Credit, Collections & Insolvency News
New research by GCA Altium has indicated that the UK debt market hit record heights in the first half of 2021. The research showed that a record number of refinancings and recapitalisations were completed in the first half of 2021 in the UK. Data provided by the firm’s MidCapMonitor identified that over the course of…
Read moreLatest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 36% in August 2021. In August 2021 there were 89 company insolvencies registered in Scotland, approximately double the number than in August 2020 and 13% higher than in August 2019. This was comprised of 11 compulsory liquidations, 76 CVLs…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in August when compared to 2020’s figures. In August 2021 there were 148 personal insolvencies in Northern Ireland, 38% higher than August 2020 but 28% lower than August 2019. This consisted of 127 IVAs, 15 DROs and six…
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As many as 15% of the UK’s SMEs are rated ‘fragile’ and risk insolvency during the next four years as Covid-19 state support schemes are withdrawn, according to research by Euler Hermes. State support softened the blow of the Covid-19 shock in 2020, reducing the number of fragile SMEs by more than 8,000 in Germany,…
Read moreConsumer group Which? has warned that victims of bank transfer scams are being “abandoned” by banks when trying to reclaim stolen money. Which? says measures like the voluntary reimbursement code have failed to adequately protect consumers and provide reimbursement, saying there is a need for stronger action to support victims. Losses linked to authorised push…
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Debt charity StepChange has warned that a £360 million wall of rent debt built up during the pandemic combined with cuts to Universal Credit threatens to leave hundreds of thousands of tenants facing long-term housing insecurity and problem debt. Since March 2020, StepChange’s research has revealed a tale of two pandemics, with renters one of…
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New research from Hitachi Capital Business Finance has revealed that more than three-quarters of small businesses across the UK (76%) have used technology in the last year to improve their business operations and become more efficient. This rises to 84% of small businesses that have expected modest growth – and 91% for those enterprises that…
Read moreEY-Parthenon has appointed a new Partner, Claire Gambles, to further strengthen its Turnaround & Restructuring Strategy practice. Gambles joins EY-Parthenon from Deloitte where she led their Managed Exit business. She has over 20 years’ experience in the industry, and works across a multitude of sectors and geographies, supporting clients nationally and across the globe. In…
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Monzo is to launch a buy now, pay later product called Flex that will let customers borrow up to £3,000 and spread the cost of purchases over three, six or 12 months. The digital bank said those who repay over three months will be charged no interest, while those spreading costs over six or 12 months…
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Major technology companies, including Google, Facebook, Instagram, Twitter, Amazon, Microsoft and TikTok have pledged to support Take Five to Stop Fraud, an anti-fraud campaign run by UK Finance. The announcement coincides with Take Five Week, a week dedicated to highlighting the work of the campaign that offers straight-forward and impartial advice to help everyone protect…
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Financial app, Curve has announced has launched new product called Flex which it says is a new unique rival to Buy Now Pay Later (BNPL). Curve says following FCA approval it has launched Curve Flex to simplify and unify credit. It offers customers the power to pay later for almost any purchase made at any…
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New insights from Experian suggest that consumers have a better chance of finding a pre-approved credit card or loan than they did at the start of this year. Following the lifting of lockdown restrictions in July, lenders have continued to bring new products to market. 61% of customers using Experian’s Marketplace saw a credit card…
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Citizens Advice is sounding the alarm on the impact of a cut to Universal Credit with MPs expected to debate ending the £20-a-week increase today (Wednesday 15 September). Previous research from the charity shows that 2.3 million people receiving Universal Credit will be pushed into the red by the cut. It warnspeople are one and…
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