Credit, Collections & Insolvency News
In July, Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 12 CELLARS LTD 1ST RATE LTD 29RIDRING LTD 31 STOREYS LIMITED A&B ELECTRICAL SERVICES (SOUTHERN) LTD A&J HOWELLS HOME SERVICES LIMITED ABLE SCAFFOLDING SERVICES LIMITED ACCRETION ENERGIES LIMITED ACE LOGISTICS LTD ACTIVE 360 LTD ADAM PUB LIMITED…
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QUALCO UK announced that it has reached an agreement to acquire the Everyday People Financial Solutions (EPFS) ‘Panel Manager’ platform. The transaction includes the novation of two prime client contracts including E.ON Next, and a major telecoms, internet and media provider, together with all of the intellectual property relating to the Panel Manager software application…
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New data from TransUnion has revealed that more than two in five (43%) consumers are optimistic about their household finances over the next 12 months. The figure is up from 41% in Q1 2025 and is a significant increase from a low of 26% in Q3 2022. Gen Z showed the largest year-on-year (YoY) increase…
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Firms across the private sector expect activity to fall in the next three months (weighted balance of -18%), extending a run of negative sentiment that began in late 2024, according to latest Confederation of British Industry research. The downturn is expected to be broad-based, with business volumes in the services sector set to decline (-19%),…
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Nationwide has become the first financial services provider to launch a free telephone benefits calculator service, helping people understand and claim the support they are entitled to. The ‘Better Off’ calculator, which will be able to be used by anyone, not just Nationwide customers, has been launched in partnership with social policy data experts, Policy in…
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A Welsh businessman, who was made bankrupt nearly 20 years ago, has been jailed for more than four years after hiding £130,000 in assets, continuing to operate as a company director, and obtaining more than £100,000 in credit. Helim Miah ran Fresh ‘N’ Clean (Wales) Ltd until 2006, when he was made bankrupt owing £12.3…
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A record number of companies are in “critical financial distress according to latest Red Flag Alert data, which shows that there are 49,309 firms on the brink of insolvency. The figures mark a 21.4% increase from a year ago. All 22 sectors surveyed reported a rise in ‘critical’ financial distress over the previous 12 months.…
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Nearly 500,000 SMEs say they have missed tax payment deadlines in the past three years with 19% of them admitting to missing five or more in the past 12 months, according to new research Premium Credit. The study with SME owners and managers found 9% of the UK’s 5.487 million SMEs have missed tax payment…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages decreased for the…
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Latest Bank of England data has shown that net borrowing of consumer credit by individuals rose to £1.4 billion, from £0.9 billion in the previous month. et borrowing through other forms of consumer credit remained broadly unchanged at £0.7 billion over the same period. Commenting on the date, Richard Pinch, Senior Director of Risk at…
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The UK economy is projected to grow by 1% in 2025, surpassing earlier forecasts, which suggests that the economy would expand by just 0.8% according to an EY Item Club forecast. However, the EY ITEM Club Summer Forecast predicts that persistent uncertainty in the global economy and international trade policy, alongside tightening fiscal policy, a…
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A quarter (5.7 million) of the UK working age population don’t think they’ll ever be financially independent, according to Scottish Widows’ latest Retirement Report. The most commonly cited indicators for achieving financial independence included being debt-free (56%), having sufficient emergency savings (51%) and comfortably meeting daily expenses (43%). Looking at financial resilience, the data published by…
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New data published by Rightmove has shown that the average advertised rent of homes outside of London has risen to another new record this quarter of £1,365 per calendar month (pcm), marking a £400 rise compared to five years ago. Rightmove’s research also notes that the yearly pace of rent growth continues to slow. This…
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