29th June 2022 - Credit Connect

Complaints about bank scams increase

29th June 2022 Consumer Lending | #bank fraud

The Financial Ombudsman Service (FOS) received nearly 25,000 complaints about current accounts in the year to March, more than any other product. FOS says a big chunk of these were from victims of authorised fraud, such as customers being tricked into transferring money into other accounts often by scammers posing as their bank. Complaints to…

Large businesses owe £2.7bn in unpaid VAT

29th June 2022 Commercial Collections and Recoveries | #HMRC late payment

New analysis by Thomson Reuters has found that over 200 of the UK’s biggest companies have underpaid VAT by an average of £13.4 million each, leaving HMRC £2.7 billion short. Thomson Reuters says that the £13.4 million figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has…

Debt collection specialist raises £5m in seed funding

29th June 2022 Company News |

Debt collections specialist, Ophelos has announced it has raised £5 million in a funding seed round. The funding round was led by AlbionVC, which has previously invested in fintechs such as Credit Kudos. Contributions were also made by Vast Ventures, an early investor in Coinbase and Tala, regulatory and public policy experts Form Ventures, as…

Money laundering loopholes being missed by property firms

29th June 2022 Consumer Lending | #fraud

Up to 70 per cent of property firms surveyed for an anti-money laundering campaign have not changed their approach to onboarding new customers since sanctions were imposed on Russia after its invasion of Ukraine according to new research by SmartSearch SmartSearch says that the survey shows the worrying size of the challenge when it comes…

Low-income households enduring ‘year of financial fear’

29th June 2022 Arrears and Recoveries | #cost of living

Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…

One in four Britons can’t afford to attend weddings

29th June 2022 Consumer Collections |

An unfurling backlog of weddings and other milestone social occasions following the pandemic is adding pressure to people’s already stretched finances, as one in four people (24 per cent) can’t afford to accept all of their wedding invitations, according to new research launched today by Experian. Three in ten (31 per cent) said they have…

Paylink Solutions and Receeve agree vulnerable customer support partnership

29th June 2022 Company News |

The collections & recovery platform, Receeve, has announced a new partnership with Paylink Solutions to provide a simple, efficient way to carry out affordability assessments for its customers across Europe. Through Paylink’s technology, Receeve clients will benefit from a quicker and more accurate service, which will maximise agent output. On average, clients will see a 75% improvement…

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