Credit, Collections & Insolvency News
Cash management platform Satago has announced that it has partnered with Lloyds Bank with an aim to transform access to short-term finance for its business customers. The agreement builds on the existing partnership, extending the use of Satago’s technology to help Lloyds Bank customers get access to cash against invoices due. It will power a…
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£426m worth of property has been repossessed over the last year according to research by HBB Solutions. The company analysed government data on the level of homes to have been repossessed over the last 12 months, as well as the price they achieve as a result of this repossession and how this compares to their…
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A company director has received a nine-year ban from the Insolvency Service for deliberately exaggerated company turnover to secure £50,000 Bounce Back Loan. Inderjit Singh Dadial, from Wolverhampton was the sole director of Cali Juices Ltd, a wholesaler of specialised soft drinks, which was incorporated in 2019 with a registered address in Wolverhampton. In June…
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A hike in the energy price cap of £693 is set to push two in five families into debt, according to the latest Household Financial Confidence Tracker from comparethemarket.com. The price cap was announced in February and will come into effect in April. 42% of families with children at home believe they will need to take on…
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The Government has announced changes to the Online Safety Bill to tackle scams and fraud. The measures mean that social media sites and search engines will be forced to stamp out fraudsters and scammers on their platforms as the government strengthens its pioneering internet safety laws. The move comes as the government also launches a consultation as…
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New ONS data has indicated that one in three people (35%) were spending more than we made, even before the pandemic, so the cost-of-living squeeze is set to cause enormous problems. More than half (57%) of single people of working age overspent before the pandemic: a higher percentage than any other household type with 43%…
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Digital lending platform Oakbrook has announced that it will soon be able to offer an additional service to enable more people access to fairer and affordable credit, as they pilot Experian’s Work Report tool, a feature of Experian’s Affordability Passport, to enhance their loan application process. Using the Work Report feature, customers applying for a loan with…
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DataTrace UK, a tracing and contact agency has recently been acquired by The Broadriver Group. Established in 1991, DataTrace UK provides specialist global tracing and information services to local authorities, enforcement agents, educational institutions, utilities companies and those working in the financial sector. The acquisition will further strengthen The Broadriver Group’s portfolio, which includes Controlaccount…
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Arum and Just have announced that Jason Incles will become the new Chair. Incles previously worked at the TDX Group from 2006 to 2016. Incles succeeds Jamie Waller who recently retired after serving as Chair for the past four years. Commenting on his appointment Incles said “I feel very excited to be taking on this…
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TotallyMoney has appointed Henry Pearce as Head of Data. Joining from Tandem Bank, Pearce will be pivotal in the development and roll-out of upcoming features, providing customers with personalised updates and tips to help improve their credit eligibility. This includes deeper insights into their spending and borrowing patterns, so they more thoroughly understand what may…
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New research by the British Business Bank has indicated that lending to small businesses has returned to pre-pandemic levels. The Small Business Finance Markets Report 2022 found that 2021 was a year of contrast between debt and equity smaller business finance markets. Bank lending returned to pre-pandemic levels while equity investment in smaller businesses reached…
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More than two thirds (67%) of small and medium sized enterprises (SMEs) globally have been unable to secure sufficient, or any, funding on at least one or more occasions, according to a new report from cloud banking platform Mambu. The ‘Small business, big growth’ report surveyed over 1,000 SME owners globally, who set up their…
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Irish Government pandemic support has saved at least 4,500 Irish companies from going bust according to research by PwC. The figures represent an average of 50 companies saved every week during the pandemic. PwC examined 18,000 business failures over the past 17 years and measured the correlation between key economic indicators and other trends with…
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