25th February 2022 - Credit Connect

Students loans repayment terms increased

25th February 2022 Arrears and Recoveries | #student loan

Students in England will have to pay back university loans over 40 years instead of 30 years, the Government has announced. Under the current system, loans are written off after 30 years the change will mean that more students will pay back their loan. The student loan proposals could see the term extended to 40…

CSA appoints new board member

25th February 2022 Appointments | #debt collection agencies

The Credit Services Association (CSA) has announced that Cabot Credit Management’s General Counsel Sarah Whiteley has been elected as a new board member. Whitely leads the legal, governance and company secretary functions for Cabot Credit Management across the UK and Europe and is a trusted advisor to C-Suite colleagues, stakeholders, the Cabot Holdco and subsidiary…

TransUnion and CreditLadder agree property rental payments credit report partnership

25th February 2022 Consumer Collections | #affordability #credit risk

Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…

400,000 people could be pulled into poverty by benefits cuts in April

25th February 2022 Arrears and Recoveries | #poverty

Joseph Rowntree Foundation (JRF) is warning that a planned real-term cut to benefits in April could pull 400,000 people into poverty. The analysis revealed the consequences of the Government’s decision to uprate benefits by just 3.1% in April, when inflation is forecast to hit 7%. The Foundation says that this represents a real-term cut to…

Nearly 4m consumers eligible for cold weather payments

25th February 2022 Consumer Collections |

An estimated 4 million people in Britain have so far been eligible for a Cold Weather Payment this winter, according to analysis from comparethemarket.com on data from the Department of Work and Pensions (DWP). Among those 4 million people eligible in total across Britain, 13,000 lived in the six areas where weather stations have been…

1.9m plan to invest a third of cash on business investment

25th February 2022 Commercial Credit Management |

New research from Nucleus Commercial Finance has found that nearly four in 10 (39%) of SMEs plan on investing over a third (35%) of their cash reserves into their business. The majority (91%) of SMEs have cash reserves, with the average SME holding £39,723 which they have set aside to finance their business for a…

Packaged bank accounts tops complaints data figures

25th February 2022 Consumer Lending |

The Financial Ombudsman Service (FOS) has published its quarterly data in relation to financial products today – this covers the period October 2021 – December 2021. The data shows complaints about current accounts, credit cards, car/motorcycle insurance and personal loans continue to feature in the top five most complained about products. Packaged bank accounts was…

One in ten consumers know someone dishonestly claiming council tax bill discounts

25th February 2022 Consumer Collections | #fraud

Fraud prevention service, Cifas is urging consumers to report fraud committed against the public purse as new research reveals one in ten people know someone dishonestly claiming a discount on their Council Tax Bill. Current rules mean any household with only one adult living at the address can claim a 25% discount on their Council…

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