20th March 2023 - Credit Connect

One in five homeowners remortgaging for debt consolidation

20th March 2023 Arrears and Recoveries | #mortgages

One in five (22%) homeowners planning to remortgage this year are borrowing more money to consolidate their debts according to research by Uswitch. The research found that well over a third (39%) of people are planning to borrow more money when they remortgage. The over 55s are the most likely to borrow more money when…

Food supply chain late or failed payment claims increase 79%

20th March 2023 Commercial Collections and Recoveries | #late payment

Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector amid national supply shortages of products like eggs and some vegetables. The analysis shows that the agriculture sector also saw claims more than double (119% increase) last year. Atradiius says that the rise in claims…

Business energy retailer fined for deliberate overcharging

20th March 2023 Business Utilities | #business energy

Business energy retailer United Gas & Power (UGP) has been hit with a £2.1 million financial penalty for multiple breaches of its licence conditions. A two-year investigation by Ofgem concluded that UGP deliberately overcharged customers, did not return credit balances owed to former customers and repeatedly failed to properly communicate at time of contract renewal.…

One in four taking more risks with money

20th March 2023 Consumer Lending | #risk

Research by the Financial Services Compensation Scheme (FSCS) has found that one in four (26%) of savers are taking more risks with their money in an effort to land bigger returns amid the cost-of-living crisis. A poll of 4,000 adults saw 23% of consumers with a pension say they have either decreased the percentage they…

One in six people has less than £20 to live on after monthly expenses

20th March 2023 Arrears and Recoveries |

New YouGov polling by StepChange Debt Charity has revealed the state of household finances over a year into the cost of living crisis, with people imminently facing higher council tax, less support with energy bills and increased rent or mortgage payments. StepCange says that the survey examines the toll that the cost of living crisis…

Experian and Access Group agree partnership

20th March 2023 Company News |

Experian has announced a new partnership with The Access Group that will allow even more UK employees to digitally share their payroll information to get better access to financial products and services. Through Experian’s Work Report™1, the UK’s first digital employment and income verification service, employees who are paid using Access Group’s payroll software will…

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