15th August 2022 - Credit Connect

Equity release funding one in every £90 spent by retired people

15th August 2022 Consumer Collections | #equity release

Equity release is helping to fund one in every £90 spent by retired people within the UK currently, according to a new report by Legal & General. The report, found that people are increasingly making the most of property wealth. It also forecasted that the equity release market will surpass £12 billion in 2030, with…

Energy bills will cost two months’ wages next year

15th August 2022 Arrears and Recoveries | #energy bills

New analysis published by the TUC has shown that energy bills are now expected to cost more than two months of average take-home pay in 2023 – without government intervention. Average take-home pay (after tax) will be £2,054 per month in 2023 based on Bank of England forecasts, so at £4,108, two months’ pay will…

Financial worries worse during cost-of-living crisis than the pandemic

15th August 2022 Arrears and Recoveries | #featured #finance

New Aegon research tracking adults’ relationship with their finances since the start of the Covid-19 pandemic has found that financial worries are already significantly worse since the beginning of the cost-of-living crisis than experienced during the pandemic. The latest research* shows nearly two thirds of adults (63%) said they are worried about their finances during…

SME bank overdrafts increase by 18%

15th August 2022 Business Lending | #business lending #featured

The value of overdrafts used by small and medium-sized enterprises (SMEs) has grown 18% from £8.3 billion in May 2021 to £9.8 billion in May 2022 as the financial stress in small businesses rises according to research by UHY Hacker Young. UHY Hacker Young says that the rise in overdraft use is concerning as overdrafts…

Quarterly GDP shrinks by 0.1% – industry reaction

15th August 2022 Commercial Credit Management | #GDP growth

The UK economy shrank 0.1% in the second quarter (Q2), data from the Office for National Statistics (ONS) shows. The data also shows that the economy contracted by 0.6% in June. The decline over Q2 was partly attributed to the test and trace and vaccine programmes coming to an end, a fall in retail sales…

LiveMore appoints new Head of Sales

15th August 2022 Appointments |

LiveMore, a provider of interest-only mortgages to the over 50s, has announced that it has appointed Phil Quinn as its Head of Intermediary Sales as it restructures for future growth. Quinn joins from Together, where he has been the head of national accounts since 2020. In a career that spans 12 years in the mortgage…

Customer survey ranks banks

15th August 2022 Consumer Lending |

A survey of thousands of individuals and small businesses has indicated how well banks are looking after their customers as people face the rising cost of living. The latest independent results from large scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland are available via…

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