13th May 2022 - Credit Connect

FPC proposes withdrawal of mortgage affordability recommendation

13th May 2022 Consumer Lending |

The Financial Policy Committee (FPC) has announced a proposal to withdraw its mortgage affordability recommendation. The current requirement requires mortgage lenders to assess affordability by applying an interest rate stress test to determine whether borrowers could still afford their mortgage payments if their mortgage rate were to increase by three per cent. In a statement,…

Household finance measures hit record low for third consecutive month

13th May 2022 Arrears and Recoveries | #cost of living

The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…

Water affordability woes impacting more than half of homes

13th May 2022 Arrears and Recoveries | #water arrears

As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…

Small firms call for action on cost of doing business crisis as GDP falls

13th May 2022 Commercial Credit Management |

Latest Office for National Statistics (ONS) figures show that GDP fell 0.1% in March and the UK’s trade deficit, at £25.2 billion, is at its greatest since records began. Commenting on the figures, Federation of Small Businesses (FSB) National Chair Martin McTague said “Our economic recovery is stumbling when it’s barely had a chance to…

Rising cost of living leave 1.5m households struggling to pay for food and energy

13th May 2022 Arrears and Recoveries |

The rising cost of living will leave 1.5 million households struggling to pay food and energy bills, according to a forecast from the National Institute of Economic and Social Research (NIESR). The think tank has said that the government should offer targeted interventions to support the UK’s poorest. NIESR also said that the Bank of…

Low unemployment rare bright spot in cost of living crisis

13th May 2022 Industry opinion |

While prices continue to rise at concerning levels and the cost of living crisis sees more people struggling with their everyday money, one small bright spot can be seen in the ongoing low rates of unemployment. The cost of living crisis continues to dominate the economic agenda, with the human impact beginning to emerge, however,…

CSA receives good Ofsted rating for apprenticeship training provision

13th May 2022 Consumer Collections |

The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase industry, has received the highly sought-after Ofsted good rating for its apprenticeship training provision. The Ofsted report praises the CSA’s delivery to over 200 apprentices across seven apprenticeship programmes covering credit, collections, compliance, risk, counter fraud and debt advice. Ofsted’s verdict…

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