Credit, Collections & Insolvency News
Retail and hospitality leaders have urged the Government to tackle the £5 billion of rent debt owed to landlords ‘as a matter of urgency’ warning of widespread business failures without some form of resolution. Giving evidence to the House of Commons Treasury Committee UKHospitality CEO, Kate Nicholls has highlighted the need for further Government support…
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New data from FICO has revealed the levels of consumer tolerance to new account opening security checks. With 23 percent of respondents admitting to going to a competitor financial services provider if asked to visit a branch or post documents as part of the digital application process. According to the data, if asked to visit…
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Experian and Codeweavers have agreed on a new partnership which it says will enable car buyers to get a clearer view of their financing options without affecting their credit score. Dealers and lenders using the Codeweavers platform will now see what lending the customer would be preapproved for – or a percentage likelihood of them…
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Consumer spending was 7.6 per cent higher than in May two years ago according to new analysis by Barclaycard. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew 11.4 per cent compared to May 2019 – the sharpest increase since before…
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Business confidence in May hit its highest point since June 2014, driven by the rollout of the vaccine programme and further easing of lockdown restrictions according to BDO’s latest Optimism Index, which quizzes businesses to calculate optimism, The Index jumped from 99.85 in April to 109.71 the following month, above the long-term average of 100.…
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The Chief Executive Officer (CEO) of Klarna has claimed its buy-now-pay-later model is cheaper for consumers than credit cards and stops them getting into deep debt stating that consumers are better off because it doesn’t charge interest or late payment fees. The global banking, payments and shopping service, has launched its new Shopping app, empowering…
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Nearly nine in ten (85%) 16-24 year olds say they know what a credit score is and what it is used for, but half (49%) are unaware that credit scores are used to check credit card eligibility, and 45% are unaware that credit scoring is used to secure mortgages or personal loans. The new study…
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Low-paid workers are expected to face the highest risk of losing their jobs when the government’s furlough scheme ends in September, according to analysis by the Resolution Foundation. While the government’s coronavirus job retention scheme is widely believed to have prevented millions of job losses, economists are concerned that some jobs will still not be…
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Nearly 1,200 businesses have closed every day in the past six months according to new research by DSA Connect. The company’s analysis of Government data shows 214,930 companies shut down in the six months to 31st March. The last three months of 2020 saw 103,785 firms go out of business and the number closing rose…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) have shown that the consumer car finance market reported growth in new business volumes of 1276% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business volumes were 13% higher than in the same period in…
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Consumer credit technology and outsourced services provider, EQ Credit Services (EQCS) is announcing a new seven-year contract to provide a digital loan platform and collections services to 247 Money. The deal follows a successful three-year partnership where EQCS provided its API-led credit servicing platform and collections services to 247 Money. EQCS’s technology means 247 Money…
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KM2 Ethical Finance has announced the appointment of Amir Ali as an Independent Board Advisor. The company says Ali will act as an independent advisor to the team recognising the invaluable contribution a fully independent board advisor can bring as it grows, seeks regulatory authorisation and develops client relationships with major international finance houses. Ali’s…
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