Credit, Collections & Insolvency News
Business advisory firm Quantuma has announced that it expanded its forensic accounting and investigation team in Scotland with the appointment of David Bell as Managing Director. Bell has over 15 years of forensic accounting experience, having acted in a variety of civil, criminal, and commercial disputes. He is an experienced expert witness, a member of…
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Swoop Funding has announced a partnership with BNP Paribas Asset Management which will enable it to offer unsecured loans of up to £5 million to SMEs. Swoop says that its offering fills a gap in the market for SMEs that need to secure debt funding to support growth without having to provide collateral. These loans…
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New research from the Institute of Directors (IOD) has suggested that business optimism is at its highest since the IoD began recording its member’s confidence in July 2016. Directors’ optimism in the economy is at its highest since just after the 2016 Brexit referendum; it moved further into positive territory over Q2 (+27 in June,…
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New research by Opinium for Hargreaves Lansdown suggests that the richer you are, the more likely you are to fall debt ( ‘into the red’) The research also found that higher rate and additional rate taxpayers are more likely to be in the red for at least half the month (14% compared to 9% among…
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As more consumers go online for banking and other financial transactions, new research from TransUnion has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (and the first four months of 2021 the company found the percentage of suspected digital fraud attempts in…
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The Bank of Gran and Grandad has gifted nearly £1 million a day during the Stamp Duty holiday according to new data analysis from equity release adviser specialist, Key. Following the Stamp Duty Holiday, which kicked off on in July 2020, older homeowners have gifted £323.9 million worth of their own housing equity to help…
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The number of company directors that have been disqualified by the Insolvency Service fell by 24% in the last year, from 1,280 the year before to 972 in 2020/21 according to new research by UHY Hacker Young. The fall in disqualifications of directors last year is an unusual result given the scale of last year’s…
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Over a tenth (12%) of UK homeowners aged 40 and above would consider releasing equity from their property to supplement retirement income, with the average age they would consider doing so being 66, according to new research released today by Canada Life. A similar amount (12%) of homeowners over the age of 40 plan on…
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Provident Financial has said that its doorstep lending unit will likely face insolvency if its £50 million settlement plan is not endorsed by a UK court. The company says that its scheme of arrangement will entail higher-than-expected costs, and that it is taking measures to gain creditors’ approval so that consumer-credit-division companies aren’t required to…
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The Competition and Markets Authority (CMA) has issued a formal warning to Monzo, NatWest, Virgin Money and Bank of Ireland for failing to send bank statements to 150,000 former customers. Competition rules require lenders to send customers a history of their current account banking activity within 40 days of closing their accounts. As a result…
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The latest Lloyds Bank UK Recovery Tracker has shown that the delay in removing Covid-19 restrictions is putting hospitality firms under increased pressure. Eleven of the 14 sectors monitored by the Tracker reported faster output growth month-on-month during May, up from nine in April, as the UK moved further out of lockdown. The tourism and…
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Home credit provider Morses Club has said in a trading update that despite the ongoing pandemic the company has had an encouraging start to the new financial year after a steady increase in customer demand across all of its products both the home collected credit (HCC) and digital divisions. Latest company figures the first quarter…
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New data from FICO’s updated European fraud map shows that the UK achieved the greatest fall in card fraud monetary losses, dropping 7 percent and £46 million year-on-year. However, other nations among the 18 European countries studied did not fare as well. Overall, card fraud losses in these countries was reduced by €62 million. Matt…
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