Credit, Collections & Insolvency News
The Work and Pensions Committee has pressed the Prime Minister on his pledge to consider raising the level of Universal Credit and other benefits to help people cope with the rapidly rising cost of living, with MPs also inviting submissions on how the Government could offer additional support. The letter to Boris Johnson and calls for evidence are part of…
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The cost of living gap between rich and poor household is at its highest level since records began in mid-2000s according to the Resolution Foundation. The Foundation’s research found that the gap in the inflation experienced by the richest and poorest tenth of households grew to 1.5 percentage points in April – the largest gap…
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The British Vehicle Rental and Leasing Association (BVRLA) has announced that it has appointed Jon Lawes as the new Chair of the association Lawes will take over from Nina Bell, who oversaw an extended, three-year tenure due to the impact of the Covid-19 pandemic. Lawes was the Managing Director of Novuna Vehicle Solutions (a trading…
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Aberdein Considine has announced that it is to merge with Edinburgh law firm and solicitor estate agent Russel+Aitken Edinburgh LLP. The combined businesses which will trade under the Aberdein Considine brand, will together employ over 480 staff and have a turnover of more than £32 million. Russel+Aitken Edinburgh LLP, which is based in the West…
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Nationwide has become the first bank or building society to offer ReachOut – a free service for the Society’s members to provide support, reassurance and confidence to those impacted by financial hardship. Britain’s biggest building society is building on the ways it can help its members who are struggling financially to get back on track.…
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Allianz Trade has predicted that business insolvencies will rise by 37% this year with the UK is set to become the first big European economy to reach pre-pandemic levels of corporate insolvencies. The research suggests the surge in insolvencies will be driven by the withdrawal of Covid support schemes, rising commodity prices, supply chain disruption,…
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Latest figures from the Registry Trust have shown that there was a decline in consumer County Court Judgments (CCJs) in England & Wales in the first quarter of 2022. The report shows that CCJs fell by 17% from 234,891 in Q1 2021 to 194,744 in Q1 2022. The total value of consumer CCJs also fell…
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Consumer confidence has dipped to a record low, with GFK’s confidence index dropping two points to -40 in May, with this a point lower than the previous record of -39 set in July 2008. The statistics indicate that consumer confidence is at its lowest point since records began in 1974. Joe Staton, Client Strategy Director,…
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Households spent 7% more on their energy bills in April compared to March, as the increase in the energy price cap first hit household budgets. According to the latest Spending Power Report, which includes regular standing order and direct debit payments alongside card payments in its analysis, energy spending increased by almost a third (28%)…
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Millions of people in communities across the UK will see their ability to access cash protected by new powers set out by the Government. Under the new rules, the financial regulator – the Financial Conduct Authority (FCA) – will be granted new powers over the UK’s largest banks and building societies, to ensure that cash…
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Latest data from the Ministry of Justice (MoJ) have indicated that mortgage possession actions in Quarter 1 (Q1) have dropped significantly compared to Q1 2019. Compared to 2019, pre-Covid-19, mortgage possession claims, orders, warrants and repossessions by county court bailiffs have decreased by 53%, 47%, 55% and 57% respectively. However, compared to the same quarter in…
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The Institute of Directors has found that seven in ten (72%) of business leaders view cyber risk as a significant concern for their organisation, with 58% believing that the risk of a cyber attack on their organisation has increased. In its poll of nearly 600 directors, the IoD also found that 54% believe that every…
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The Financial Conduct Authority (FCA) is set to introduce new powers to more swiftly cancel or change what regulated activities firms are permitted to do. The new power is available following a change in the law allowing the FCA to streamline and shorten the removals process. The FCA will provide a firm with two warnings if it believes it is not using…
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