12th May 2023 - Credit Connect

Ofwat to take action against companies failing customers

12th May 2023 Consumer Collections | #water regulation

Water regulator, Ofwat says companies will be fined for failing to hit new customer service targets, under licence changes. The proposals for a dedicated customer licence condition will require water companies to improve communication with customers, fix problems in a timelier manner and provide services to meet diverse consumer needs. The measures have been set…

British Business Bank appoints Commercial Managing Director

12th May 2023 Appointments |

The British Business Bank has announced the appointment of Louise McCoy as Commercial Managing Director, small business lending. McCoy joined the Start Up Loans Company, now a programme under the British Business Bank, in 2016 as an account director before becoming its commercial director in 2018. Prior to that she worked in relationship management, customer…

SMEs planning to invest £321k to grow their business

12th May 2023 Business Lending |

New research from Aldermore has revealed the investment and growth plans of small and medium-sized enterprises (SMEs) in the UK. Despite the ongoing cost-of-living crisis, SMEs plan to spend an average of £321,000 on growth strategies over the next year. One in eight (12%) SMEs plan to spend over £1 million investing in growth. A third…

CIVEA warns of imposter bailiff threat

12th May 2023 Consumer Collections | #fraud

The Civil Enforcement Association (CIVEA) has warned of a spate of scams using information from the Ministry of Justice to dupe people into paying money to fake enforcement firms. CIVEA, which represents civil enforcement agencies, has received 16 complaints this year from people who have paid fake fines to fraudsters posing as enforcement agents. This…

Number of people helped by Citizens Advice at record high

12th May 2023 Arrears and Recoveries | #debt advice

The number of people helped by Citizens Advice has hit a record high, with the charity calling it ‘our bleakest-ever start to the year.’ There were record highs on 70 different advice issues, including homelessness, food bank referrals and debt. The analysis shows the charity helped more people in January to April than in the…

Average quoted household rates on credit cards hit 22.76%

12th May 2023 Consumer Lending | #credit card rates

Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has shown that credit card rates continue to increase to multi-decade highs despite other forms of consumer credit beginning to cool. The data shows thatthe cost of consumer credit shows that average rates on credit cards have reached…

Bank of England hikes interest to 4.5% – business industry reaction

12th May 2023 Commercial Credit Management | #interest rates

The Bank of England has raised its key interest rate by a quarter of a percentage point to 4.5%, marking its 12th consecutive rate rise. The BoE revised up its growth forecasts from gloomy numbers released in February, but it also now expects inflation to be slower to fall than it had hoped, mostly due…

Interest rates rise to 4.5% – credit industry reaction

12th May 2023 Consumer Lending | #interest rates

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