Credit, Collections & Insolvency News
The Institute of Directors (IoD)’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, remained very low in April 2022, at -36. In March 2022, the Index had collapsed to -34 from its previous level of just below zero. However, confidence in prospects for their own firms partially recovered in…
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Time Finance has announced that it has appointed Helen Wheeler as Head of Operations in its Invoice Finance team. Wheeler brings over 25 years’ experience to the role and will assume responsibility for overseeing operations and helping the team to continue to deliver a market-leading Invoice Finance service to UK business owners. Prior to Time…
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Latest quarterly figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales rose to its highest levels since 2012. The figures show that there were 4,896 company insolvencies registered in Q1 2022, 6% higher than the number of company insolvencies registered in the previous quarter and more than double…
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Instagram influencers who were paid to endorse buy-now, pay-later (BNPL) fuelled more than £652 million in borrowing amongst followers trying to replicate their lifestyles according to research by Credit Karma. The company reviewed buy-now, pay-later sponsored posts by the UK’s biggest influencers finding that an individual would need to spend an average of £1.8K to…
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United Utilities Group has announced that Louise Beardmore will take over as Chief Executive Officer (CEO) which will follow the retirement of Steve Mogford early next year. Mogford, who has been in charge of the water company for 12 years, will be supported by Beardmore, who is currently the Group’s Customer Service and People Director until…
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Debt collections specialist, Barratt Smith Brown has announced that they have successfully completed the FCA approval process and are now a regulated company. Ashley Barratt, CEO of Barratt Smith Brown said “Becoming an FCA regulated company is critical to our ambitious expansion plans for Barratt Smith Brown. The FCA is the gold standard for financial…
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The Lending Standards Board (LSB) has published a series of updates to the Contingent Reimbursement Model Code (the CRM Code) to further strengthen what is the only set of protections of its kind for tackling Authorised Push Payment (APP) scams. The three most significant updates to the Code will help improve customers’ understanding of how…
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Just over one in three UK adults may struggle to access credit from mainstream lenders, according to fresh data from PwC and TotallyMoney, an increase of 50% in just six years. The research also found that nearly nine million more at risk of falling into this category – meaning half of the population in total,…
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The amount of money that households collectively owe to their energy suppliers has doubled in the past year to reach £1 billion, with a quarter (23%) of consumers now in energy debt, according to new research from Uswitch.com, the comparison and switching service. The number of households in debt to their supplier has risen by…
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Consumer demand for credit products has grown since the onset of the pandemic, according to TransUnion’s Consumer Credit 2022 white paper, which reveals changing consumer preferences and affirms the growing demand for buy now, pay later (BNPL) finance. The research reveals significant growth in the credit market when compared with pre-pandemic figures with more consumers…
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New analysis of over 8 million invoices sent to the top 100 construction firms in the UK reveals that 10 percent are routinely being rejected, resulting in serious payment delays which are hindering the financial recovery of construction product and service suppliers across the sector. The research by Causeway Technologies looked at a sample of 8,052,300 invoices…
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Fraud prevention service, Cifas has released its annual Fraudscape report, detailing the latest data and intelligence recorded by Cifas members during 2021. The report reveals that a new case of fraudulent conduct was filed by organisations every 90 seconds on average, with over 360,000 cases recorded to the National Fraud Database – an increase of…
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European credit management services, Lowell says it has achieved record full-year results for the 12 months ended 31st December 2021. The company says collections have continued ahead of expectations across the Group with all regions performing ahead of forecast. Collection performance for the 12 months ended December 2021 vs December 2020 static pool is 106%.…
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