26th November 2021 - Credit Connect

Three million households facing crisis as cost of living crunch bites

26th November 2021 Arrears and Recoveries | #debt

New research on the cost of living crunch by Citizens Advice has revealed that one in ten families, equivalent to 3.2 million households, are facing a financial crisis this winter. The charity analysed average income data against household spending on essentials like rent, bills and food to establish how many families can meet their living…

Building Societies report growth in mortgage lending

26th November 2021 Consumer Lending |

Latest figures released Building Societies Association (BSA) for Q3 2021 have shown continued momentum in the housing market, with gross lending by building societies up 22% compared to the same period in 2020. The figures indicated that gross lending in Q3 2021 was £16.9 billion, up 22% on the same period last year (Q3 2020:…

Call for ‘combined effort’ to safeguard consumers against debt packager companies

26th November 2021 Consumer Collections | #regulation

FCA approved, debt management firm, MoneyPlus Advice has enthusiastically welcomed the Financial Conduct Authority’s move to ban debt packager firms from receiving referral fees. MoneyPlus Advice says the proposed regulation will do little to prevent such firms from finding ways to avert these actions therefore, the involvement and support from other professional bodies, such as…

Near-prime consumers hit hard as borrowing costs rise

26th November 2021 Alternative Consumer Lending | #near prime

New research by Credit Karma has found that near-prime consumers have been hit hardest as borrowing costs rise. The research findings show that near-prime borrowers pay £39,000 more interest over a lifetime than prime with the gap increasing by 10% (£3,400) over the last 12 months. Credit Karma’s report annually quantifies the lifetime cost of borrowing…

High cost credit options creating increase in debt levels in run up to Christmas

26th November 2021 Alternative Consumer Lending | #high cost credit

New research has found that the number of people with debt has increased by ten percentage points in just six months (64% to 74%), with variable workers, which includes gig workers and freelancers likely to be acutely impacted, alongside young people aged between 18 and 34, according to the latest findings from Credit Kudos’ Borrowing…

Orbit and Entice become the latest energy firms to go bust

26th November 2021 Business | #utilities

Ofgem has announced the collapse of two more energy firms as number of households affected by a supplier failure nears 4 million. That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, Entice Energy, which comprises both Entice Energy Supply and Simply Your Energy, and Orbit Energy, are to…

Arrow Global launches corporate restructuring business in Portugal

26th November 2021 Company News |

Arrow Global, a European investor and alternative asset manager in credit and real estate, has announced the creation of a dedicated corporate restructuring business to cater to the growing market opportunity in Portugal. The new business builds on Arrow Global’s market-leading experience and capabilities in Portugal through its Whitestar and Norfin servicing and asset management…

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