Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2023 by 12% compared with the same month in 2022. In the eleven months to November 2023, new business was 13% higher than in the same period in 2022. The…
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Small businesses are increasingly confident over an economic recovery and the positive impact this will have on their finances. A poll by small business lender Iwoca shows that almost half (47%) of small businesses expect their revenues to expand this year, marking a steep increase on the 26% who said the same at the start…
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The fourth quarter of 2023 saw financial services business volumes contract for the first time since June 2020, according to the latest CBI Financial Services Survey. Volumes are expected to be broadly flat over the next three months. The quarterly survey, conducted between 21 November and 15 December, also showed that optimism and profitability were…
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Small businesses (SMEs) in the UK face costs £10,000 higher than they were during the same period last year according to new research by Liberis. The research also indicates that the cash buffer provided by various government-led Covid Business Interruption Loans is quickly depleting. Small businesses, which have relied on these loans to weather the…
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The latest Business Finance Review by UK Finance has revealed a 20% year-on-year drop in lending to SMEs. UK Finance’s latest data shows £3.5 billion was lent to SMEs in the Quarter 3 (Q3) of 2023 compared to £4.4 billion in the same period last year. This represents the fifth consecutive quarterly fall, while gross…
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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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