Credit, Collections & Insolvency News
New analysis by Age UK has shown that without more Government financial help, fuel poor older households will top a million by the Spring. The charity has warned that soaring energy costs will push an estimated 150,000 extra older households into fuel poverty this winter as a result of of soaring energy prices. With around…
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Consumers will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It…
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New research on the cost of living crunch by Citizens Advice has revealed that one in ten families, equivalent to 3.2 million households, are facing a financial crisis this winter. The charity analysed average income data against household spending on essentials like rent, bills and food to establish how many families can meet their living…
Read moreLatest figures released Building Societies Association (BSA) for Q3 2021 have shown continued momentum in the housing market, with gross lending by building societies up 22% compared to the same period in 2020. The figures indicated that gross lending in Q3 2021 was £16.9 billion, up 22% on the same period last year (Q3 2020:…
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FCA approved, debt management firm, MoneyPlus Advice has enthusiastically welcomed the Financial Conduct Authority’s move to ban debt packager firms from receiving referral fees. MoneyPlus Advice says the proposed regulation will do little to prevent such firms from finding ways to avert these actions therefore, the involvement and support from other professional bodies, such as…
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New research by Credit Karma has found that near-prime consumers have been hit hardest as borrowing costs rise. The research findings show that near-prime borrowers pay £39,000 more interest over a lifetime than prime with the gap increasing by 10% (£3,400) over the last 12 months. Credit Karma’s report annually quantifies the lifetime cost of borrowing…
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New research has found that the number of people with debt has increased by ten percentage points in just six months (64% to 74%), with variable workers, which includes gig workers and freelancers likely to be acutely impacted, alongside young people aged between 18 and 34, according to the latest findings from Credit Kudos’ Borrowing…
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Ofgem has announced the collapse of two more energy firms as number of households affected by a supplier failure nears 4 million. That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, Entice Energy, which comprises both Entice Energy Supply and Simply Your Energy, and Orbit Energy, are to…
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Arrow Global, a European investor and alternative asset manager in credit and real estate, has announced the creation of a dedicated corporate restructuring business to cater to the growing market opportunity in Portugal. The new business builds on Arrow Global’s market-leading experience and capabilities in Portugal through its Whitestar and Norfin servicing and asset management…
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Secure Trust Bank PLC (STB) has announced that it has agreed to acquire AppToPay, owner of a proprietary technology platform to support STB’s planned entry into the digital Buy Now Pay Later (digital BNPL) market. STB, through its V12 Retail Finance business, is already a provider of point-of-sale retail finance, with a network of more…
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Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…
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New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…
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Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
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