Credit, Collections & Insolvency News
Nearly one in three people are retiring in debt this year with an average £20,650 to pay off, new research by equity release adviser Key, has indicated. People expecting to retire this year are facing debts around a fifth higher than those who finished work last year the study shows – although the number of…
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New research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research 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…
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Loans were taken out by small businesses to cover workforce costs spiked from 1% in March 2020 to 14% in April 2020, according to analysis by CapitalBox. CapitalBox research also found that 34% were unable to reinvest in their business to survive, 25% were unable to pay their employees whilst 25% turned down work. SMEs…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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New spending analysis of UK card trends by FICO for May 2021, suggests that some consumers are practising pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the effects of a full…
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TruNarrative and ieDigital have agreed to join forces to facilitate digital transformation and provide cutting edge customer onboarding and monitoring processes, reducing account opening time to less than four minutes. TruNarrative provides a platform for compliance, customer onboarding and financial crime prevention whilst ieDigital delivers interactive solutions, to banks, building societies, consumer finance, motor finance…
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Begbies Traynor has announced that Scott Kippax has taken over the leadership at Begbies Traynor in Exeter following promotion. Kippax, a seasoned insolvency practitioner with over 20 years of experience in corporate restructuring and insolvency, He joined the firm in October 2020 and works with businesses across Devon and Cornwall offering a comprehensive suite of…
Read moreWater regulator Ofwat has outlined its view that levels of bad debt costs across the business retail market are exceeding 2% of non-household revenue. Ofwat has therefore decided a temporary increase in the maximum prices retailers are permitted to charge is warranted. Measures introduced since March 2020 to contain the spread of Covid-19 could lead…
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Starling Bank has agreed to a £50 million deal to acquire for buy-to-let mortgage group Fleet Mortgages. The deal is the first acquisition by the Goldman Sachs-backed start-up that is targeting an initial public offering within two years. Fleet Mortgages, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via…
Read moreA new report from the Centre for Social Justice has unveiled a partnership between bailiff firms and debt advice charities to help people in ‘severe’ debt, which is a third higher than before the pandemic began, The bold plans to strengthen protections for households facing a post-pandemic tidal wave of debt have been brokered by…
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NewDay has launched, Bip, the UK’s first completely cardless consumer credit proposition. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to…
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Enforcement services specialist, Marston has been shortlisted as a top 20 organisation in the Investors in People’s (IIP) Platinum 250+ award category. The company was awarded Platinum IIP accreditation in 2020, a level that is achieved by only 2% of organisations assessed and demonstrates an organisation-wide, long-term commitment to consistently meeting the highest standards and…
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Tesco Bank has announced that all Tesco Bank Personal Current Accounts will close from Tuesday 30th November 2021. Tesco Bank’s Current Account was closed to new business in December 2019 and will now also close for existing customers. Tesco Bank will write to Current Account customers to inform them of the closure of their account…
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