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Debt Assignment: What You Need to Know
You may have heard the term “debt assignment” tossed around in the world of finance, but whatdoes it really mean? Simply put, debt assignment is when a lender passes on your debt to someoneelse, typically a third party. This third party then takes over the responsibility of collecting what youowe. It might sound like a…
Read MoreMortgage Costs Soar to Highest Levels in 15 Years
Mortgage costs have reached a peak, hitting their highest level in 15 years. The recentsurge is a result of rising interest rates and inflation, leading to financial uncertainty for bothborrowers and businesses. This article delves into the implications of soaring mortgage costs,and explore how borrowers are coping and the challenges faced by struggling businesses. The…
Read MoreLarger Businesses Facing Insolvencies: Navigating Challenges
In the ever-changing economic landscape of the United Kingdom, businesses are facing insolvencies, and the daunting task of navigating rising inflation and interest rates. While smaller companies have been at the forefront of these challenges in recent times, larger corporations are now bracing themselves for impact. We uncover the factors contributing to this turbulent journey…
Read MoreUnleashing the Power of a Statutory Demand Letter
When it comes to recovering a debt, it’s not just about making demands. It’s about following theright legal procedures to ensure your efforts are effective. That’s where the statutory demand lettercomes into play—an essential tool in the debt recovery arsenal that can pack a powerful punch. Setting the Stage: The Letter Before Action Before we…
Read MoreFinancial Strain on the Construction Industry: Challenges and Solutions
The construction industry is currently going through a challenging phase, as shown by recent data from the UK’s Insolvency Service. During the first quarter of 2023, there was a notable increase in insolvencies. With construction companies making up nearly 1/5th of all recorded cases. This figure amounts to 19% of known insolvent firms. This is…
Read MoreOverdue Invoices and the Rise in Insolvency Figures
Insolvency figures were off the charts in England and Wales in March 2023. The latest data shows a 30% increase in companies going under with a rise in overdue invoices. It’s a rough time for businesses, particularly those in hospitality, retail, and travel. In the wake of COVID-19, the economy is still in chaos. Moreover,…
Read MoreInsolvencies at Four Year High
It was reported this week that company insolvencies are the highest they have been in four years; with Directors voluntarily closing up shop. This is due to a rise in Company Voluntary Liquidations (CVL’s). Trading conditions in the UK remain tough after the couple of years of lockdowns. Not to mention the rising cost of…
Read MoreIFA-Independent Financial Advisors
Independent Financial Advisors (or an IFA) is someone who gives unbiased advice on how to invest in financial products across the market. What all financial advisers in the UK should have in common is that they’re regulated by the Financial Conduct Authority (FCA). This means there are rules they must follow when dealing with you. Choosing…
Read MoreFood Sector on the Brink of Collapse
There were warnings this week that the food sector is on the brink of collapse. The governments Autumn budget really needs to step up. The number of restaurant and food outlets going into liquidation nationally increased by 46% in the quarter to September 2022. Not only are people cutting back on expenses as the cost…
Read MoreThe Cost of Living Crisis
The current cost of living crisis needs no introduction. Everyone is feeling it. You go to the supermarket only to find essential like eggs and milk have soared in prices. Not to mention the dreaded rise in energy bills. Thing look pretty bleak to be honest. We’ve seen a really unfortunate set of circumstances in…
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