21st October 2022 - Credit Connect

More than 600,000 firms in financial distress

21st October 2022 Commercial Collections and Recoveries | #business stress

More than 600,000 UK companies are in critical financial distress, according to a Red Flag report by Begbies Traynor. The latest data reveals that the number of companies rated as being in ‘critical financial distress’ continued to rise rapidly in the third quarter of 2022, jumping by 25% compared with the same period in 2021…

Cost of living now number one cause of debt in Scotland

21st October 2022 Arrears and Recoveries | #debt

New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…

Millions struggling with bills regulator warns

21st October 2022 Consumer Collections | #debt

The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…

People experiencing mental health problems twice as likely to fall into debt due to fraud

21st October 2022 Consumer Lending | #fraud #mental health

People experiencing mental health problems who fall victim to fraud are less likely to get their money back and twice as likely to fall into debt, Which? research has found. The consumer champion’s survey of more than 1,000 fraud victims revealed one in five (19%) of those with mental health conditions felt embarrassed about reporting…

TransUnion launches eligibility retail ecommerce product

21st October 2022 Company News |

TransUnion, has unveiled its new eligibility for retail ecommerce solution that offers retailers a view on customer eligibility prior to starting the credit checking process. The solution intends to equip retail businesses to make smarter and more robust decisions as consumers change their spending habits due to current cost of living pressures. TransUnion’s most recent…

Liz Truss resigns as Prime Minster – industry reaction

21st October 2022 Consumer Lending |

Liz Truss has resigned as Prime Minister. The announcement will trigger another Conservative Party leadership contest. Responding to the resignation National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It is incumbent upon the next Conservative Party leader to show they can provide stability and take the necessary steps to secure economic…

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