Credit, Collections & Insolvency News
Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account. The reusable credit account can be used on…
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Financial distress is now affecting a total of 34 football clubs in England and Wales, double the number before football grounds around the UK were closed in March 2020 according to latest research by Begbies Traynor. The latest Football Distress Survey has highlighted a continuing credit crisis among English clubs outside of the Premier League…
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New research by Evolution Money has indicated that second charge mortgages more likely to be used for debt consolidation. The company analysed data from two different types of its second-charge mortgage products, split between those borrowers using the loans for debt consolidation purposes, and those clients who have prime credit ratings. The research showed a…
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Businesses are reporting that they are losing £8 for every £100 billed in the last year due to the non-payment of invoices, according to the research by trade credit insurer Atradius. The research barometer reveals nearly half (44%) of the total value of UK B2B sales were reported overdue this year and a further 8%…
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Metro Bank has been fined £5,376,000 for accounting errors that forced the bank to raise £375 million from its shareholders to shore up its balance sheet. In January 2019 Metro disclosed errors in its accounting treatment of professional buy-to-let loans and loans secured by commercial mortgages. The mistakes went back to May 2016 and meant…
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The Government has announced £1 billion in support for businesses most impacted by Omicron across the UK. The new measures will mean businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for…
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Almost five (4.75) million families living in social housing in England are facing rent rises of up to 4.1 per cent next April – equivalent to an average £202 extra per year – the biggest nominal increase in a decade, according to Resolution Foundation research. The latest Housing Outlook examines how the rise in the…
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Non-standard financial services provider, Morses Club has announced the appointment of Sir Nigel Knowles as Chair of the Board with effect from 1st March 2022, subject to FCA approval. Stephen Karle will retire on 28 February 2022 from his position as Chair and Non-Executive Director, after seven years. Knowles, who has been Morses Club’s Senior…
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New research by Scottish Friendly has indicated that households set to spend £1.3 billion this Christmas using buy-now pay-later (BNPL) schemes. The survey of 2,000 UK adults found that nearly three in ten (28%) are likely to make Christmas-related purchases using BNPL schemes this year. On average they will spend £162 using BNPL payment options,…
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The total value of fines handed out by the Financial Conduct Authority (FCA) has increased nearly four-fold, hitting £577 million in 2020/21 according to analysis by RPC. The figures are up from £156m last year and £423m in 2018/19. RPC says that when regulated businesses commit serious failings, the FCA is prepared to levy severe…
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Wealthier people are more likely to be targeted by fraudsters according to research by Saltus Wealth. The research found that half of high-net-worth individuals have been victims of financial crime, rising to almost two-thirds of those with assets of more than £2 million. The Saltus Wealth Index surveyed more than 1,000 people in the UK…
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The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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