Credit, Collections & Insolvency News
The cost of a mortgage is expected to grow by £2,500 by the end of this year compared with December 2021, according to Zoopla. Economists anticipate mortgage rates to rise in the coming months, with the Bank of England looking to tackle soaring inflation, which is at 9.1% and set to climb. Average rates for…
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More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
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Get Safe Online has partnered with Cifas, to launch ‘Check-a-Website’. The new service, hosted on www.getsafeonline.org, will invite users to check if a website is safe to use before accessing. The aim from the launch is to prevent thousands of people in the UK falling victim to unwanted online scams every year. Criminals are increasingly turning…
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Buy now, pay later (BNPL) finance firm, Payl8r, is calling for the adoption of open banking as a legal requirement for credit assessing in the same way that credit checks are, to ensure safer lending for borrowers in the face of rising costs of living. Payl8r says open banking technology connects banks, third parties and…
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Consumers cut back on credit card borrowing in May, according to figures from the Bank of England. Consumer borrowing fell to a four-month low of £800 million in May, from £1.4 billion in April, with May’s total also below the pre-pandemic average of £1bn. Analysis shows that credit card loans accounted for £400 million of…
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Energy companies’ customer service standards have fallen to a new record low according to the latest Citizens Advice research. The table rates customer service between January to March this year. Amid rising call waiting times and customers saying they can’t get hold of their supplier, the average score (2.8 stars) is the lowest on record.…
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Government research conducted by audit, tax and consulting firm, RSM UK has found that commercial landlords are treated equitably in company voluntary arrangements (CVAs). RSM’s research* was commissioned by the government’s Insolvency Service to understand concerns within the commercial property sector on the utilisation and impact of CVAs, concerns focusing on compromises to rental debts…
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UK Finance has announced three new appointments to the UK Finance board. Erin Platts, Head of EMEA and President of UK Branch, Silicon Valley Bank; Ian Stuart, CEO of HSBC Bank UK and David Soanes, UK Country Head of UBS Group, have joined the Board. Joe Garner from Nationwide and Beatriz Martín Jiménez from UBS…
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In 2021, Virgin Money selected Flexys Solutions to create a bespoke Business Bounce Back Loan Scheme (BBLS) platform to help business customers manage the repayment process, including PAYG options. The resulting digital journey enables Virgin Money customers to manage their loan over the full term and provides a clear and detailed illustration of how each…
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Arrow Global has announced the appointment of Reza Atighi as Chief Executive Officer (CEO) to its Amersfoort-headquartered Vesting Finance Servicing B.V in the Netherlands. Atigh brings a wealth of experience to Vesting Finance having worked in financial services for more than 20 years. He joins Vesting Finance from Intrum where he was, most recently, CEO…
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Lowell Group has announced that it has appointed Sally-Ann Hibberd as an Independent Non-Executive Director. Hibberd will sit on the board providing advice and guidance, and join the Audit and Risk Committees. Hibberd joins as Lowell enters a period of significant growth with the firm expanding its expertise in financial services. Hibberd joins the board…
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Staff at Paylink Solutions are hoping to raise thousands of pounds to split across two charities this year. The Grantham-based fintech will raise funds for national mental health charity Mind and tech-based charity Computer Aid throughout the remainder of the year, with their first challenge, a bike-a-thon, taking place in July. Mind offers advice and…
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Businesses reported a fall in confidence this month, declining 10 points to 28% according to the latest Lloyds Bank Business Barometer. This is the lowest level since March 2021 when the economy emerged from the second Covid-19 wave. This fall in business confidence comes as inflation reaches its highest level for 40 years as the…
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