Insolvency trade body R3 calling for new reforms

R3 Association of Business Recovery Professionals are pushing the UK government to make changes to current insolvency schemes to benefit small businesses. R3 have found that 1 in 6 insolvencies are caused by the failure of another company, suggesting that small businesses could be failing due to their debtors not paying them what they are owed. The…

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Wonga set to write off £220 million of customer debts

After revising their affordability checks the pay-day loan company have announced that 330,000 existing debtors will have their debts written off. This announcement comes after Wonga has been in talks with the Financial Conduct Authority (FCA). The new requirements should see more people being refused loans due to lack of financial suitability. Also because of new…

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