1st December 2022 - Credit Connect

Cost-of-living crisis to hit students harder than expected

1st December 2022 Debt Management and Advice |

Students will be hit harder by the cost-of-living crisis than previously thought with the poorest students being more than £1,000 worse off than in 2020–21 according to new research by the Institute of Fiscal Studies (IFS). For university students domiciled in England, government support for living costs takes the form of so-called maintenance loans. Each…

Money means more than health to over-50s

1st December 2022 Consumer Collections |

Having enough money is more important to the majority of the UK’s over-50s than their health or spending time with their families according to a new survey by LiveMore. The findings showed that more than half (56 per cent) of more than 2,000 50-90 year-old Britons chose financial stability and maintaining their standard of living…

Ecospend and Telsolutions announce partnership

1st December 2022 Company News |

Open Banking payment provider, Ecospend has announced a partnership with Telsolutions. The partnership will allow Telsolutions to offer its clients Open Banking services, helping to protect customers against fraud whilst reducing the cost of transactions. Telsolutions specialises in collections, working with local councils to support them on gathering council tax arrears, business arrears and parking…

Nearly one in three have no money set aside for increased energy costs

1st December 2022 Arrears and Recoveries | #energy debts

New research by Credit Karma has found that nearly one in three (30%) have no money set aside for increased energy costs this winter. The cost of living crisis threatens the Christmases of 11 million people as concerns over energy prices prompt them to cancel or abandon plans. The total gas and electricity used for…

Data suggests impending recession now part of business mindset

1st December 2022 Commercial Collections and Recoveries | #recession

The Institute of Directors (IoD)’s Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -64 in November, the second lowest figure on record (after the -69 registered in April 2020). In October 2022, the Index recorded a value of -60. The index of confidence in business leaders’ prospects…

One-third of under-35s are struggling to pay their water bill

1st December 2022 Consumer Collections | #water bill

New research by Ofwat has whown that more customers are struggling with household bills and that two-thirds expect their situation to worsen in the coming year. The research found that in order to try and cope, many are borrowing money from friends and family, taking out loans or getting deeper into debt. Alarmingly, 75% of…

Almost a million private renters face threat of eviction

1st December 2022 Consumer Collections | #rent evictions

One in twelve private renters in England, equivalent to 941,000 people are currently under threat of eviction, according to new research from the housing charity Shelter. The charity’s polling, conducted by YouGov and funded by Nationwide Building Society, found that of those at risk of eviction, 504,000 private renters had received or been threatened with…

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