7th March 2023 - Credit Connect

One in seven skipping meals due to rising costs

7th March 2023 Arrears and Recoveries |

One in seven people have skipped meals due to the rising cost of living, new Which? research has found. According to the latest findings from Which?’s Consumer Insight Tracker, a number of households are going without food and sitting in cold homes due to the rising cost of living. One in seven (15%) said they…

Two Directors receive 22 years of bans over misuse covid loan scheme money

7th March 2023 Insolvency | #director ban

Two separate company directors who dissolved their businesses to take covid loan scheme money have received a combined ban of 22 years from the Insolvency Service. A takeaway owner from Oldham and company director from Kings Langley in Hertfordshire falsely claimed Bounce Back Loans totalling around £69,000 before dissolving their companies. Rukia Begum, from Oldham,…

More than half of mortgage holders struggling with mental health

7th March 2023 Arrears and Recoveries | #mental health #mortgage repayments

A new survey of homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology specialist Dye & Durham, fas found that the ongoing cost of living crisis is affecting the mental health of more than half (56%) of UK mortgage holders who have genuine concerns over their…

Average tradesperson currently chasing £6,984 in late payments

7th March 2023 Commercial Collections and Recoveries | #late payment

New research from Direct Line business insurance has indicated that tradespeople are currently owed on average £6,984 which is past the due date for payment. Late payments are a longstanding issue and many tradespeople have had to write off significant sums. On average, the largest single invoice they have given up chasing on payment comes…

Borrowing boost means Chancellor’s Budget will deliver fresh cost-of-living support

7th March 2023 Consumer Collections | #budget #cost of living

The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth…

Minority of women more likely to face pension poverty

7th March 2023 Consumer Collections |

A minority of women are more likely to face pension poverty in the UK, with black women worst impacted according to research by Scottish Widows. The Women and Retirement Report shows that the financial gender gap continues to prevail with women from ethnic minorities facing an uphill battle at every stage of their financial life,…

One in five businesses report disadvantageous treatment by energy suppliers

7th March 2023 Business Utilities | #business energy

The Institute of Directors (IoD_ has written to Ofgem urging them to take action to secure a well-functioning energy market for non-domestic customers. Recent IoD data highlighted that one in five (18%) respondents encountered at least one form of negative behaviour when asked if they had experienced disadvantageous treatment by energy suppliers in the previous…

Financial inclusion gap means 10.7m women are denied access to mainstream products

7th March 2023 Consumer Lending | #financial inclusion

New research by TotallyMoney and PwC has found that 10.7 million women are locked out of accessing mainstream financial products. The research also found that on average, women have a 10 point lower credit score than men, a gap that exists throughout their entire lifetime. Lenders are 16% less likely to provide women with pre-approved…

Construction activity rises at fastest rate for nine months

7th March 2023 Commercial Credit Management | #construction risk

Latest PMI data by S&P and CIPS has found the headline construction PMI rose to 54.6 in February, up from 48.4 in January and the highest monthly reading since May 2022. Commercial work was the best-performing area in February (55.3), enjoying the steepest rate of expansion for nine months. Civil engineering activity also returned to…

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