Credit, Collections & Insolvency News
Consumers’ confidence in their personal finances has fallen to its lowest level in 30 months, according to the latest Lloyds Bank Spending Power Report. In the monthly Ipsos MORI survey of over 2,000 bank account holders in the UK, those who said they felt positive about their personal finances in October fell by 3pp, from…
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Automated financial service specialist, Rimilia, has announced a series of appointments as the company structures itself for growth. The new appointments are on the back of a $25 million investment by Kennet Partners and Eight Roads Ventures in July 2017 The new hires span product development, customer support, sales and marketing, and operations. Marie-Christine Duda, a project analyst and…
Read moreThe budget announced by the Government includes a proposal designed to tackle the use of insolvency to escape tax debt by expanding the current security deposits legislation as part of a bid to recoup some £150m of tax annually. The proposal widens the scope of the existing security deposits legislation to include corporation tax and…
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Responding to the 2017 Autumn Budget, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said “With costs rising and consumer demand flagging, small firms will welcome today’s business-friendly Autumn Budget. It was good to see the Chancellor’s speech acknowledge our concerns about the VAT threshold. Dragging thousands of more small firms into the hugely…
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Recognising the recent concerns raised both in Parliament and by third sector organisations about universal credit, the Government have announced that they in the Autumn Budget that they will: Offer an interest-free advance of up to a month’s worth of universal credit within five days for those who need it and who have an underlying…
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Debt Collection Agency (DCA) Controlaccount has announced it has maintained its ISO certifications for their procedures and systems for the 4th year running. ISO 9001 and ISO 27001 are internationally recognised certifications which outline strict standards that organisations must meet for Quality Management and Information Systems procedures. Controlaccount, based in Stoke Prior, Worcestershire has successfully demonstrated,…
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The Manufacturing sector has seen a dramatic fall in confidence in the third quarter, as Brexit talks stall and business organisations warn of increasing uncertainty across the UK. Figures in the Q3 2017 UK Credit Managers’ Index (CMI), a quarterly barometer from the Chartered Institute of Credit Management (CICM), shows a 10.6-point fall in confidence…
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Latest figures released by the Building Society Association (BSA) show that building societies approved 29% of all new mortgages in Q3 2017, and savers deposited £1.3 billion in building society accounts. Highlights from the figures show: Mortgage lending Q3 2017 Building societies approved 114,793 new mortgage loans, up 4% on the 110,216 mortgage loans approved…
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Blair Nimmo has been named as Global Head of Insolvency at KPMG. Nimmo has more than 30 years’ experience of corporate restructuring, including advisory and formal insolvency. Nimmo succeeds Richard Heis, who retired from the firm earlier in the year. Nimmo joined KPMG in 1991, after training with Cooper and Lybrand’s restructuring practice. In March…
Read moreDebt advice provider, Payplan has called on the Chancellor to help those struggling to get on the housing ladder with the announcement of the budget this week. Jane Clack, Money Advisor at PayPlan said “In Wednesday’s announcement, I would like to see the Chancellor think more about how the budget can help people who are already…
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Blockchains that transact with one another could replace central authorities such as banks, clearing-houses and lawyers, according to a new ICAEW’s report. Smart contracts that use blockchains could lead to widespread disruption of financial systems, according to the accountancy and finance body. With the ability to directly interact, the technology could save firms the cost…
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New research from bank Cambridge & Counties Bank reveals that just one in 10 (11%) business owners describe the strength of their firm’s working capital facilities as ‘very strong’ even though the business is doing well. Nearly half (45%) described it as ‘average’ while 12% said it was ‘weak’. Despite these findings, just 29% of respondents…
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Through a strategic alliance and the acquisition of a 10% stake in Caple, BNP Paribas Asset Management is providing an innovative platform to offer alternative credit to European small and medium-sized enterprises (‘SMEs’). Caple facilitates access to alternative credit for SMEs, working with international institutional investors to address gaps in the funding landscape by offering…
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