Credit, Collections & Insolvency News
The Government has proposed legislation that will see consumers and businesses granted the legal right to withdraw and deposit cash within “a reasonable distance” of their home or premises. Analysis suggests that cash remains a necessity for at least 8m people, and while UK Finance data shows that the number of payments made with cash…
Read more
StepChange debt charity has announced the appointment of Yvonne MacDermid as a Trustee. MacDermid has been involved in credit and debt matters for almost 34 years. She was until recently Chief Executive of Money Advice Scotland, a role she held for almost 24 years. A respected author and speaker, MacDermid is a Non-Executive Board Director…
Read more
New research from Metro Bank has shown that only four in ten (39%) SMEs have witnessed an increase in revenue since the easing of lockdown on 17th May. With the Government’s 100% business rate relief ending on 1st July, many small businesses are calling for an extension to the deadline The 100% business rate relief…
Read more
Household spending fell by 11% in the first quarter of 2021 according to the latest Office for National Statistics (ONS). The ONS Consumer Trends report revealed that household spending tumbled 11% in the first quarter (Q1) of 2021, compared to the same period last year. The report shows that hotels and restaurants were hardest hit:…
Read more
Analysis of official data by real estate advisers Altus Group shows that companies owe English local authorities almost £2.5 billion in unpaid business rates, with the pandemic and subsequent restrictions driving up debt piles. The increase in rates arrears comes despite the Government offering retail, leisure and hospitality companies a rates holiday since the onset…
Read more
Global technology provider, Trade Ledger has announced three senior appointments, further underpinning its ambitious expansion plans. Already in 2021 the company has announced major customer wins and secured further funding. Jarrad Hubble joins in a new role of Chief Revenue Officer for Trade Ledger’s global operations. Rikard af Ekenstam has been appointed as Managing Director,…
Read more
Firms anticipating higher employment in the year ahead reached its highest level since December 2018, with the net balance climbing 3 points to 17% according to the Lloyds Bank Business Barometer. This is the fifth consecutive increase, rising strongly from the -12% level in January and reflecting the fact that more than a third of…
Read more
Debt management software provider, Flexys Solutions has announced the appointment of Beth Abbott-Stratford to the role of Chief Financial Officer. Abbott-Stratford joins Flexys at a time of significant growth and will oversee the financial management of the company and help to drive its growth plans. Her appointment is part of a programme of expansion that…
Read more
Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreLender, Non-Standard Finance, (NSF) has reported a normalised loss before tax of £35.2 million, a fall of 339% in its audited full year results to 31st December 2020. Normalised revenue was down 11% to £164.1 million (2019: £183.7 million) and reported revenue down to £162.7 million (2019: £180.8 million). The Covid-19 pandemic had a severe…
Read more
Two-thirds (63%) of UK financial services companies now use alternative data to improve decision making according to new research by Oxylabs. The research showed that over a quarter (26%) note their data needs have increased significantly since 2020 with interest in alternative data acquisition has increased almost threefold over the past year. The research revealed…
Read more
Broker firm, Just Mortgages, has announced the recruitment of almost forty new brokers in the past month. Nineteen brokers have graduated from Just Mortgages most recent training academy to join its employed division. These brokers enter the business from varied backgrounds, including banking and estate agency and will be based in its extensive estate agency…
Read more
In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…
Read more