Credit, Collections & Insolvency News
January 2022 saw yet another rise in the number of corporate insolvencies, as UK companies continue to face a number of challenges on the back of the Covid-19 pandemic. According to recently published Government data, 1,560 company insolvencies were registered in January 2022, more than double the number in January 2021 (758). This figure is…
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Latest Bank of England (BOE) data shows that borrowing declined in January, with borrowing using credit cards, personal loans and overdrafts totalling around £600m compared to £800m in December. This was split between £100m of additional borrowing on credit cards, and £500m in borrowing in other forms of consumer credit (such as car dealership finance…
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January saw the usual seasonal increase in people looking for debt advice, according to the latest client insights report from StepChange. The debt charity’s website was visited by 358,000 users in January, a 34% rise on December 2021. Between December and January, there was also a 7% increase in visits to the ‘emergency funding’ page…
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An overwhelming majority of mid-sized business owners are planning to help the next generation tackle the financial impact of Covid-19, according to new research released by BDO The findings from accountancy and advisory firm reveal that more than eight in ten (82%) of business owners are mindful of ‘intergenerational fairness’ and in favour of helping…
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Legal specialist Esson & Aberdein has launched a dedicated Lender services division which it says will address an acute lack of provision and competition in the area. The debt recovery and conveyancing services division, have been recently bolstered by the appointment of Fallon Spencer as Head of Corporate Property Services. Spencer is building a specialist…
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The UK’s energy crisis has prompted one in five (20%) consumers to rely on credit cards, loans and overdrafts to manage the mounting costs recorded over the last three months according to research by Credit Karma. The research found that the vast majority of consumers (78%) say they have experienced price hikes since the beginning…
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Flexys has entered into a collaborative partnership with EQ Credit Services (EQCS). EQCS provides advanced consumer loan technology and outsourced services to banks and other lending institutions and delivers digitally-enabled lending solutions to millions consumers. Combining EQCs’ award-winning loan management platform with Flexys’ cutting edge debt management solution allows lenders to layer sophisticated debt management…
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Yorkshire Building Society and Citizens Advice have announced the significant expansion of an innovative partnership that initially piloted across six of the Society’s branches in Yorkshire last year and has already benefitted more than 530 people. Following the success of the pilot, the expansion will treble the number of branches offering the scheme to 18…
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High-cost lender company, Oakham has been placed into administration. The company trading as Oakam and Loal was placed loaned money to customers for between 6 to 36 months. All existing loan agreements remain in place, although the firm is no longer able to issue new loans. Andrew Tate and James Hopkirk of Kreston Reeves LLP were…
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Global credit data and risk intelligence specialist, Creditsafe has announced the acquisition of Graydon. Graydon has been in operation for over 130 years and has been for the last 5 years a 100% subsidiary of Atradius the leading global credit insurer. Graydon is the market leader in B2B information services in the Netherlands and Belgium,…
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The Financial Conduct Authority (FCA) has announced the launch of a fee cap for claims management companies (CMCs). The change will mean new restrictions will apply to claims management companies to prevent them from charging excessive fees to consumers owed compensation from financial services firms. Under new Financial Conduct Authority rules in force from today,…
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Research by Sage shows that more than three-quarters of SMEs expect to return to pre-pandemic levels of profitability in the next 12 months. The poll by the accounting and payroll technology provider also found that two in five smaller businesses expected to hire more people in 2022, with half of those planning to increase their…
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The price cap for water retailers will rise by 0.49% for two years from April to cover bad debt costs incurred in the non-household market as a result of the coronavirus pandemic and national lockdowns. Ofwat has raised the uplift from the 0.31% increase proposed in December. Ofwat’s decision does not affect household customers. The…
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