Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 16% in September, compared with the same month in 2017, and the value of new business was 14% lower over the same period. In Q3 2018 overall,…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business fell by 1% in September, compared with the same month last year. In Q3 2018, new business grew by 5% compared with the same quarter in 2017. In September, credit card and personal loan new business together grew by 4%…
Read moreThe UK public sector outsourcing market recorded its highest quarterly performance since 2016 in the third quarter of 2018, as government departments focused on securing deals for IT and tech services, according to the Arvato UK Outsourcing Index. The research, compiled by business outsourcing partner Arvato and industry analyst NelsonHall, found that the strong performance…
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A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
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The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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The Bank of England latest figures has revealed that consumer credit increased by £0.8bn in September. This was less than in August, as new borrowing for car finance fell sharply. Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 percent, The annual growth rate of consumer borrowing…
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The Government has announced that retailers across England are in line for a major tax cut over the next two years. Retailers in properties with a rateable value of less than £51,000 will have a third wiped off the amount of tax they pay through business rates. The change announced in the Budget will cut…
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The Government has announced that it will reduce the co-investment rate for small firms as part of the Autumn budget. Responding to the Chancellor’s Autumn Budget statement, Federation of Small Businesses (FSB) National Chairman Mike Cherry said“Apprenticeship starts have plummeted over the last year following the introduction of burdensome co-investment costs for small firms who…
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The creditworthiness Assessment Bill bill has been delayed at the House of Commons. The creditworthiness bill is designed to ensure that people’s record of paying rent is taken into account when they seek loans or mortgages – at the moment she argues the system essentially discriminates against tenants and in favour of property owners. Rhona Parry,…
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The introduction of Universal Credit is causing unacceptable hardship and difficulties for many of the claimants it was designed to help according to a report by the Government’s public accounts committee. The report says that while the Department is responsive to feedback on its digital systems from staff, it has persistently dismissed evidence that Universal…
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With many headlines sounding the death knell for cash, its popularity and use continues to endure robustly, according to the October 2018 Money Statistics, produced by The Money Charity. Despite reports that the tipping point has been reached, with the UK’s preferred payment methods now being digital, LINK cash machines were used on average 93 times…
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A new report has revealed the extent to which consumers are fooled by false economies. Seven in 10 (70 per cent) consumers in the UK experience false economies with a fifth (20 per cent) falling victim at least once a month. With false economies being so prevalent in the British consumer experience, the report says…
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