Credit, Collections & Insolvency News
Consumer card spending grew 13.3 per cent in September compared to the same period in 2019, as consumers enjoyed the last of the summer sun. However, ongoing supply chain shortages and rising food and energy prices have hampered consumer confidence. Data from Barclaycard has revealed that spending on essential items increased 14.4 per cent –…
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The number of heavily indebted small businesses rose considerably over the course of the pandemic, the Bank of England has warned. Analysis by the Bank’s Financial Policy Committee has shown that debt taken on by SMEs rose by a quarter, with many companies which had not previously borrowed going into the red for the first…
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Over half (55%) of UK credit providers plan to implement Open Banking in 2021, with 93% of those businesses expecting to do so in the next 12 months, according to the latest Open Banking Research Report by credit reference agency, Equifax. With the pandemic accelerating consumer adoption of new technologies, and more digital data available…
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Late payments are threatening the survival of small businesses across the UK, according to findings from new QR-code payment and invoicing app, Tomato pay. The research has found that 84% of small businesses suffer from late payments. One in eight (12%) wait more than 60 days on average for an invoice to be paid, while…
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Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…
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New figures released today from Experian have found that mortgage application volumes are up 17% in September this year, when comparing figures to those in September 20191 before the stamp duty holiday2 was in effect). The younger age demographics are fueling these figures, with average daily mortgage applications up 20% for those in their 30s.…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew by 6% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business was 22% higher than in the same period in 2020. The…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 10% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business volumes remained 16% higher than in the same period in…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 103% in August 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said:…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business remained 15% higher than in the same period in 2020. The retail store and online credit sector…
Read moreThe UK is set for a significant rise in business failures as firms readjust to life without government Covid-19 pandemic support measures, according to trade credit insurance firm, Euler Hermes. The underwriter forecasts that, compared to pre-Covid levels, UK insolvencies could increase by a total of +32% by the end of 2022, with more than…
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The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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The Institute of Chartered Accountants in England and Wales (ICAEW) announced that it has appointed a new Vice-President. Malcolm Bacchus has been elected ICAEW Vice-President for 2022-23. He will take over the role from current Vice-President Mark Rhys in June 2022. Based in London, Bacchus is the principal of Baccma Consulting. He currently chairs the…
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