9th February 2022 - Credit Connect

Half of OECD countries household debts are greater than their income

9th February 2022 Consumer Collections | #european debt

New research by Compare the Market has revealed that more than half of the OECD countries surveyed have household debts greater than their annual net disposable income. The research showed that Nordic countries take out the top two places with Denmark and Norway have the two highest household debt to disposable income ratio respectively. Russia,…

Consumer spending slowed in January with Plan B restriction keeping consumers at home

9th February 2022 Consumer Lending | #spend

Data collected by Barclaycard reveals that growth in spending on debit and credit cards slowed in January as Plan B restrictions kept consumers at home. The analysis showed that spending increased by 7.4% in January compared with pre-pandemic levels in January 2020, the lowest level of growth since April 2021. Fuel spending rose by 6.7%,…

Financial resilience highlighted as pressing challenge for UK

9th February 2022 Arrears and Recoveries | #financial resilience

The All-Party Parliamentary Group (APPG) for Financial Resilience, has found a quarter (24%) of working-age adults (18-64 years old) didn’t save any money during the pandemic sparking major concerns about financial insecurity. The revelations have led to Co-Chairs of the APPG, Shaun Bailey MP and Tonia Antoniazzi MP, to issue a call for evidence to…

FSCS names 12 firms in default or out of business

9th February 2022 Alternative Consumer Lending | #business insolvencies

The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one credit union and one mortgage adviser firm. All Flintshire Credit Union and mortgage advisor firm, Midland Independent Financial service (formerly The Mortgage Shop) are listed amongst the 12 firms the FSCS believes are unable to…

Call for more business support as energy costs climb

9th February 2022 Business Utilities | #business energy costs

With the Treasury announcing support measures for households set to be hit by a spike in energy prices, the Federation of Small Businesses (FSB) has urged officials to extend the support to small businesses. FSB National Chair Mike Cherry said “Many small businesses face many of the same challenges as consumers in the energy market,…

Intrum and Sainsbury’s Bank agree collections and recoveries partnership

9th February 2022 Arrears and Recoveries | #collections

 Credit management group Intrum has announced it has signed an agreement to manage the collections and recoveries functions for the Sainsbury’s Bank and Argos Financial Services portfolios. Under the agreement, Intrum will assume responsibility for collections and recoveries on a white label basis for loan, credit card and store card products. The deal means the…

Insolvency Service punishes 32 bankrupts as a result of excessive gambling

9th February 2022 Consumer Collections | #personal insolvencies

The Insolvency Service punished 32 individuals who went bankrupt as a result of excessive gambling or unnecessarily extravagant spending last year according to new analysis by Mazars. The Insolvency Service secured Bankruptcy Restrictions Orders (BROs) against these 32 individuals to prevent them from resuming the gambling, rash speculation or extravagant spending that contributed to their…

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