Credit, Collections & Insolvency News
UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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A decade of hotel expansion across London and the South of England is set to be reversed as one in ten (10%) of hotel businesses struggling with unsustainable debts, losses and staffing problems could decide to close permanently according to new analysis by Azets. Citing industry reports indicating the scale of the financial and resourcing…
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Global debt recovery and credit management service provider, Barratt Smith Brown (BSB) and 4D Contact have announced that they will open a new London head office. Mark Smith, CEO of 4D Contact ssaid “As we continue to expand both businesses, it makes increasing sense to establish ourselves a central London base. The accessibility of London…
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Panel and asset management software and analytics specialist, Qualco has announced the appointment of Paul Ellicott as its new Lead Public Sector Manager. Ellicott to develop the public sector side of the Qualco business, having spent 30 years working in the public sector in various roles. In his new position, Ellicott will focus on the…
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The Student Loans Company (SLC) has appointed Chris Larmer as Executive Director, Operations. The Operations Directorate manages the payment of student loans and grants to around 2 million students annually and tuition fee payments to more than 600 Higher Education institutions in England and Wales. During academic year 20/21, SLC made payments of £8.6bn in…
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Latest figures published by the Student Loans Company have revealed that graduates have overpaid £23 million on their student loans. The figures for 2019/20, showed that 54,516 graduates overpaid their student loans, because their payments didn’t stop once the debt was settled. The average overpayment was £424. In total £23.1 million was overpaid. The average…
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A new study by IPPR has indicated that working family poverty figures have hit a record high and has been fuelled by rising housing costs and childcare challenges. The report found that UK’s relative poverty rate among working households has hit a record high this century of 17.4 per cent, based upon analysis of official data…
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A new report has found that a lack of urgency around responsible Artificial Intelligence (AI) use is putting companies at risk. The report by FICO and Corinium found that almost two-thirds (65%) of respondents’ companies can’t explain how specific AI model decisions or predictions are made whilst 73% have struggled to get executive support for…
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The Government and the Association of British Insurers (ABI) have announced that the temporary Trade Credit Reinsurance (TCR) scheme will close on 30th June as planned. The scheme has directly benefitted over half a million businesses, providing certainty to firms across the UK and safeguarding jobs. It protected more than £575 billion of business turnover…
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A new report by Coface has highlighted the rising payment risks in China despite the country’s economy expanding by 2.3% in 2020 and it being the only major economy to record growth. Coface expects the GDP in China to accelerate to a 7.5% growth in 2021. This would be the fastest pace since 2013, and…
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City of London police investigated 50% more fraud probes in connection with the Government’s Bounce Back Loan scheme (BBLs) in February than the month before according to new research by RPC. The international law firm found that Bounce Back Loan fraud investigations increased from 17 in January 2021 to 26 and 28 in February and…
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More than half of drivers (51%) are intending to buy a new or used car in the next six months, now that showrooms have re-opened and travel curbs are being lifted, according to research from comparethemarket.com. Drivers are set to spend an average of £15,042 on these cars, with 39% planning to buy either an…
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Private equity and special situations institutional investor Sandton Capital Partners has announced an enhanced partnership with credit management collections and litigation specialist Credit Style which aims to help deliver faster financial results for Insolvency Practitioners (IPs). The partnership forms part of a new one-stop-shop service launched by Sandton called IP Unlock which also includes further…
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