Credit, Collections & Insolvency News
CYBG, owner of Clydesdale and Yorkshire Banks, is making a minimum of £6 billion of lending available from 2017 to 2019 to help fuel the growth of small and medium sized businesses in the UK. The Bank’s long-term commitment to lending includes significant amounts of finance available across the UK economy through 2017, including: £1…
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Redwood Bank, a new UK SME Business bank, has secured a banking licence following approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Redwood will now enter its mobilisation phase and expects to launch to customers later in 2017. Redwood Bank is wholly owned by Redwood Financial Partners Ltd (RFP), a company…
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MarketInvoice, the peer-to-peer online invoice finance marketplace, observed its best quarter and record month (March) of invoice finance funding since starting in 2011. Invoices worth £54.7m were funded from UK businesses last month, providing them with critical working capital.Q1 2017 has proved to be a record period for MarketInvoice as it scales towards its goal…
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Latest figures from Visa suggest that spending growth slowed in March. Rounding off weakest quarter for spending growth since Q4 2013 Kevin Jenkins, UK & Ireland Managing Director at Visa said “Our data suggests that consumer spending is beginning to slow from the strong levels seen in late 2016, as rising prices increasingly squeeze household purchasing power.…
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New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 8% in February, compared with the same month in 2016. The plant and machinery finance and business equipment finance sectors reported new business up in February by 11% and 24% respectively,…
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Bibby Financial Services (BFS), has appointed Ben Smith as UK Corporate Sales Director. After joining BFS from British Nuclear Fuels Plc in 2010, Smith has held a variety of roles including Corporate Manager, Head of West Midlands Business Centre and – most recently – Head of Corporate for the Central region. Officially starting his new…
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The Insolvency Practitioners Association (IPA) has appointed Ruth Duncan as its new President. Ruth takes office with immediate effect and serves as the Association’s figurehead and Chair of its board of directors for the next twelve months. Ruth, launched RNF Business Advisory (which has offices in Maidstone and London) in 2013, with more than 30…
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New figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market reported new business volumes down 2% in February, compared with the same month in 2016, while the value of new business was up by 2% over the same period. New business in the…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business was down by 5%.…
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Metro Bank, the revolution in British banking, has today announced the appointment of Alec Viney as Commercial Banking Director. Viney will be joining the bank’s specialist Large Commercial Banking team and will look after business customers in the south-east of England. Joining from HSBC, Alec has over 25 years’ experience in the industry and previously…
Read moreConsumer credit continues to climb in the latest data release from the Bank of England. Key numbers include: Total outstanding consumer credit (excluding student loans and property related debt) hit £196bn The collective credit card balance is £67.3bn Consumers borrowed an additional £1.4bn in February alone Approvals of loans secured on dwellings fell slightly in…
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The Chartered Institute of Credit Management (CICM) has been approved by the Skills Funding Agency as an Apprenticeship Assessment Organisation (AAO) for the Industry’s new Level 3 Trailblazer Apprenticeships. The CICM already acts as an AAO for the industry’s Level 2 Apprenticeships, and the announcement is an extension of the CICM’s existing approval/status. As such,…
Read moreResearch by IPPR, the progressive policy think tank, finds that Income Crisis is widespread in the UK. 946,656 households are unable to cover the cost of two or more of their essential bills, representing three per cent of all households in the UK. An Income Crisis is when a household is unable to pay two…
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