Credit, Collections & Insolvency News
Two companies who fraudulently applied for thousands of pounds worth of Covid support loans have been wound up in the courts. The two separate companies submitted false documents to at least 41 local authorities and the Government’s Bounce Back Loan scheme to secure £230,000 worth of grants put in place to support businesses during the…
Read more
Payment services provider Paypoint has offered to pay £12.5 million into Ofgem’s voluntary redress fund following an investigation into whether it breached competition rules. The investigation was opened in 2017 and looked into whether the company had abused a dominant position in a way that was likely to restrict or distort competition in the market…
Read more
Data from Barclaycard showed that consumer card spending grew 11.6 per cent in July compared to the same period in 2019, as the heatwave and easing of restrictions saw consumers make the most of their newfound freedoms. The data revealed that spending on essential items grew 14 per cent last month, compared to July 2019. This…
Read more
The stamp duty holiday helped drive higher engagement with credit scores, according to Experian. Mortgage applications were 31% higher during the stamp duty holiday than the equivalent period between 2019 and 2020 and those consumers who took out a new mortgage were more likely to check their credit score. Credit score engagement peaked in July…
Read more
Wesleyan Bank has announced that it has expanded its credit team with two experienced hires. Wesleyan Bank’s credit team has been bolstered following the recent appointments of Senior Underwriter Rob Irving and Credit Underwriter Essie Quinnell have joined the company to who bring a combined industry experience of 20 years. Irving has spent the last…
Read more
The ONS has released new statistics charting 50 years of housing change patterns between 1961 and 2011. The report showed that in 1961, only 42% of households owned their own home, and in several parts of London fewer than 10% did. By 2011, 64% of people owned their own home, and the area with the…
Read more
Interpath Advisory has announced that it has appointed consumer market and retail specialist Christine Cross as a Special Advisor for the business. Formerly KPMG’s Restructuring practice, Interpath is an independent financial advisory business with a broad range of specialisms that helps organisations facing challenge or opportunity to navigate what’s next. As an independent business advisor,…
Read more
Equifax has announced that it is teaming up with credit builder app, Bits, to allow its customers to report their monthly rent payments on their credit files, improving their credit score and making it easier to buy their own homes in future. Equifax says that the collaboration commitment to ensuring the credit system is fair…
Read more
Energy supplier Hub Energy has ceased trading. Energy regulator Ofgem, the outstanding credit balances of the company’s 6,000 domestic customers and 9,000 non-domestic customers will be protected and a new supplier found. Ofgem will choose a new supplier to take on all of Hub Energy’s customers. This supplier will contact these customers shortly after being…
Read more
Two thirds (66%) of SME leaders who received financial support from the Government’s Covid loan schemes say it’s likely their business will default on the loan, according to new research1 from Nucleus Commercial Finance. This equates to 2.3 million SMEs who anticipate never repaying their loan. The anticipated default rate increases to 75% for small…
Read more
Over half of UK SME businesses expect their profits to increase according to a new report by Azets. In the company’s inaugural SME Barometer, which surveyed 760 Azets SME clients across the UK and the Nordics (401 in the UK), the survey revealed that despite the economy, Covid-19 and competition ranking in the top three…
Read more
The Financial Reporting Council (FRC) has fined KPMG £13 million over the firm’s role in the sale of the mattress company Silentnight to the private equity firm HIG. The accounting watchdog also severely reprimanded KPMG and ordered it to appoint an independent reviewer to establish ‘root causes’ of its failings. David Costley-Wood, former Partner and…
Read more
Energy regulator Ofgem has announced that the energy price cap will increase from 1st October for the 15 million customers it protects. Those on default tariffs paying by direct debit will see an increase of £139 from £1,138 to £1277. Prepayment customers will see an increase of £153 from £1,156 to £1309. The regulator says…
Read more