Credit, Collections & Insolvency News
Global information and insights provider TransUnion has announced that it has appointed Amanda Rendle to its board as a non-executive director. Rendle brings experience in marketing and communications spanning four decades, with particular expertise in financial services. She previously led an award-winning client engagement programme at leading multinational bank HSBC, where she was global head…
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SKSi has announced the appointment of Fred Satow as Chief Executive Officer. Satow is a licenced insolvency practitioner and chartered accountant regulated by the ICAEW. He has a wide range of experience advising businesses, individuals, lenders and other stakeholders facing financial challenges and specialises in solvent liquidations and reorganisations, property and the personal injury /…
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New data from Sidetrade has found that the UK and Ireland are among the top five worst in Europe for payment delays. The company statistics are based on the payment behaviour of 20.7 million buying companies worldwide. The data reveals the best and worst markets and industries for late payments over the last three years…
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New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…
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NewDay and John Lewis have agreed on a new partnership to assess the next evolution of the retailer’s consumer credit offering. The deal includes relaunching John Lewis’ Partnership card. The partnership follows John Lewis’ announcement that it plans to invest over £50 million in its consumer finance capabilities to offer innovative financial products and services…
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Debt resolution specialist, Ophelos has announced a partnership with lifestyle credit card company Yonder. The partnership will see Ophelos manage the support of Yonder customers who may find themselves in arrears. The startup selected Ophelos as it reflected Yonder’s business values centred around fairness, transparency and customer respect. Ophelos’ machine learning-driven debt resolution platform will…
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Fears are rising over the financial pressures facing British businesses. The latest Lloyds Bank Commercial Banking barometer shows that business confidence in London fell by 20 points during April to 40%, while Begbies Traynor warned that there was a 20% rise in the number of companies in distress over just three months. The barometer showed…
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Europe credit management services provider, Lowell has announced that it has made four senior appointments. The company has appointed Louis Brook as UK Chief Information Officer, Jill Maples as UK People Director, Kevin Peirson as Head of Customer Relations and Naynesh Patel as Customer Insights and Strategy Director. They join at a period of significant…
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Latest figures from the Bank of England (BOE) have revealed that consumers borrowed an additional £1.3 billion in consumer credit in March, of which £800 million was new lending on credit cards, taking total credit card borrowing in the first three months of this year to £2 billion. The figures show credit card borrowing was…
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Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…
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New research by TotallyMoney has found that 2 million mortgage borrowers could face an average payment increase of over £1,000 per year. The research found that a 1% Bank of England (BoE) interest rate rise would increase mortgage payments by £99 per month or £1,188 per year for a 75% LTV mortgage on the average…
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The City of Plymouth Credit Union has entered administration. James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of CPCU on 27 April 2022. The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers’ monies are protected and will receive their funds (up to…
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Begbies Traynor has reported a 19% rise in businesses in critical financial distress compared to the start of 2021. The research found that 1,891 firms were now in critical financial distress, in the first quarter of 2022, which is almost a fifth higher than the same period last year. The company says that the 19%…
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