Credit, Collections & Insolvency News
FEATURE: Brexit and Debt Recovery When it comes to Brexit, we’re in unchartered waters. The government has yet to invoke Article 50, and is still working out, and trying to negotiate, acceptable terms. Prior to the referendum, as a member of the common market, the UK benefitted from over 50 EU-established trade agreements with the…
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Bank of England Governor, Mark Carney, has warned that a new breed of internet-only lenders are beginning to pose risks to the financial system and without tighter regulation they could trigger the next financial crash. High street banks were being displaced by online lenders that were untested in a recession, when bankruptcies might make their…
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The number of Scottish businesses becoming insolvent or entering receivership fell from 218 in the second quarter of 2016-17 to 209 in the current quarter. The latest figures are from Accountant in Bankruptcy (AIB) which reports on the number of corporate insolvencies and member voluntary liquidations logged. As a consequence of the time taken between…
Read moreThe Finance & Leasing Association (FLA) has called for a more user-friendly regulatory system from the Financial Conduct Authority (FCA), in its response to the regulator’s ‘Future Mission’ consultation. Fiona Hoyle, head of Consumer and Mortgage Finance at the FLA, said: “Consumer credit firms now account for at least 35,000 of the 56,000 regulated by…
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Latest figures from Accountant in Bankruptcy (AiB) show the number of people accessing Scottish statutory debt solutions has remained steady in the third quarter of 2016-17. Figures for bankruptcies, protected trust deeds and debt payment programmes under the Scottish Government-backed Debt Arrangement Scheme (DAS) have stayed largely stable, showing a 1.9 per cent increase from…
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The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion). This brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross…
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If the macroeconomic changes of the last few months have taught the utility sector anything, it is that companies must have nuanced strategies in place to deal with household debt. Debt strategies in the utilities sector are evolving, driven by fresh technology, regulation and mounting competition. In volatile times, customer circumstances may alter in new…
Read moreEuler Hermes has released an economic statement suggesting two years of substantial declines in insolvencies is about to end. Ludovic Subran, chief economist at Euler Hermes said “This is happening because global growth is not accelerating and will linger below +3% in the coming years. Companies are therefore more vulnerable to external shocks.” At a global…
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Creditfix is calling for an increase in funding for money advice services, following a reduction in spending of 15 per cent since 2014-15. A recent report by the Improvement Service shows that only 17 per cent of over-debted individuals in Scotland are currently accessing debt advice services, and funding for money advice services has reduced by 15 per…
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The Centre for the Study of Financial (CSFI) Innovation has released a new report outlining the battle against financial exclusion in the UK. The report gives an overview of the state of financial inclusion in 2016 l. It includes themes, new initiatives and innovations, competition and regulation. It also highlights financial sustainability issues and the particular circumstances of low/volatile…
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LCM Partners has appointed Greame Laing as it’s new Head of Asset Finance Origination. Laing brings a deep product understanding and an extensive asset finance network, having worked in the credit and banking sector for over 22 years for companies such as CSA Financial, Bank of London and The Middle East and CIT Group. Laing’s appointment…
Read moreAdvanced Collection Systems (ACS) has appointed Robert Anthony as Business Development Manager. Lisa Phillips, Managing Director of ACS, commented, “We have exciting plans for the next 3 years and partnership with Robert will help develop these. Robert will work with ACS as business development manager responsible for leading the growth of our consumer CCA regulated…
Read moreThe British Bankers’ Association (BBA) has releases it’s latest figures indicating a growth in consumer borrowing during December, but there are signs that demand may soften in 2017 as consumers and businesses anticipate higher interest rates. Gross mortgage borrowing totalled £12.6bn, up 3.6% from December 2015; while net mortgage borrowing grew by 2.5% compared to December…
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