Credit, collections & insolvency news
The Bank of England has revealed that it has held interest rates at 5.25%. or the sixth time in a row by the Bank of England’s Monetary Policy Committee (MPC). Experts believe that the Bank may look to cut rates as early as June, although a reduction in August or September is said to be…
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The Bank of England has opted to hold the base rate at 5.25%, this marks the sixth consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. Commenting on the announcement, Steve Vaid, Chief Executive at the Money Advice Trust said “High interest rates have already added to the pressure…
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UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
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A director who failed to explain £800,000 spend on company vehicles and keep proper accounts has been sentenced. The Construction company director did not keep up-to-date accounts, Eugenijus Nalivaika was the sole director of Niki Contractors Ltd when it entered liquidation in May 2021 Niki Contractors spent more than £800,000 on 106 vehicles in a…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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Research from Dun & Bradstreet has found that 85% of UK organisations don’t believe that enhancing supply chain resilience and diversification is crucial for future-proofing their businesses, yet 77% of business leaders are concerned about their level of resilience for future disruptions. The findings reveal that over half of UK businesses (57%) admit that their…
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Data sourced from millions of Barclays current accounts* reveals that consumer spending on rent and mortgage payments accelerated in April, reversing the encouraging slowdown in the first quarter of the year. Meanwhile, leaseholders are finding their housing costs compounded by high service charges and ground rents. To compensate, household spending on areas such as homewares,…
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Small business confidence made a welcome return to positive territory for the first time in two years, the first evidence that the small business community has now come out of the late 2023 recession, according to FSB’s Small Business Index (SBI) for Q1 2024. The headline confidence reading jumped up over 20 points to reach…
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Small businesses are being put off from innovating and growing by damaging financial regulations and inadequate support from banks according to a report by the House of Commons Treasury select committee. In its report on access to banking services for smaller firms, MPs on the Committee condemn the unfair debanking of legitimate businesses and substandard…
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The Insolvency Service board has announced it has appointed Lorcan O’Connor, founder and former leader of the Insolvency Service of Ireland as a non-executive member. O’Connor, who founded the Insolvency Service of Ireland (ISI) in 2012, joined the UK’s Insolvency Service Board in April. The Board is the agency’s main decision-making body and is responsible…
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A fraudster who illegally secured a £50,000 Bounce Back Loan designed to support businesses during the Covid pandemic has been handed a suspended sentence. Rian O’Keeffe, 28, was sentenced to 18 months in prison, suspended for two years, when he appeared at Southwark Crown Court. O’Keeffe, of Lisgar Terrace, Hammersmith, is also subject to a…
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