Credit, Collections & Insolvency News
An economic research report by Atradius has found that many developing countries are facing a triple crisis in 2022 with the impact of the pandemic is being felt across the globe, particularly in small island economies which have historically been heavily reliant on tourism. Existing debt vulnerabilities were only aggravated by the pandemic. With global…
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New research has found that one in four people spent their lockdown savings on paying bills. The research by Opinium on behalf of Hargreaves Lansdown found that 47% of people saved something during the lockdowns, of those who saved something, and could remember how much, around a third saved more than £3,000. Only a third of…
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McCambridge Duffy is set to be one of the first Insolvency Practitioners (IPs) in the UK & Ireland to adopt a new solution, to create a more transparent and effective process for both consumers and creditors. The recently launched Trustfolio Debt Solutions Provider Portal is the first digital tool that enables IPs, Debt Management Companies, and…
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The Insolvency Service has announced that it has appointed Frances Coulson as a new Non-Executive board member. Coulson is a practicing lawyer, with more than 26 years of experience in insolvency law, and a senior partner, board member and Head of Insolvency & Restructuring for the city-based law firm Wedlake Bell. Together with the other…
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The latest UK economic outlook from PwC predicts inflation will hit 8.4% later this year. PWC says that the rise in living costs will wipe 2% off household incomes, equivalent to about £900 or as much as £1,300 for the poorest families. If the Ukraine crisis worsens, inflation could peak at 11%. It is predicted…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in February 2022 by 2% compared with the same month in 2021. In the first two months of 2022, new business was 5% higher than in the same period in 2021. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 39% in February 2022 compared with the same month in 2021. In the first two months of 2022, new business was 45% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Over 1.2 million subscription payments have been cancelled since the summer of last year as households feel the squeeze of the cost of living crisis, research from Lloyds Bank shows. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending,…
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Customer service standards in the energy sector plummeted in the final quarter of 2021, with even the best-performing suppliers scoring less than four out of five stars. Citizens Advice’s latest star ratings table, which covers Q4 2021indicates that customer service in the energy sector is the worst it has been on average since 2017. The…
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New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported new business volumes up in February 2022 by 24% compared with the same month in 2021. The corresponding value of new business grew by 39% over the same period. In the first two months of 2022,…
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A new report by global information and insights provider TransUnion has revealed that the number of people regularly checking their credit score has increased by nearly a third (30%) since the pandemic began. The Consumer Credit 2022 white paper, an in-depth look at the current financial landscape and changing consumer habits, points to greater understanding…
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Compulsory liquidations of struggling businesses have increased by 76% from 139 to 245 in the last three months according to new research by Mazars. The company predicts that there will be even more liquidations are expected in the next three months as the last temporary government measure to protect companies from insolvency during the pandemic…
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