Credit, Collections & Insolvency News
Research by more2life has found that the total amount of debt owed by the over-55s will rise to £294 billion this year. The figure is up from £272 billion in 2021 and £209 billion in 2017. This is a leap of two-fifths (41%) in five years and the total is projected to soar even further…
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One in five businesses are struggling to be competitive as inflation hits 40 year high according to Time Finance. The company has revealed the extent of the cost of doing business crisis, with 91% of UK SMEs forced to hike their own prices in order to keep up with soaring operational costs. The alternative finance…
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The Financial Conduct Authority (FCA) and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living. Millions of people get help with their finances every year. However, new research suggests many borrowers are missing out on available support. The research reveals some…
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Poor credit scores are putting 20.2 million consumers at risk of paying an extra £693 interest on credit card balances according to new research by TotallyMoney. The credit app has calculated the cost of a poor credit score for those with interest-bearing credit card balances finding that those with a credit card balance of £2,472,…
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The Financial Conduct Authority (FCA) has appointed six Directors as it expands its headcount to meet a growing remit. Roma Pearson has been appointed as the FCA’s Director of Consumer Finance, responsible for the supervision and policy development in the consumer lending and mortgages sectors. Roma has been at the FCA and its predecessors since…
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The Government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century. The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose…
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In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 08804168 LTD 1-9 KINGS ROAD LLP 4D PHARMA PLC AAT EVENTS LTD ACB DEVELOPMENT LTD ADMIRALTY ARCH (UK) LTD AIM ALTITUDE LTD AIM ALTITUDE UK LTD APPLEBY CASTLE (OUTBUILDINGS) LTD AUTORESTORE LTD BFS REALISATIONS LTD BLUE…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: 3D ENTERPRISES LTD 3D IT ENGINEERING LTD 3H&M LTD 6969 LTD 72 CONSULTANCY LTD A & A PRESTIGE CHAUFFEURS LTD A & MP LTD A B MEDIATION LTD A H A EVENTS. LTD. A…
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In June Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: &BUILD LTD 112786 LTD 123 AP LTD 2030 LTD 3804242 LTD 90 KENSINGTON PARK ROAD MANAGEMENT COMPANY LTD A & C CIVILS LTD A WORD IN YOUR SHELL-LIKE LTD AB & M TRANSPORT LTD ABBEY MORGAN…
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Research published by the Resolution Foundation shows a slump in typical household disposable income growth in the 15 years leading up to the pandemic. Between 1961 and 2004/05, typical household incomes for working age families grew by 2.3% per year, or 25% per decade. Between 2004/05 and 2019/20 however, typical income growth slowed to just…
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New research from Credit Karma, consumers have spent over £5.6 billion using buy-now, pay-later (BNPL) services in 2022 so far, with an average spend of £396 per person. The research also found that BNPL has been a lifeline for 58% of the service users trying to manage the rising cost of living with the number of…
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Matt Hammerstein, CEO Barclays UK has been appointed Chair of the Money and Pensions Service’s (MaPS) Advisory Group. Hammerstein will take over from Vim Maru, who steps down after more than two years in the role. The Advisory Group, established in May 2020, helps ensure that MaPS delivers on its vision of everyone making the…
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More than three-quarters of disabled consumers have not shared their support needs with businesses and organisations when accessing essential services, according to the latest research from Experian. Some 85% of disabled consumers and those with support needs said they had not explained to their bank or building society how they could be better supported when…
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