Credit, Collections & Insolvency News
A company Director has been given a six-year ban by the Insolvency Service. Mason was director of Angel Contracting, a recruitment agency specialising in providing contractors to the construction industry. The company was incorporated in 2017 but went into liquidation two years later. At this point the Insolvency Practitioner made repeated requests for the company’s…
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CIVEA, the primary trade association for civil enforcement agencies in England & Wales, representing more than 95% of the industry, has released a new report detailing the significant changes to enforcement operations in recent times, ahead of the sector’s annual conference in April. The report titled ‘Reflection and Collection – the Evolution of Civil Enforcement”…
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Ecology Building Society has announced appointed Gareth Griffiths as Chief Executive Officer, subject to regulatory approval. Griffiths is currently Head of Retail Banking at Triodos Bank, which like Ecology is a member of the Global Alliance for Banking on Values (GABV). Prior to that he held leadership roles at RAC and HSBC after beginning his…
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Latest ONS updates have highlighted that input price inflation for businesses has surpassed 19% reaching its highest point on record with the consumer prices index also hitting 7%. Commenting on the rise Federation of Small Businesses (FSB) National Chair Martin McTague, said “It’s been decades since we’ve seen input costs surging at this kind of unmanageable rate.” “The discrepancy…
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New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…
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Office for National Statistics (ONS) data shows that inflation hit a 30-year high of 7% in March. The increase marks the highest level of inflation since the 7.1% rate recorded in March 1992. Inflation increased from the 6.2% seen in February and also came in higher than the 6.7% expected by analysts. The increase does…
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The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…
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People under 35 are more likely than older age groups to have been targeted in an impersonation scam and be swayed to provide personal or financial information, according to a new survey by UK Finance. An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams…
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European credit management services provider, Lowell has announced that will acquire Hoist Finance. The transaction includes the operations of Hoist Finance UK and its entire unsecured non-performing loan portfolio, comprising of over 2 million consumer accounts, almost exclusively in the credit card and personal loan sector. The transaction includes the operations of Hoist Finance UK…
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The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 7 percent in the twelve months to March, up from 6.2 percent in February. Recent research from the Money Advice Trust on the impact of rising costs on households, found that one in seven (an…
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Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save. A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80…
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Real average weekly pay packets fell by 1.3 per cent in February, with a far deeper squeeze coming in the months ahead, despite the jobs market continuing to tighten and last year’s furlough flattering the headline pay data, the Resolution Foundation says in response to the latest ONS labour market statistics. The UK jobs market…
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The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…
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