Credit, Collections & Insolvency News
Independent Growth Finance (IGF) has announced the appointment of Mark Lindsay as Managing Director of its Invoice Finance division. Lindsay moves from his previous role as Managing Director at Bibby Trade and International Finance, where he spent more than five years leading a team of Trade Finance experts providing finance solutions to SMEs. Prior to…
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Barclays has launched a mobile business lending service capable of providing instant loans to businesses. Though almost a third of British SMEs are not planning on applying for a loan despite acknowledging it would boost their business, the research shows that 64% of SMEs’ turnover would increase if they successfully secured the right loan, which…
Read moreAccording to a new report commissioned by Amicus Commercial Finance, well over half (61%) of invoices issued by UK small and medium sized enterprises (SMEs) remain unpaid within the debtor day period. Of these, almost three-quarters (70%) of firms say they rely on getting paid during their debtor day period to avoid facing a shortage…
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Every year UK subcontractors are forced to write-off more than £16,000 each, due to unpaid work, according to an industry report. The Subcontracting Growth report by Bibby Financial Services (BFS) found that smaller construction firms are at the receiving end of penalty clauses and disputes with main contractors and other firms over work completed. According to…
Read moreRateSetter has appointed Michael Hoare as Head of Risk Analytics and Retail Credit. Hoare joins from PayPal UK, where he was Chief Credit Risk Officer, overseeing underwriting, customer management and collections strategies for unsecured consumer and small business lending. Before PayPal UK, Michael worked at Capital One, where he held a number of positions including Credit…
Read moreA New report from KPMG and peer to peer lender (P2P) TWINO shows UK leads the way in alternative finance but also suggests that continental European lenders catching up. The report shows that the UK still leads the way in alternative finance, with four times higher volumes in aggregate than the rest of Continental Europe.…
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139,000 businesses in the UK are only paying the interest on their debt and not repaying the debt itself, according to new research by insolvency and restructuring trade body R3. The number of businesses in this position – equivalent to 8% of all UK businesses – has returned to levels more in line with previous years…
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The amount of alternative finance available under ‘asset based lending’ to UK businesses reached a record high of £4.3 billion, up 22% in the last year*, says the Asset Based Finance Association (ABFA). The ABFA explains that asset based lending allows businesses to borrow against a range of assets they already own, including inventory, property,…
Read moreOver a third (35%) of entrepreneurial Britain said they would resort to their own personal savings when starting or growing a business, new research commissioned by crowdfunding specialist Crowdfinders has found. The second most popular option in the nationally representative survey of over 2,000 UK adults was banks and institutions (28%). Whereas, 15% – the…
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The Financial Conduct Authority (FCA) has given an update on the post-implementation review of the loan-based and investment-based crowdfunding market. Based on a review of the feedback received, issues seen during the supervision of crowdfunding platforms currently trading and consideration of applications from firms seeking full authorisation, the FCA believes it is appropriate to modify…
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A new peer to peer lender Flender hopes to launch in 2017. Flender enables consumers and businesses to raise finance through their social circles – be they friends, family, customers or social network connections. The company has launched a crowdfunding campaign for a new platform that enables users to borrow and lend money in both the traditional…
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Responsible Finance has announced that all of its members lending to consumers and small businesses are now fully authorised by the Financial Conduct Authority (FCA). Jennifer Tankard, Chief Executive of Responsible Finance said: “We are pleased to see that our members are now fully authorised by the FCA for consumer credit lending. Responsible Finance providers…
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Aldermore, has made several new appointments to its Business Finance Risk Management function. Jerry Barrie has been appointed as Head of Asset Management. Barrie assumes responsibility for the monitoring and evaluation of the Bank’s asset finance portfolio and collateral. Prior to joining Aldermore, Jeremy worked in asset management at CIT Vendor Finance, a commercial and…
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