Credit, Collections & Insolvency News
Debt purchaser, Arrow Global Group has announced a fall in profits in the first quarter of the year. For the three months ending 31st March, Pre-tax profit fell 43% o £9m on-year as income dropped 11% to £77.1m. Investment business collections fell to £85.1m in the first quarter from £105.5m on-year. The Group’s foremost priority…
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The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…
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Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban. Some landlords with pre Covid-19 possession cases will find themselves trying to cover more than a year’s…
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Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…
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The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor has announced. In a boost to millions of jobs and businesses, Rishi Sunak said the furlough scheme would be extended by a further four months with workers continuing to receive 80% of their current salary. Chancellor Rishi Sunak said…
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The Government has been urged to apply a zero rating to VAT on High Court enforcement fees by the High Court Enforcement Officers Association (HCEOA). In its response to a Ministry of Justice consultation on the issue, the HCEOA this week said new regulations on VAT fees needed to be simple, fair and consistent. As…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2020 by 16% compared with the same month in 2019, and contracted by 4% in Q1 2020 as a whole. Credit card and personal loan new business together fell in March 2020 by 10% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in March 2020 by 27% compared with the same month in 2019, and by 13% in Q1 2020 as a whole. The consumer new car finance market reported new business volumes 29% lower…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes fall by 14% in March 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The disruption caused…
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Nearly 1.2 million payment holidays on credit cards and personal loans have been granted by UK banks for customers struggling with the COVID-19 outbreak. New figures from UK Finance have shown that almost 700,000 customer accounts have been given a payment holiday on their credit card. with another 470,000 payment holidays agreed on personal loans.…
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The Finance & Leasing Association (FLA) has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures released by the FLA show that ist members provided just over £138 billion of new business in the twelve months to March 2020. Of this…
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The Credit Services Association (CSA) says that it has received a positive response to its call for closer collaboration with trade bodies representing the wider business community in planning for a phased relaxation of current lockdown rules. The CSA says that fellow trade associations have welcomed its drive to prevent the actions of a minority…
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Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team. Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit. Not only are site visits reduced, but those customers who…
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