Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreAccording to Begbies Traynor’s Red Flag Alert research for Q2 2018, which monitors the financial health of UK companies, 472,183 businesses were experiencing ‘Significant’ financial distress at the end of June 2018. This is up 9% compared to the same stage last year (Q2 2017: 434,492) but down 1% compared to the previous three months…
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UK Finance has published its latest business lending figures for June. Key data highlights include: Lending to manufacturers grew by 9.2 per cent in the last 12 months, in contrast to a wider 1.8 per cent contraction overall in UK business borrowing. UK business deposits for non-financial companies grew by 2.3 per cent in the…
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The Chartered Institute of Credit Management (CICM) has launched the CICM Knowledge Hub, a new initiative to provide CICM members and subscribers with access to more than 1,000 knowledge resources covering the entire credit management life cycle. The CICM Knowledge Hub includes key articles, research papers from industry experts, webinars, and best practice guidance in an easy…
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The Credit Services Association (CSA) has been shortlisted within The Association Excellence Awards 2018 for its work in promoting the quality and professionalism of its members in supporting customers in debt and returning monies to the UK economy. A panel of 20 senior figures from UK-wide trade associations have identified the CSA as one of…
Read moreThe National Audit Office (NAO) has said that the government has lost more than £600m in revenue from selling student loans “too cheaply.” According to the NAO report, the government’s sale of its first batch of student loans was carried out efficiently, but its method for determining whether the sale would secure value for money…
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The HM Courts & Tribunals Service (HMCTS) has announced the results of the tender process for Approved Enforcement Agency Services. The provider companies appointed are Capita Business Services, Excel Civil Enforcement, Jacobs Enforcement and Outsourcing UK. In 2017 HMCTS commenced a procurement exercise to re-tender the Approved Enforcement Agencies contracts. Approved Enforcement Agencies act on behalf of…
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The Office for National Statistics (ONS) has released its latest statistics for crime in England and Wales which indicate that fraud offences remain stable. Josh Gunnell, Head of Fraud & ID Pre-Sales, TransUnion (formerly Callcredit), said “The volume of fraud offences in the past year has remained relatively stable meaning that the risk of becoming a victim of…
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The Lending Standards Board (LSB) and the Money Advice Trust, the charity that runs Business Debtline, have published a report that explores the impact of vulnerable circumstances on people who run small businesses. The report draws on insight gathered from LSB registered firms, as well as interviews with money advisers and clients of Business Debtline,…
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Almost nine in 10 local authorities are not monitoring their supply chain and therefore ensuring getting paid within 30-days, breaching Whitehall regulations to ensure prompt payment. The research has revealed the minimal effort that local authorities have focused on prompt payment. The research by construction trade body, the Electrical Contractors Association and Building Services Association (BESA), obtained…
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Freelancers and micro-business owners throughout are suffering from late payments from clients, new research has revealed. Large businesses continue to pay suppliers late as late invoices payments continue to drive more small businesses into financial distress. The new research from cloud accounting software company FreeAgent has revealed that UK-wide, just 52 per cent of invoices sent…
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Around 17% of companies in Scotland may have suffered a financial hit following the insolvency of a customer, supplier or debtor in the last six months, according to new research from R3 in Scotland, the insolvency and restructuring trade body. The Scottish figure is lower than the proportion of UK companies reporting a negative effect…
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The number of failures of UK companies has risen 30.0% to 4,827 in the second quarter of the year, compared to the same period a year ago, according to the latest figures from Creditsafe’s Watchdog Report. The quarterly Watchdog report, which analyses financial data across 12* UK business sectors, showed that high profile high street…
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