Credit, Collections & Insolvency News
The value of overdrafts used by small and medium-sized enterprises (SMEs) has grown 18% from £8.3 billion in May 2021 to £9.8 billion in May 2022 as the financial stress in small businesses rises according to research by UHY Hacker Young. UHY Hacker Young says that the rise in overdraft use is concerning as overdrafts…
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The UK economy shrank 0.1% in the second quarter (Q2), data from the Office for National Statistics (ONS) shows. The data also shows that the economy contracted by 0.6% in June. The decline over Q2 was partly attributed to the test and trace and vaccine programmes coming to an end, a fall in retail sales…
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LiveMore, a provider of interest-only mortgages to the over 50s, has announced that it has appointed Phil Quinn as its Head of Intermediary Sales as it restructures for future growth. Quinn joins from Together, where he has been the head of national accounts since 2020. In a career that spans 12 years in the mortgage…
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A survey of thousands of individuals and small businesses has indicated how well banks are looking after their customers as people face the rising cost of living. The latest independent results from large scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland are available via…
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One in three UK small and medium enterprises (SMEs) say their survival is dependent on accessing finance by the end of the year, new research from NerdWallet has revealed. The company surveyed 500 senior decision-makers within UK SMEs. It found that 33% fear their business will collapse if they are unable to access finance (such…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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The total number of customers in arrears with their mortgages continued to fall in the second quarter of 2022 according to latest UK Finance data. In absolute terms there were 530 more possessions in Q2 2022 compared with the same period last year, however the total for this quarter is approximately half the number seen…
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The UK Services sector is responsible for the biggest month-to-month spike in overdue invoices last month according to new analysis by Sidetrade. UK Services companies saw the biggest month-to-month leap from June to July 2022 with over a quarter (26.8%) of supplier invoices issued to them being deemed overdue last month, compared to one-fifth (20.6%)…
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Professional services group Leonard Curtis has announced that it has strengthened its UK operation with the appointment of Steve Jones to its Reach Commercial Finance division. With over 30 years of business lending experience, Jones has joined the London team to continue the growth of the commercial finance offering across London and the South East. A founding…
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Time Finance has announced the appointment of Lauren Sharples as Broker Manager in its Asset Finance team, focussing on driving support for SMEs in London and the South East of England. Sharples joins with over 14 year’s experience in the Asset Finance and Leasing industry. She started her career at ING Lease UK in sales…
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As the cost of living crisis continues to squeeze the personal finances of many, research from Canada Life reveals over half (55%) of adults, equating to 28.9 million people, have implemented, or are looking at ways to boost their income. The top ways adults plan to increase their current income include selling unwanted belongings (36%), looking…
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A quarter of businesses experiencing upstream supply chain issues say their business reputation is deteriorating as a result. According to RSM UK’s ‘the Real Economy’ report, more than a third (38%) of businesses experiencing supply chain problems said they had seen an overall decline in customer satisfaction, while over a quarter (28%) said they have…
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Consumer card spending grew 7.7 per cent in July compared to the same period in 2021, and 1.6 per cent compared to June 2022, as consumers spent more on clothing, beauty and staycations as the summer holiday period began according to new analysis by Barclaycard. The analysis also highlighted that consumers are starting to cut…
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