7th April 2022 - Credit Connect

More than a third of water households customer struggle to pay bills fairly frequently

7th April 2022 Arrears and Recoveries | #water arrears

More than a third of customers (34%) struggle to pay bills fairly frequently, yet only 4% of billcpayers reported receiving financial help from their water company over the past year according to research by Ofwat and CCW. The research also highlighted that engagement with water companies was found to be fairly low, with 44% of…

Supporting families costs newly retired £3,700 a year

7th April 2022 Consumer Collections |

Retiring during a pandemic is unlikely to be easy but 2021’s retirees are still financially supporting their family to the tune of £3,700 a year, new research from Key Later Life Finance – the UK’s leading advice firm in this sector – shows. Despite the increasing strain on finances, more than a third of the…

FCA announces launch of three-year strategy to improve outcomes

7th April 2022 Arrears and Recoveries | #FCA #regulation

The Financial Conduct Authority (FCA) has launched a new strategy to improve outcomes for consumers and in markets throughout the UK. The FCA says as its remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself…

Mixed picture of optimism and caution amongst small business’ plans

7th April 2022 Commercial Credit Management |

New research from Novuna Business Finance suggests a mixed picture of optimism and caution amongst small business’ plans for the next three months. A poll of over 1,000 small business owners and senior decision-makers showed that two thirds (67%) of businesses could point to specific plans to try and achieve business growth in the next…

Times were already hard for many before the latest cost of living crisis

7th April 2022 Arrears and Recoveries | #cost of living

StepChange Debt Charity’s 2021 Statistics Yearbook, has shown that even before the latest rise in general inflation and the rise in the energy price cap, households in the UK experiencing problem debt were already facing a cost of living crisis. In 2021, StepChange was contacted by almost half a million (483,247) new clients seeking debt…

Lending Technology Think Tank 2.1 Review

7th April 2022 Consumer Lending |

Credit Connect’s hosted its third Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by ten leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

Analysis shows mainstream lenders surrendering victims to loan sharks

7th April 2022 Consumer Lending | #illegal lending

Mainstream lenders are surrendering people into the hands of illegal loan sharks as many victims try to access credit from legal, regulated sources with the vast majority see their applications rejected leaving them nowhere to turn except predatory illegal lenders according to research by Freedom Finance. Freedom Finance analysis of the CSJ’s dataset of 1,200…

Equifax and Canopy agree tenant credit score partnership

7th April 2022 Consumer Lending |

Equifax has announced that it is expanding its partnership with Canopy, the rental platform focused on fixing pain points for renters and supporting them to improve their financial health, to make it even easier for consumers to boost and track their credit score. The developments will mean tenants using the Canopy RentTracking platform to report…

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