Credit, Collections & Insolvency News
The Confederation of British Industry (CBI) does not expect the Bank of England to cut interest rates until 2026, predicting that the base rate will stay at 5.25% for at least two more years. The CBI’s forecast is based on projections showing that consumer price inflation will not reach the Bank’s 2% target until Q3…
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The monthly Bank of England base interest rate announcement causes increased anxiety to two thirds of SME business owners according to a new study from Recognise Bank. The SME Mental Health Report 2023 surveyed the areas of business and events that have a significant impact on mental health, with the monthly announcement affecting 66.4% of…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in October 2023 by 11% compared with the same month in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022. The…
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Five water retailers have refunded thousands of customers who were overcharged. In total, the five retailers have refunded £380,000 to 3,500 customers after a CCW investigation uncovered billing errors. The consumer watchdog took the action after discovering the firms had been significantly overcharged on their bills when water retailers misinterpreted a change to Ofwat’s retail…
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New figures from Time Finance have revealed changing appetites amongst SMEs for financing for the long-term as demand for hire purchase and refinancing rise throughout 2023. The recent data from the leading SME lender has shown a 26% rise in its hire purchase deals between its 2021/22 and 2022/23 financial years. This demonstrates increased appetite…
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A new report by Lenvi Riskfactor has found that almost nine out of ten (89%) European business leaders have noted an increase in fraudulent activity against their businesses in the past year; with more than eight in ten (81%) expecting a continued increase through the current financial year (2023/24). This issue is compounded by the…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in September 2023 by 6% compared with the same month in 2022. In the nine months to September 2023, new business was 14% higher than in the same period in 2022. The…
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The difficulty small business owners are experiencing accessing funding without having to sign a personal guarantee has become clear according new analysis by Purbeck Insurance. The company say that October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition…
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High street banks are pulling back from lending to small and medium-sized businesses (SMEs). At the same time, demand for capital is set to rise with over eight in ten SME finance experts (83%) believing that high street banks are reducing their appetite to fund the UK’s 5.5m SMEs, according to iwoca’s latest SME Expert…
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Bank-to-business lending is forecast to contract 0.5% this year according to EY ITEM Club, as economic challenges and high borrowing costs dampen businesses’ appetites to borrow. The forecast says net lending to SMEs has been much weaker than to larger businesses this year, with the latest Bank of England data showing loans to SMEs were…
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The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25%. Governor Andrew Bailey insists rates needed to be held high to squeeze inflation out of the economy. In its latest forecast, the Bank cut expectations for UK growth to zero, down from a previous prediction of 0.5%, while…
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Commercial lending software factoring and receivables finance company, Lenvi has been appointed by BNP Paribas, to support its European risk management and operations functions through its risk management software Riskfactor. Over the course of the multi-year contract, Lenvi will support BNP Paribas in reducing risk and improving operational efficiency. Through the implementation of the full-service…
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Small companies have been left with “nowhere to turn for justice” during banking disputes following a decision not to extend the reach of the Financial Ombudsman Service, according to an Federation of Small Businesses. The Financial Conduct Authority (FCA) has decided that it would not be proportionate to provide access to the ombudsman’s dispute resolution…
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