Credit, Collections & Insolvency News
With vaccination campaigns ongoing, trade credit insurer Atradius has predicted that the global economy will grow by 6.2% and is recovering fully from the major economic downturn in 2020 caused by the Covid-19 pandemic. Atradius new Economic Outlook forecasts a 2021 growth rate of 6.2%, higher than was expected six months ago. As most economies…
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Business advisory firm Quantuma has announced that it has promoted Brian Burke to Managing Director as it celebrates 45 per cent team growth in the last year. Established in 2013 by Carl Jackson, Quantuma has grown to offer a full range of advisory services from its 22 UK and international offices, including restructuring and insolvency,…
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The Money Advice Liaison Group (MALG), the not-for-profit membership organisation that brings together the money advice, credit, and debt landscape sectors have announced the theme of its first face-to-face conference since the pandemic. The 2021 MALG Conference, which will be held at No.11 Cavendish Square in London on 28 October 2021, will focus on leadership,…
Read moreThames Water has agreed to pay over £11 million to 13,800 non-household customers and water retailers for errors in its data which led to customers being billed the wrong amount. In addition to the compensation package, the water company has proposed a series of undertakings which, among others, include strengthening its internal processes and controls…
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Almost two-thirds of UK homeowners find the mortgage process intimidating, new research by Twenty7Tec has revealed. The survey of 2,000 UK adults found 40% said deciding which mortgage to get ‘scared them’. Whilst 37% were kept awake by the mortgage process, while one in five admitted to crying because of it. The research also found…
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Digital bank, Revolut is launching a new service called ‘Payday’ that will enable workers to draw out as much as half of their salary weeks before payday, with the bank to work with employers to grant customers access to their cash as they earn it. As part of the initial launch, Revolut is partnering with…
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Only one in four in the North East are confident they can afford to retire according to research by Opinium for Hargreave Lansdown. Further research showed that only a quarter (26%) of people from the North-East and the East Midlands said they felt confident about their retirement prospects, whilst only 18% of people in the…
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A quarter (25%) of young people in Scotland say a lack of knowledge is a key barrier to home ownership, with two fifths (39%) unable to confidently explain how a mortgage works, according to the latest research from Bank of Scotland. The survey of over 2,100 18 to 34-year-olds living in Scotland, found that the…
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Higher prices for food, petrol and other everyday goods are leaving households struggling to meet these rising costs according to the latest Household Financial Confidence Tracker from comparethemarket.com. The research says that as coronavirus restrictions lift, the vaccine roll-out continues and the economy recovers, resulting inflationary pressures are leaving many families with children worried about affording day…
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Latest monthly figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 7.8% to 9,079 in July 2021 compared to June’s figure of 9,848, and were 23.8% higher than July 2020’s figure of 7,335. There 620 bankruptcies were registered, which was 34% lower than July 2020 and 58%…
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Latest monthly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales fell by 9.3% to 1,094 in July 2021 compared to June’s figure of 1,206, and increased by 13.4% compared to July 2020’s figure of 741. Of the 1,094 registered company insolvencies in July 2021 there were 1,007 CVLs,…
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Tesco Bank has announced plans to transfer its collections and recoveries operations (Financial Assist) within its Customer Service division to Arrow Global. Arrow Global says that the partnership will allow Tesco Bank to deliver an enhanced service to customers in financial difficulty by providing the necessary support and flexibility they will need in the future.…
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The Government is been warned about the impact of benefit cuts and their knock-on impact on renters. Bodies such as Nationwide, the Mortgage Works, Crisis, the Big Issue, the NRLA and StepChange, have urged the Government to reverse the decision to freeze local housing allowance and cut the temporary £20-a-week rise to universal credit. The…
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