Credit, Collections & Insolvency News
The number of UK sectors reporting output growth rose in March, according to the latest Lloyds Bank UK Recovery Tracker. However, while UK services businesses benefited from strong demand and a further loosening of Covid-19 restrictions, goods producers were disproportionately affected by the war in Ukraine – leading to the largest gap between manufacturing and…
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Latest figures from UK Finance have indicated that credit card balances have started to creep up as the cost of living started to bite. The figures show that after several months of falls, outstanding balances on credit cards have started to creep up again with balances up 3.8% year on year. Spending had previously been…
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A new survey from Acas has found that nearly 1 in 5 of employers (18%) are likely to make staff redundancies over the next year. Acas commissioned YouGov to ask British businesses about their redundancy plans in the next 12 months. The poll found that large businesses were more likely to make redundancies than small…
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Credit card startup Yonder has partnered with open banking platform Yapily to provide consumers access to credit without needing a UK credit score. With recent research by Experian, showing that over 5 million people in the UK – 9% of the total adult population – have little to no credit history, greatly reducing their access…
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The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…
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Over half (57%) of self-employed workers in the UK rely on personal savings when they are not working, yet a massive 81 per cent aren’t seeking financial advice according to new research from protection and pensions provider, Scottish Widows. Over two-thirds (64%) of those who are self-employed in the UK revealed they are without a…
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Changing work habits brought about by the Covid-19 pandemic and rising house prices have seen households turn their back on cities for nearby countryside locations new research by Experian has found. The analysis reveals a fundamental change in where families and homeowners are looking to base their lives. The average house price in the UK…
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Rising costs are the biggest challenge facing almost half of UK businesses in the next six months, a survey by BDO has found. The research found that almost a third are seeking additional finance as a direct result of pressure brought about by inflation, with 24% taking on higher debt to ensure survival. The report…
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Qualco has announced that it has gone live with a new open banking technology partnership. Working with Ecospend and Themis Global, Qualco UK introduced account-to-account payment options, under a white label model, for a new client, Simon Jersey. The approach includes letters, emails and SMS being sent to customers, containing a unique QR code, which…
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Arum has announced the appointment of Steve Coppard, as its Group Director of Debt Policy and Strategy. Coppard will join the company on 3rd May. In this newly created role, Coppard will help the executive team of Arum and its sister company Just to respond to the evolving needs of the government sector and, importantly,…
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Shawbrook Bank has announced that it has joined ClearScore’s panel of personal loan providers which will use Open Banking technology to assess the creditworthiness of potential customers. Shawbrook intends to start integrating Open Banking data with their current decisioning technology. This will enable them to collect real-time income and expenditure information at the point of…
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According to new research by TransUnion, 42% of consumers say they have been targeted by online fraud in the past three months. Among those targeted, the five most common scams faced were phishing (46%), third-party seller scams on legitimate online retail websites (25%), stolen credit card or fraudulent charges (23%), account takeover (20%) and identity…
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Faced with a more uncertain economic climate, 98% of Chief Finance Officers (CFOs) anticipate operating costs to rise in the year ahead, according to a survey by Deloitte with almost half of CFOs (46%) expecting these rises to be significant. Deloitte says that in light of cost increases, there has also been a sharp deterioration…
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