Credit, Collections & Insolvency News
More than 10,000 additional cases of suspected Covid loan fraud have been identified following a government review of settled loans. The British Business Bank review of loans which had been defaulted on and settled by the Government shows that the number for the 2023 financial year has almost doubled from 16,846 to 31,437. The fraudulent loans for…
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New research by Purbeck Insurance has found that the average personal guarantee-backed loan rose 9% to £174,000 in Quarter 4 (Q4) in 2024. In the final quarter of 2024, there was a 25% increase in small businesses applying for personal guarantee backed business loans compared to the same quarter of 2023. Indeed, for the whole…
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The Government has paid out £7.39bn to settle bad Covid-era loans, with £2.23bn more in arrears and £750m in default. With data showing that the Government paid out £1.2bn to settle pandemic emergency loans that had gone bad in Q2, Department of Business, Energy and Industrial Strategy figures suggest taxpayers could ending up paying £11.5bn…
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The Government has announced that the Government-backed Recovery Loan Scheme to small businesses will be extended by a further two years. The Recovery Loan Scheme was originally launched in April 2021 to help businesses recovering from the Covid-19 pandemic and has supported almost 19,000 businesses with an average of £202,000 in support. The scheme has…
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Almost 200,000 small businesses have fallen into arrears on their bounce-back loan repayments. Data from the British Business Bank (request by Purbeck Personal Guarantee Insurance) found that the company administering the Bounce Back Loan Scheme (BBLS), shows that 193,000 firms had failed to meet their repayment terms at the end of June. The figures represent…
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According to new research conducted by Time Finance, more than 70% of financial intermediaries believe their clients will need some form of funding support over the next 6 months to deal with and overcome the economic challenges that 2022 continues to throw at them. The findings come as many of their SME clients face supply…
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Chancellor Rishi Sunak has announced the extension Recovery Loan Scheme to 30th June 2022 as part of his latest budget announcement. Commenting on the budget Chirag Shah, CEO of Nucleus Commercial Finance, said “Today’s Budget demonstrates the government’s commitment to supporting British businesses. The extension of the Recovery Loan Scheme will provide SMEs with a…
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