Credit, Collections & Insolvency News
Latest Office for National Statistics (ONS) data has shown that inflation held at 3.8 per cent in the year to August. Core Inflation came in at 3.6% in the 12 months to August, down from the 3.8% in July and in line with forecasts. Commenting on today’s inflation figures for August, ONS Chief Economist Grant Fitzner…
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New data from Millbrook Business Finance has found that four in ten (35%) said access to affordable finance is one of their biggest challenges. The survey data asked SMEs what the single biggest challenge facing their business right now, with 14% highlighting rising operational costs, whilst 14% noted economic uncertainty, and 13% cited late payments. A…
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The owner of a scaffolding company who fraudulently obtained £100,000 in Covid loan funds has been ordered to repay the money in full, with interest of more than £15,000. Mark Degnan, repaid £55,608 before appearing at Leeds Crown Court on Monday 15 September where he was ordered to repay the remaining £59,578 within six months.…
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Camco Finance and LendingMetrics have announced a new partnership. Camco Finance, a specialist flender or the motorhome, caravan and campervan sector will be using LendingMetrics’ multi-award-winning ADP to assess and onboard customers. Its selection of the platform was based on LendingMetrics’ ability to deliver an automated solution swiftly and cost effectively. David Wylie, Commercial Director…
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The Building Societies Association (BSA) has announced the appointment of Sarah Harrison as its next Chief Executive Officer (CEO). Harrison, has over 30 years in strategic leadership roles as a public servant, working both for regulators and the government and will take up the role from 1st December. Harrison joins the BSA from the UK…
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New data by Scottish Widows has found that over half of people admit to doing little to no research on retirement. The analysis also revealed many aren’t doing enough to prepare for retirement with nearly a quarter of people (23%) aren’t currently saving for retirement at all, and over a third (39%) aren’t saving nearly…
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SMEs exploring merger or acquisition (M&A) opportunities have been advised to increase the robustness of their due diligence process as figures from Purbeck Insurance Services reveal an uptick in the number of business failures due to business acquisitions gone wrong. The data has found that 33% of all claims for Personal Guarantee Insurance (PGI) during…
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Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR. The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business. KKR will enter into a multi- year forward flow agreement with the NewDay Operating Group in respect of its…
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New research from Citizens Advice finds more than two in five private renters (41%, equivalent to 4.5 million people) in England and Wales had to ration gas and electricity to afford their energy bills last winter. The data also shows that a third (32%, equivalent to 3.5 million) struggled to heat their home to a…
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Co-op Insurance, which forms part of Co-op Group, has announced the expansion of its presence in the financial services market by offering personal loans, in partnership with ClearScore. The move into loans follows feedback from member-owners, who expressed a desire for greater access to finance, particularly loans. Through its loans panel, Co-op Insurance aims to…
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New analysis by the British Retail Consortium (BRC) shows that 400 large-format stores are at risk of closure, if they are included in the Government’s new business rates surtax on premises with a rateable value over £500,000. The retail industry accounts for 5% of the economy yet pays over 20% of all business rates bills.…
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The Financial Conduct Authority (FCA) has announced that it has launched a new £1 million campaign, letting motor finance customers know they don’t need to use a claims management company (CMC) or law firm to access an industry-wide compensation scheme. As part of the campaign, which will feature radio and online advertising, the FCA is…
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Latest ONS data has shown that GDP showed no growth in July 2025, following growth of 0.4% in June Real GDP grew by 0.2% in the three months to July 2025 compared with the three months to April 2025, down from three-month-on-three-month growths of 0.3% in June 2025 and 0.6% in May 2025. Services output…
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