Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 28% in June 2021 compared with the same month in 2020. In the first half of 2021, new business was 18% higher than in the same period in 2020. The retail store and online credit sector reported…
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MotoNovo Finance has announced the appointment of Karl Werner as its new Managing Director (MD). Werner replaces long-serving CEO Mark Standish who has decided to leave the business having overseen the integration of MotoNovo within parent Aldermore Group. Standish has led MotoNovo for over twenty-two years, taking the organisation from under 1% market share to…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales decreased by 4.3% compared to Q1 2021’s figures. There were 27,622 seasonally adjusted individual insolvencies in Q2 2021, a fall of 4.3% compared to Q1 2021’s figures of 28,895 and a fall of 13.9% compared to Q2 2021 (32,134).…
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Latest quarterly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales were 31% higher than in Q1 2021 and 4% higher than in Q2 2020. There were 3,116 seasonally adjusted corporate insolvencies in Q2 2021, an increase of 31.4% compared to Q1 2021’s figures of 2,371 and a rise…
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New research by LifeSearch has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319 was repaid per month, totalling £2.4 billion nationwide, and rising to £469 pm among the over 55s. A further 7% have overpaid on their mortgage,…
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One in seven shops is lying empty, with the number rising over the last three months even as the economy reopened, new figures from the British Retail Consortium (BRC) and Local Data Company. show. In the second quarter of 2021, the overall GB vacancy rate increased to 14.5%, from 14.1% in Q1. It was 2.1…
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A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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New research from Paragon Bank revealed that 54% of UK SMEs have already either met or exceeded pre-pandemic turnover levels, with more than nine in ten feeling positive about their post-pandemic recovery. One in five SMEs (22%) have now exceeded pre-Covid turnover levels, while 31% are now matching pre-pandemic figures. Of those still working towards…
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The Financial Conduct Authority (FCA) was successful in obtaining a High Court Order to remove around 625 charges, notices or restrictions registered in the name of illegal money lender, Dharam Prakash Gopee’s, former companies. This application is the latest in several legal proceedings commenced by the FCA against Gopee arising out of his illegal money…
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The number of borrowers releasing equity from their homes has neared pre-pandemic levels in the second quarter of this year, according to the latest figures from the Equity Release Council (ERC). There were 20,352 new and returning customers in the market between April and June, a rise from 16,527 in Q1 2021 and 13,617 in…
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Latest Bank of England (BOE) data has shown that mortgage borrowing hit a record monthly high in June, climbing to £17.9 billlon. This marks a 163% jump on the £6.8bn recorded in May. The increase came as buyers looked to complete deals before the stamp duty holiday started to taper. While the threshold at which…
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International SME funder, Bibby Financial Services (BFS) has seen global client turnover grow by almost a third year-on-year as SMEs around the world start to recover from the Covid-19 pandemic. Client turnover or debts factored, increased by 32 per cent from £1.8 billon in Q2 2020, to £2.4bn in the second quarter of 2021. This…
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The latest Red Flag Alert research for Q2 2021 has recorded 650,000 businesses in ‘significant financial distress’ – the second-highest distress level ever recorded by this research. However, this number has fallen 10% since the highest recorded number of significantly distressed businesses in Q1 2021 (723,000) by the Red Flag Alert, as the economy has…
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