21st February 2023 - Credit Connect

One and a half million people live in damp and draughty rented homes

21st February 2023 Consumer Collections |

New research from Citizens Advice has found that millions of people are living in damp and draughty rented homes. The research also shows that 1.6 million children currently live in privately rented homes with damp, mould or excessive cold. The charity’s analysis suggests more than half of private renters in England – 2.7 million households…

FCA refreshes recognition for standards of business lending practice

21st February 2023 Business Lending |

The Financial Conduct Authority (FCA) has renewed its recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers. The outcomes-focused business Standards provide protections for SMEs with a turnover of up to £25 million, in an otherwise unregulated environment. They set the benchmark for good lending practice in the UK, outlining…

BNPL complaints to FOS increase 36%

21st February 2023 Alternative Consumer Lending | #BNPL complaints

Complaints to the Financial Ombudsman Service (FOS) against Buy Now Pay Later (BNPL) firms have jumped 36% over the last three years according to research by Creditspring. The research found that 220 complaints were made against BNPL firms during 2022, compared to 208 in the previous year and 162 in 2020. Creditspring says that the…

MoneyPlus Group acquires Bright Oak

21st February 2023 Company News | #debt advice sector #merger

Debt solution company MoneyPlus Group has announced that it has completed the purchase of debt advice management specialist Bright Oak. MoneyPlus Group has received substantial investment over the last 2 years from both Intriva Capital and Oak North Bank and has spent that time fine-tuning internal operations ready for significant scaling. There is no firm…

Value of contactless payments increased nearly 50% in 2022

21st February 2023 Consumer Lending | #payments

Data from Barclays has revealed that 91.2% of card transactions were contactless last year, up from 85.6% of eligible card transactions being contactless in 2021. The research found that the average contactless user made 220 ‘touch and go’ payments last year, up from 180 in 2021, with the average value per transaction rising 18.5 per cent…

Energy bills expected to rise by £500 despite expected price cap fall

21st February 2023 Arrears and Recoveries | #business confidence #energy price cap

Research by Cornwall Insights has predicted that energy bills will rise by an estimated £500 a year despite an expected reduction in Ofgem’s household energy cap. Cornwall Insight predicts the cap for a typical household will be £3,294 equivalent per year meaning that customers will pay about 20% more on their bills, approximately £500, as…

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