Credit, Collections & Insolvency News
Freelancers whose income has been slashed this year due to the pandemic could soon face tax bills higher than their earnings according to new research by Royal London. As reports suggest that the Treasury is considering a number of dramatic tax increases on the self-employed, including a rise in National Insurance Contributions, Royal London is…
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The Credit Services Association (CSA) has welcomed that Treasury’s announcement on changes to default notices ‘debt threat’ letter changes. Chris Leslie, Chief Executive of the Credit Services Association (CSA), said “The wording of these ‘default letters’ has been prescribed in old legislation for decades – so we completely agree it’s about time the law was updated.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2020 by 11% compared with the same month in 2019, and contracted by 21% in the eight months to August 2020. Consumer car finance new business grew in August by 8% compared with the same month…
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New figures released by the Finance & Leasing Association (FLA show that new business in the consumer car finance market grew 1% by volume and 8% by value in August 2020 compared with the same month in 2019. In the eight months to August 2020, new business volumes in this market fell by 26% compared…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 52% in August 2020 when compared with last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing…
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An increase in personal debt as a result of the Covid-19 lockdown is likely to be a key driver behind many bankruptcies between now and Christmas, according to a top insolvency practitioner. Ian Defty, Partner at insolvency and restructuring firm CVR Global, believes the UK is set to face a deluge of bankruptcies or debt…
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The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury. Currently, lenders have to comply with a 1970s law that dictates the text of official default notices issued by the banks. Default Notices…
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UK Finance has announced the appointment of David Postings as its new Chief Executive. UK Finance says the decision to appoint Postings has been made with the unanimous support of the board and follows a rigorous recruitment process, led by Sapphire Partners and UK Finance’s nominations committee. Commenting on the appointment, David Postings said “I…
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Digital bank Zopa has appointed Andrew Hawkins, startup entrepreneur and mobile technology expert as its Chief Technology Officer (CTO). The appointment comes after Zopa was awarded its full bank licence in June and as it embarks on the launch of new products. Hawkins joins Zopa with over 20 years’ experience across technology and product leadership…
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Londoners are the least content when it comes to their financial situation and have the lowest ‘money wellness’ in the country according to new research by First Direct bank,. Financial researchers used a complicated aggregation index to create a table that ranks ‘money wellness’ on a scale from 0-100, with the national average standing at…
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More than 40% of workers are relying on at least one new loan, credit card or overdraft in order to make ends meet, according to new research by Hastee. Over a third of those surveyed said they were being even more cautious with their cash every month, while 27% needed to sacrifice essential purchases due to…
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Here is an overview of The Money Charity’s latest statistics for September 2020 Personal debt in the UK People in the UK owed £1,681 billion at the end of July 2020. The average total debt per household, including mortgages, was £60,403 and per adult was £31,907, around 114% of average earnings. Net mortgage lending rose by…
Read moreCredit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…
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