Credit, Collections & Insolvency News
Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted. The launch…
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New research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…
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New data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that 91.1% of all eligible card transactions in 2021 were made contactlessly, with the total value of contactless payments made increasing by 40.2%, year-on-year. The data also shows that shoppers increasingly opted for ‘touch and go’ at the…
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The 2022 Credit & Collections Technology Awards have opened for entries. Launched in 2017, the fourth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best and greatest…
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Following two years of uncertainty and consecutive lockdowns, 61 per cent of business leaders said that they are seeking business finance to expand and hire in 2022. Furthermore, 63 per cent revealed that they already have plans to look for equity investment in their business during 2022 according to research by Capitalise. The report, titled…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland for the year ended 31st December 2021 were 17.9% higher than in the year ended 31st December 2020, at 704 (2021) against 597 (2020). Whilst the number of business insolvencies (liquidations and receiverships) in Scotland rose by…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for the year ended 31st December 2021 were 16.9% lower than in the year ended 31st December 2020, at 7,543 (2021) against 9,078 (2020). The number of personal insolvencies (bankruptcies and protected trust deeds) in…
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New analysis from Citizens Advice shows the struggle that many people, particularly single-parent families, have with debt as the cost of living crisis starts to bite. Citizens Advice’s figures show that around 280,000 people in England and Wales sought one-to-one help with debt in 2021, with many more using its website. Of those, almost 70,000…
Read moreNew research by HL Savings and Resilience Barometer, in partnership with Oxford Economics, has found that higher earners have more debt than any other income group and they also have more debt as a percentage of their income. Higher earners also have a bigger proportion of their debt on variable rates than people on lower incomes.…
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Collections specialist, DebtStream has announced that it has raised £1.1 million of funding with the aim of revolutionising collections experience. The company has raised £1.1 million led by Ascension’s Fair By Design Fund, with participation from Fin Venture Capital, a US fund focused on B2B SaaS. A number of angels also participated in the round…
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A collective of industry experts from across the consumer credit, debt advice, collections, insolvency, and fintech sectors have joined together to launch ‘debt-tech’ firm Trustfolio which has acquired TIPTrust and Asperitas Technologies. Trustfolio’s mission is to enable better debt solutions and advice through powerful, bespoke technology that makes the process more efficient, cost-effective, and secure…
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Data from Konica Minolta has revealed that around one in nine (90% ) of SME businesses are risking significant fines and reputational damage due to potentially fatal weaknesses in their IT and data management and compliance. The data security vulnerabilities varied from data protection issues (such as insecure storage of financial details) to unsecured personal…
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New data shows victim-survivors of economic abuse are left with long-lasting harm have an average coerced banking debt of £4,607 and 83% with low financial knowledge and confidence. Charity, Surviving Economic Abuse (SEA) has revealed new data showing that victim-survivors of economic abuse are left without the support they need to escape an abuser and…
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