Credit, Collections & Insolvency News
A large number of people across the UK report facing financial hardship, with one in five adults having less than £100 in cash savings, a figure that has remained unchanged for two years, according to research by Royal London. With little or no financial buffer, individuals are highly vulnerable to rising costs and unexpected expenses. The report…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in April 2025 by 7% compared with the same month in 2024. In the first four months of 2025, new business was 2% higher than in the same period in 2024. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2025 by 1% compared with the same month in 2024. In the first four months of 2025, new business in this market was 4% higher than in the same period in 2024. The credit card and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2025 by 5% compared with the same month in 2024. The corresponding value of new business fell by 2% over the same period. In the first four months of 2025, new business was 1%…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 2% in April 2025. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Lending to small businesses by high street banks hit the highest level since 2022, a sixth consecutive quarterly rise in the opening three months of 2025. UK Finance data showed that lenders issued £4.6 billion worth of loans in Quarter 1 (Q1), with this a 14% year-on-year jump. This represents a 14 per cent increase…
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Debt resolution specialist DCBL has announced the appointment of Vicky Felton as Director of Operations. With over 25 years of industry leadership experience, Felton brings a wealth of knowledge to DCBL. During her distinguished career in telecoms, Felton spent time at O2 and Virgin before making the move to DCBL HQ in Runcorn. Felton has also…
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Insolvency-related activity in Scotland hit a 29-month high in May 2025, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows there were 141 cases of insolvency-related activity in Scotland in May – the highest number on record since December 2022’s figure of 142.…
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The National Association of Commercial Finance Brokers (NACFB) has welcomed two new Non-Executive Directors to its board. Angela Norman joins as Patron Lender Director, bringing insights from her role at YBS Commercial Mortgages, and William Grove has been appointed as Finance Director, drawing on his experience at In Partnership. Norman is managing director at YBS Commercial…
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The director of two companies which run mobile phone shops across the UK has been handed a two-year suspended sentence, after he fraudulently claimed £150,000 in Covid Bounce Back loans. Zahid Afzal, the director of Phone Bits Ltd and Phones Onn Ltd, had already received Covid loans for both companies legitimately – totalling £52,500 –…
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A new House of Lords Financial Services Regulation Committee report has found that the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) must set out how they intend to address longstanding concerns with the redress framework and ensure that their views on regulatory requirements are consistent. The Committee’s inquiry examined the progress made…
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Latest Office for National Statistics (ONS) data shows that the UK economy shrank by 0.3% in April. This marks a decline on the 0.2% growth recorded in March and is the steepest fall since October 2023. Analysts had forecast a 0.1% decline. The data shows that the services sector contracted by 0.4% while manufacturing dropped…
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Social lender Fair for You has announced the appointment of Kumaran Adithyan as a Non-Executive Board Director. Adithyan is currently General Manager, Global Electronics and Home at online marketplace and commerce platform eBay. He has been at eBay since 2017, and previously worked at Walgreens Boots Alliance, the owner of health and beauty retailer Boots.…
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