26th May 2022 - Credit Connect

Value of UK business loans written off by banks nearly doubles

26th May 2022 Alternative Business Lending |

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…

Government urged to tackle cost of living crisis at root

26th May 2022 Commercial Credit Management | #cost of living

Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…

HM Treasury consultation on Statutory Debt Repayment Plans – the DEMSA view

26th May 2022 Industry opinion |

On Friday 13th May 2022, HM Treasury (HMT) published their latest consultation around Statutory Debt Repayment Plans (SDRPs), building on their response from June 2019 that followed the October 2018 consultation and 2017 government manifesto commitment. This heralded the introduction of the Debt Respite Scheme in May 2021, probably better known as ‘Breathing Space’. …

Mortgage lending buoyant in first three months of the year

26th May 2022 Consumer Lending | #mortgage lending

New figures from the Building Societies Association (BSA) have indicated that mortgage lending by building societies in the first three months of this year was on a par with lending in the same period last year when the Stamp Duty holiday was in operation. Both lending and approvals were higher in January-March 2022 than they…

Inflation for poorest households could hit 14% by October

26th May 2022 Arrears and Recoveries | #inflation

New research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…

Ofwat calls on water companies to support customers struggling to pay

26th May 2022 Arrears and Recoveries | #water bill

Water regulator, Ofwat has published new guidelines for water companies to help household customers across England and Wales pay bills, get help and repay debts. The new guidelines cover several areas, including requiring companies to: Offer more flexible payment options for customers on irregular incomes and zero-hours contracts; Talk sensitively with customers struggling to pay…

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