Credit, Collections & Insolvency News
Shakespeare Martineau has announced that it has launched a new insolvency litigation service called ‘InSolvLit’. The new service will offering support from initial investigations stage through to identifying the claims and pursuing them to trial, the firm’s new service takes the burden off insolvency practitioners and drives forward claims quickly and efficiently. Claims are reviewed…
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We are living through a complicated economic time. Here in the UK, with Brexit and the pandemic still fresh in our memories, we are acclimatising to a new reality of record inflation, rising interest rates, geopolitical unrest and an affordability crunch. Regardless, these challenges aren’t impacting the number of people moving to the UK to…
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The Payment Systems Regulator (PSR) has announced that it will conduct two market reviews of card fees charged by Visa and Mastercard. The first review will look at why there was a fivefold post-Brexit increase in the cross-border interchange fee that Mastercard and Visa charged retailers for consumer purchases by phone or online in the…
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Inflation edged up to 9.1 per cent in the 12 months to May, from nine per cent in April, according to data from the Office for National Statistics. The figure is now at the highest level since March 1982, when it also stood at 9.1 per cent. The data suggests that inflationary pressures are still…
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A bankrupt from North London has received 8 years of additional restrictions from the Insolvency Service after he applied for bounce-back loan for a bogus business. Salih Ozhot, from Southgate, North London, petitioned for his bankruptcy before being made bankrupt on 13th October 2021. The Official Receiver was appointed as his trustee in bankruptcy before…
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The number of UK sectors reporting a fall in output doubled in May, as inflation continued to drive down demand for goods and services, according to the latest Lloyds Bank UK Sector Tracker. Six out of the 14 sectors monitored by the Tracker saw overall output contract, compared to three in April. This was the…
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New data from Time Finance has revealed the scale of impact on UK SMEs as the cost of doing business continues to rise, with 72% of businesses currently preparing for an imminent recession. The latest survey has seen Time Finance investigate the consequences currently being felt by UK businesses as they grapple with rising energy…
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Credit Connect’s hosted its second Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by sixteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Charles Mayhew CEO from Global Debt Recovery and Litigation said “I was delighted to be on the…
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A third (33%) of households have multiple individual memberships for the same streaming service, when they could be saving money by paying for one household membership instead, according to research from comparethemarket.com. The research found that households spend £50 on average each month on paid-for subscriptions, the equivalent of £600 a year, with 32% spending…
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Intrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in April 2022 by 16% compared with the same month in 2021. In the first four months of 2022, new business was 1% higher than in the same period in 2021. The…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 48% in April 2022 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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The Financial Policy Committee (FPC) has confirmed that it will withdraw its affordability test Recommendation. The change will come into effect from 1st August 2022. Introduced in 2014 the test specifies a stress interest rate for lenders when assessing prospective borrowers’ ability to repay a mortgage. The other Recommendation, the loan to income (LTI) ‘flow…
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