Credit, Collections & Insolvency News
New research by iwoca’s has found that SMEs are turning to the Recovery Loan Scheme as they focus on company growth. The company’s Index reveals that over a third (35%) of brokers reported the top motivator for applying for unsecured finance was to ‘grow the business’ – a 12 percentage point increase from the previous…
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Coronavirus support measures reduced the number of customers seeking debt advice, but caused an increasing rise in existing debt solution customers needing support according to new figures from the Financial Wellness Group’s Impact Report, The report showed that the average debt of new advice customers rose to £17,900 with an increasing proportion of customers having…
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Latest figures from the British Retail Consortium have shown that shop vacancy rates have stabilised after rising for three years The figures indicate that the rate was 14.5% in the third quarter, the same as the second. While no UK regions saw an increase, the vacancy rate is still at a record high. The proportion…
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Latest figures from the Insolvency Service have indicated that there were 26,758 seasonally adjusted personal insolvencies in Q3 2021, a fall of 1.8% compared to Q2 2021’s figures of 27,252 and a rise of 32.5% compared to Q3 2020 (20,194). This is the sixth quarter to be wholly affected by the pandemic and associated national measures, and…
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Latest figures from the Insolvency Service has shown that ehe number of businesses in England and Wales that there were 3,765 seasonally adjusted business insolvencies in Quarter3 2021, an increase of 16.7% compared to Q2 2021’s figures of 3,226 and a rise of 43.5% compared to Q3 2020 (2,624). The Insolvency Services says that teh…
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Latest statistics from the Insolvency Service have shown that Northern Irish business insolvences increased by 42% whilst personal insolvences rose by 1% in the latest quarterly figures. Latest business insolvencey figures have shown that there were 34 company insolvencies in Northern Ireland in Q3 2021, an increase of 42% on the same quarter of 2020.…
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Latest Bank of England data has shown that individuals borrowed £9.5 billion of mortgage debt on net in September, the highest since June 2021. This was a rise from £4.4bn in August, and the highest figure since June 2021, when net borrowing reached a record of £17.1bn. Consumers borrowed an additional £0.2 billion in consumer…
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Enforcement specialist, Bristow & Sutor Group has signed a charity partner agreement that will see the Midlands-based company provide support, volunteering and annual donations to The Money Charity until at least October 2024. The Money Charity provides education, information, advice and guidance to people of all ages, helping them to manage their money well and…
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New insight from Lowell’s Vulnerability Index has indiacted a 11% rise in financial vulnerability across the pandemic (Q3 2019 to Q1 2021) The Financial Vulnerability Index, is a joint project between Lowell, one of the largest credit management services companies in Europe, and the Urban Institute, a leading U.S.-based research organization, uses unique Lowell data…
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A new debt resolution agency, The Digital DRA, has been launched to help consumers resolve their debt with dignity. The Digital DRA aims to reimagine the debt collection process by putting the customer first. Customers will have 24/7 access to an online management portal, where they can fully self-serve at a time and place convenient…
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Credit Style, part of the Bristow & Sutor Group, says energy sector workers who have lost their jobs recently should consider changing career paths, highlighting the volume of roles available in debt recovery and the transferable skills that are of interest to employers in the sector. The current energy crisis has seen over a dozen…
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Phil Andrew, Chief Executive Officer of StepChange Debt Charity, Joanna Elson CBE, Chief Executive of the Money Advice Trust, Dame Clare Moriarty, CEO of Citizens Advice, and Katie Murray, Group Chief Financial Officer of NatWest Group, have joined twelve other top-level executives from the worlds of finance, consumer rights, research and technology on the Money…
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The number of business insolvencies (liquidations and receiverships) in Scotland rose by 29.4% to 211 in July-September 2021 compared with April-June 2021 (163), and rose by 80.3% compared to July-September 2020 (117) according to latest Accountant in Bankruptcy (AiB) figures. Creditors’ Voluntary Liquidations rose to 179 for July-September 2021 – an increase of 35.6% on the…
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