11th April 2022 - Credit Connect

Households face historic fall in living standards

11th April 2022 Arrears and Recoveries | #cost of living

The latest UK economic outlook from PwC predicts inflation will hit 8.4% later this year. PWC says that the rise in living costs will wipe 2% off household incomes, equivalent to about £900 or as much as £1,300 for the poorest families. If the Ukraine crisis worsens, inflation could peak at 11%. It is predicted…

Asset finance falls by 2%

11th April 2022 Alternative Business Lending | #asset finance #business lending

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in February 2022 by 2% compared with the same month in 2021. In the first two months of 2022, new business was 5% higher than in the same period in 2021. The…

Consumer finance increased by 39% in February

11th April 2022 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 39% in February 2022 compared with the same month in 2021. In the first two months of 2022, new business was 45% higher than in the same period in 2021. The credit card and personal loan sectors…

Second charge mortgage volumes increase by 59%

11th April 2022 Arrears and Recoveries | #mortgages

New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…

Over 1.2m Subscriptions stopped as households feel the squeeze

11th April 2022 Consumer Collections | #cost of living

Over 1.2 million subscription payments have been cancelled since the summer of last year as households feel the squeeze of the cost of living crisis, research from Lloyds Bank shows. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending,…

Energy customer service ratings worst in five years

11th April 2022 Consumer Collections | #utilities

Customer service standards in the energy sector plummeted in the final quarter of 2021, with even the best-performing suppliers scoring less than four out of five stars. Citizens Advice’s latest star ratings table, which covers Q4 2021indicates that customer service in the energy sector is the worst it has been on average since 2017. The…

Consumer car finance new business volumes up by 24% in February 2022

11th April 2022 Consumer Lending | #motor finance

New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported new business volumes up in February 2022 by 24% compared with the same month in 2021. The corresponding value of new business grew by 39% over the same period. In the first two months of 2022,…

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