Credit, Collections & Insolvency News
An Institute of Directors (IoD )survey of over 700 Directors has shown that 44% of businesses are currently experiencing staff shortages – a development that risks undermining the recovery and stoking emerging inflationary pressures. Of those affected, 65% attribute worker shortages to the UK’s long-term skills gap, whilst 4 in 10 are struggling with a lack of potential…
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Latest UK Finance figures show that mortgage arrears remained at record lows in the second quarter of 2021, with 1,370 fewer mortgages in arrears at the end of June compared to the end of March. The number of mortgages in early arrears is below the level seen prior to the pandemic. Total mortgage arrears remain…
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The number of evictions by landlords in England and Wales hit 1,516 in June in the first month since the ban on evictions ended on 31st May according to the latest Ministry of Justice (MOJ) figures. Possession claims rose from 3,023 to 7,000, orders from 656 to 5431, warrants from 274 to 3,709. However, the…
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England’s so-called ‘Freedom Day’ on the 19th July 2021 prompted a surge in spending which surpassed pre-pandemic levels in 2019, according to the latest Lloyds Bank Spending Power Report. Pub and restaurant-goers spent 53% more in the three weeks following the 19th July 2021, than the same period in 2019, as well as 41% more on cultural…
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Fraud prevention service, Cifas has appointed Abimbola Adesanya to its board under the Board Apprentice scheme. Adesanya is a senior finance and change management leader with over 25 years’ experience, with much of this spent within the regulated financial services industry. Abimbola’s experience combines technical and commercial experience to successfully lead finance teams and deliver…
Read moreEnergy regulator, Ofgem has appointed E.ON Next to take on customers of Hub Energy. Hub Energy had approximately 6,000 domestic customers and 9,000 non-domestic customers. Ofgme says that the appointment ollows a competitive process run by Ofgem to get the best deal possible for customers. E.ON Next is offering customers a competitive tariff. Outstanding credit…
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New analysis of credit card spending by FICO has indicated that spending has risen 3.5% when compared to June 2019 levels. The company says that the analysis of June 2021’s figures, maintains the pattern for the year so far, average spend continued to increase compared to 2020. As the UK was only just coming out…
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A survey of small businesses has found that 59% used government loans or furlough schemes during the pandemic, around 3.5 million businesses. The YouGov poll commissioned by Lawbite also revealed that at least 10%, which could represent as much as 354,000 SMEs, could not now afford to repay the loan due to the impact of…
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Provident Financial has reported an adjusted ongoing pre-tax profit of £63.5 million for the six months ended 30th June 2021. The results included its Consumer Credit Division (CCD) which is being closed down. Losses from CCD, the Group generated a statutory loss before tax of £44.2 million for the period. Total revenue was £316.7m (2020…
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Interpath Advisory has announced that it has appointed Ben Smith as a director in its growing debt advisory team. Smith joins Interpath Advisory from Bibby Financial Services (BFS), where he led BFS’ corporate sales team to deliver a range of asset-based lending solutions through its intermediary network to UK SMEs. Smith joins Interpath’s debt ddvisory…
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Over two in five vulnerable customers feel that they have been unfairly treated by organisations in the last 12 months according to new research Vulnerability Registration Service (VRS), The findings in the research suggest that 17.7 million consumers consider themselves vulnerable with 34% of the UK population, with 13.1 million (25%) people saying they have…
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New research from Yolt, has revealed that over one in six (16%) UK adults never review some of their key household expenses. The research indicates that the 8.6 million in the UK who are ‘bill blind’ could be missing out on the most competitive deals available. This follows Ofgem’s recent announcement that the energy price cap…
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Nearly three-quarters (73 per cent) of consumers are currently paying for a multitude of subscriptions and memberships, with over half (54 per cent) having bought into at least one new service since the pandemic started. This averages out as an extra £17.65 per person each month, or a collective spend of £7.9 billion across the…
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