Credit, Collections & Insolvency News
Darlington Building Society has announced that it has selected to use LexisNexis Risk Solutions financial crime prevention and compliance screening solution to assist with onboarding customers. The RiskNarrativeTM platform enables businesses to detect fraud and identify risk using a single API and integrates into over 50+ third party data sources to enrich risk decisioning. RiskNarrative…
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Confidence among British businesses is at its lowest since during the third national lockdown in early 2021, according to Lloyds Bank’s latest Business Barometer. Businesses reported a fall in confidence for the third consecutive month in August, declining nine points to 16%, The pressures on households and businesses continued to grow, leading confidence to fall below…
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More than two-fifths of 55 to 64-year-olds are ‘struggling financially’ or are ‘up to their neck in debt’ against an average of 35% of people surveyed in the 55+ age group according to research by insurer Aviva. The research also found that while more than a third of all over-55s said they are having difficulties with…
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Store closures by multiple retail operators have stabilised to the lowest rate in over seven years but openings have yet to recover to pre-pandemic highs, suggesting retailers are exercising strict caution in the current trading environment according to PwC’s latest Store Openings and Closures report for H1 2022. Closures have seen an accelerating trend since…
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The average first time buyer will need an additional £12,250 of income to buy a home compared to a year ago and an additional £35,000 in London as a result of predicted higher mortgage rates according to new analysis by Zoopla. The latest House Price Index from Zoopla reveals that whilst demand this year has…
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IE Hub has announced it has partnered with The Cumberland Building Society. The partnership will enable the Society to send a link to the IE Hub online platform to support customers who are struggling financially. Once on the platform, customers will be able to share their income and expenditure information easily, without the need for…
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UK film and TV production company insolvencies have jumped 69% in the past year, from 67 to 113 according to new research from Mazars. The research found that many of those insolvencies were of financially weaker production companies that missed out on last year’s UK film & TV industry boom as they couldn’t recruit staff.…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The Federation of Small Business (FSB) says that energy…
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A new report from the Resolution Foundation has examined the impact of rising energy bills on low, middle and high-income households this winter, with the price cap forecast to hit £3,600 in October and top £4,500 in January. The report notes typical energy bills will cost around £2,000 more this year than last year –…
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Business confidence in the UK has plunged into negative territory as companies grapple with a crisis from the rising cost of doing business according to the ICAEW. The research found that business confidence falls into negative territory after record peak last year with the cost of doing business now pushing UK closer to recession amid…
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New research from Aegon shows that, for the rest of 2022, adults’ top financial priorities will be meeting the rising cost-of-living (41%) and ‘just getting by’ (31%) as they grapple with the soaring cost of household staples. These findings are in stark contrast to the outset of the year when the mood of the nation…
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Jaja Finance has announced that it has agreed a new £250 million warehouse lending facility that will enable the digital credit card provider to continue to accelerate its growth. The announcement follows Jaja’s recent funding announcement of £120 million from private equity investors, and majority shareholders, KKR and TDR, made earlier this year. The…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The price cap increase comes as Ofgem’s CEO warns…
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