloi has announced a partnership with LendingMetrics’ to use its ADP platform. Duologi says it had previously outsourced the build of an engine to an external IT company, which meant it was hard-coded and the company had limited control over changes and wanted to bring decisioning in-house and were looking to…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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