Credit, Collections & Insolvency News
Household bills fell marginally over 2021, with annual costs falling by £37 during the past 12 months, according to new data from comparethemarket.com. This new research which analyses the cost of energy, home, and motor insurance, based on comparethemarket.com’s switching data, shows that household bills were cheaper last year than the two years prior. A typical…
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Specialist asset-based lender, Time Finance has announced that they have appointed Steve Nichols as Director of Asset Finance. Nichols assumes overall responsibility for the operation and performance of Asset Finance for the business and will become a member of the Operating Board. Nicols succeeds Carol Roberts as part of a planned progression and the two…
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Water retailers will be required to return customers’ credit balances and make them aware of the risks associated with advanced payment schemes, in the event of a retailer failure, under new rules. Water regulator Ofwat approved the change to the non-household water retail code to add protections for business customers. The Consumer Council for Water (CCWater),…
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Arrow Global, has announced that it has secured mandates from three UK banks to act as collections and recoveries partner across their ounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme portfolios. The servicing mandates, which will be managed by Arrow’s Drydensfairfax platform in Leeds, build on Arrow Global’s presence as the leading…
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Retail debit card spending soared 27% in the first two weeks of January compared to 2020, months before the pandemic hit, according to latest data from Lloyds Bank. The research found that 42% more was spent at restaurants and bars, whilst high-street stores, such as clothing outlets (34%), electrical goods stores (27%) and department stores…
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Santander UK has announced the appointment of Alan Horton as its Head of Recruitment sector for the invoice finance team. Horton will be responsible for understanding the needs of the recruitment sector and ensuring the invoice finance facilities the bank offers to recruitment clients are appropriate to help them achieve their goals. Invoice finance is…
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Over a third of consumers will not spend money on a foreign holiday or staycation in 2022, according to new research by leading price comparison service MoneySuperMarket in a further sign that the cost of living is continuing to rise. The research, which explores consumers major spending intentions in 2022 and how they intend to…
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New research by Taulia has found that 38% of its suppliers take early payments monthly in 2021, up from 19% in 2017. There has been growing interest from suppliers in regularly receiving early payment once an invoice is approved as an alternative source of finance. In 2021, one-fifth (22%) of suppliers were interested in receiving…
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Ofgem has appointed British Gas to take on supplying Together Energy’s approximately 176,000 domestic customers and 1 non-domestic customer. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they…
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Flexys Solutions have announced the appointment of James Hill to the position of Chief Operating Officer. Hill previously worked at Tribal Group where he was Global Professional Services Delivery Director with responsibility for project delivery and leadership of the global Professional Services and PMO divisions. He will take responsibility for implementing the strategic vision and…
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Businesses owners earning over £40k in small businesses have fared better mentally and physically during pandemic according to research by Purbeck Personal Guarantee Insurance. In the study, higher-income earners were most likely to enjoy working from home and reported lower physical and mental health concerns and worries than lower income workers. 26% of those earning…
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Open banking platform, Tink has announced the launch of ‘Income Check’ in the UK – a service that streamlines income verification using open banking technology. Tink’s Income Check product allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account. Using face recognition or with a…
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Charity, Age UK is calling for urgent action as research by the company shows over 80 per cent of over-65s think the Government should step in to help poorer older people. More than three in five over-65s (62 per cent) – equivalent to 7.8 million older people – are worried about heating their homes compared…
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