Credit, Collections & Insolvency News
With Covid-19 restrictions continuing to be lifted, the first glimmers of what ‘post-Covid’ financial life may look like for UK households have started to be seen, according to the April 2021 Money Statistics, produced by The Money Charity. As the UK progresses through the roadmap stages of lockdown easing, alongside the continued vaccine rollout, glimpses…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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Evidence continues to emerge demonstrating the scale of the crunch on household finances and its likely consequences as the UK emerges from the pandemic, according to the March 2021 Money Statistics, produced by The Money Charity. The March Budget brought welcome news of extended supports and measures, now lasting until September 2021, which will assist…
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Dealing with late payment is something the vast majority of business owners will have to deal with at some point. Delinquent payers cost companies millions of pounds every year, causing frustration and unnecessary work, as well as leading to serious cash flow problems, and in some cases forcing the creditor to fall behind on its…
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It’s fair to say that Ofgem’s decision to raise the energy price cap has raised a few eyebrows. Considering the UK is in the midst of one of the most volatile socio-economic periods in its history, with extreme levels of national debt and millions affected by furlough or job losses, choosing to raise the price…
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As we all know all too well, the majority of businesses have been impacted by Covid related issues and several are at the same time dealing with additional Brexit related challenges which are placing mounting pressure on cashflow and balance sheets. If and when Covid has been finally “defeated” the economic damage it has inflicted…
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Late February last year, I was in London at a conference. On the last day, Canary Warf was shut down and ostensibly evacuated due to this new virus we had heard about, CV19. Fast forward a year, knowing what we know now, this seems silly – as if there was a big blob of virus…
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It is always an eye-opener when businesses that have been at the top of their game fall from grace. There is a long list of industry leaders who no longer lead. Almost overnight, household names reduced to shadows of their former selves. The most recent that spring to my mind are in retail: Top Shop,…
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In a 2018 report compiled by the Money & Mental Health Policy Institute, experts discovered that over 100,000 people in problem debt attempt suicide each year in England alone. This harrowing statistic has likely been further exacerbated by the economic turmoil of 2020 and the coronavirus pandemic, which has caused record levels of redundancies and…
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The Financial Conduct Authority (FCA) has published updated final guidance, confirming an initial proposal, that as a last resort, consumer credit lenders would once again be able to terminate regulated agreements and repossess goods and vehicles. The change took effect on 31st January 2021. While the ban, which was introduced on April 27th last year,…
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Company cash flow complications are increasingly common, more so due to the current COVID-19 pandemic. Business finance experts across the nation are increasingly noticing the warning signs of poor business cash flow far too often. Last year, the UK economy, measured by gross domestic product (GDP), shrank by a record 19.8% in the second quarter…
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The Woolard Review of change and innovation in the unsecured credit market has got it wrong on Buy Now Pay Later and the wider Retail Point of Sale Finance Market. Consumers in this market would benefit from smarter enforcement of existing regulation, rather than the proposed new legislation that could bring many thousands more small…
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While we welcome some positives within the Review findings, such as recommendations to reform credit reporting and addressing the problems within the debt management market, this a missed opportunity to explore many of the issues facing the unsecured credit market. We had concerns from the outset about limited industry representation, and the review is weakest…
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