Credit, Collections & Insolvency News
Nava Finance has announced its intention to launch as a new lender aimed at the near-prime consumer credit market in early 2017. Subject to completion of its regulatory approval process, Nava will draw upon sophisticated credit analytics to provide under-served consumer credit profiles with attractive loan pricing, while also addressing institutional investors’ search for yield…
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Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap – and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched…
Read moreScottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…
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Over three quarters (76%) of small and medium sized businesses (SMEs) have written off unpaid debts in the past year, according to new research by Amicus Commercial Finance. The average amount written off by UK SMEs in the last year is £11,708, representing just under £50 billion in written off debts, or £134 million every…
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Administration notices have been issued and advertised in the London Gazette for the following companies: 07200375 LIMITED 36 ST. JOHN’S WOOD ROAD LTD A-BELCO (HOLDINGS) LIMITED A-BELCO LIMITED A. T. R. MEDIA LTD ADNAMS BIO ENERGY LIMITED ALDERDALE FIXING SYSTEMS LIMITED ALISON’S COFFEE SHOPS LIMITED AMERICAN APPAREL (CARNABY) LIMITED AMERICAN APPAREL (UK) LIMITED ARLEY HOMES NORTH…
Read morePetitions have been issued and advertised in the London Gazette for the following companies: 09232330 LIMITED 09247724 LIMITED 1ST RESET LIMITED 2 BRIDGE STREET LIMITED 519 CONSULTANCY LIMITED A A COM LIMITED A S HANUSCHI SERVICES LTD A1 COMMERCE HOLDINGS LIMITED AB CARRIAGE LIMITED ACCIDENT REPAIR CENTER LTD ADVISORY SERVICES LONDON LIMITED AFFECTIVE LOGIC LIMITED…
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Ofgem has chosen Co-operative Energy to take on supplying GB Energy Supply’s customers. The company will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money. For current customers any credit on their account will be used to offset future energy use. The…
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The Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal the majority (63%) are positive about their business prospects for 2017. The Dealer Satisfaction Survey is a continual telephone survey undertaken by Close Brothers Motor Finance and reported on a monthly and quarterly basis. The survey questions 750 new and used car, motorcycle and light…
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Over half of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business, according to new research from specialist funder, Bibby Financial Services (BFS). Findings of the Subcontracting Growth survey show that the majority of firms (55%) do not believe they can influence…
Read moreBritain’s biggest energy suppliers have submitted bids to take over 160,000 customers left behind by bankrupt energy provider GB Energy, which collapsed on Saturday after being caught out by rising market prices. All of Britain’s Big Six energy suppliers, EDF Energy, Innogy’s Npower, E.ON, Scottish Power, SSE and Centrica’s British Gas, have submitted bids in…
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The partners of Addleshaw Goddard and HBJ Gateley (HBJ) have voted “by an overwhelming majority” to merge their businesses, creating the UK’s 15th largest legal firm. The merger, which will see HBJ’s business, people and partners transfer to Addleshaw Goddard by June 1st 2017, will “deliver stronger client and sector offerings across the whole of…
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