Credit, Collections & Insolvency News
The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…
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Figures released by the British Business Bank following a Freedom of Information request by the Press Association has found that a third of the public money lent to start up businesses has become bad debt. The Start Up Loans scheme has seen £72.4 million worth of loans written off or fall into default since the programme was launched…
Read moreClose Brothers Motor Finance employees have raised £12,898.47 for Great Ormond Street Hospital through a series of charity events. In a bid to raise money for the charity, employees from the business took part in a range of fundraising initiatives, including a 1,300 mile cycling challenge between all of Close Brothers Motor Finance’s offices. This…
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Creditsafe, has added 18 countries across Europe and Asia to its global platform. Businesses will now be able to gain instant online access to credit reports for companies in countries including Afghanistan, Belarus, Cambodia, Iceland, Laos, Malaysia, Myanmar, Thailand and Vietnam. The new international reach will see Creditsafe increase its information database by 21% to over…
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The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…
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New Research from StepChange has found that the number of people seeking help with debt problems has hit a record high with those affected increasingly likely to be younger, working part-time and renting their home. The charity’s Statistics Mid-Yearbook, released today, shows that over 300,000 people sought advice from StepChange Debt Charity between January and…
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The British Bankers’ Association (BBA) has added Just Loans Group to it’s associate membership. Just Loans becomes the first alternative commercial lender to join the association. Just Loans Group Chief Executive Officer John Davies said “I don’t believe that traditional banks and alternative lenders are in competition with each other as they share the common aim…
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The Asset Based Finance Association (ABFA) has reported that the total amount of lending UK businesses secured through invoice finance has passed the £20.3 billion barrier, up 5% from £19.3 billion last year. The amount of Invoice Finance and Asset Based Lending secured by UK businesses has risen by over a quarter (27%) over the…
Read moreResearch by Barclays Business has found that up to £550 million is lost every year by SMEs forgetting to pay in or losing cheques written to their business. Of those that have lost or forgotten to deposit a cheque, two in five (38%) admit to doing it only on one occasion, however one in five…
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United Trust Bank has appointed Richard Murley as its new Chairman
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A third of students would rather ask their parents for money rather than forego nights out, a new study from Nationwide Flex Student has revealed. Two thirds of British parents have had to cut back on their standard of living to pay for their children’s university education, according to the poll. The study of 500…
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http://www.cityam.com/248777/consumer-spending-hit-13-month-high-august-brits-overspent
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New research published by the Money Advice Service* has identified that while over two thirds of young adults (69%) say they have financial goals, most don’t have a plan to reach them. This lack of financial planning could mean that many young adults may fall short of achieving their aspirations. Analysis carried out for the…
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