30th May 2023 - Credit Connect

Starling CEO to step down

30th May 2023 Appointments |

Founder and Chief Executive Officer (CEO) at Starling Bank, Anne Boden has announced she will step down from the role on 30th June and will move to a Non-Executive Director role on the board. John Mountain, Starling’s COO, will take over as Interim CEO to lead the digital bank. The change comes as Starling reports…

Loan requests increase by 22%

30th May 2023 Consumer Lending | #loans

Research by consumer lender Fluro found that there has been a 22% uplift in consumers making loan requests during April 2023, compared to the same period last year. As the cost of living squeezes personal finances, growing numbers of consumers are looking to consolidate their debts or shift spending behaviours. Compared to the same period…

Government urged to bring back higher landlord mortgage tax relief to ease rental crisis

30th May 2023 Consumer Lending | #rental relief

Bringing back full mortgage interest tax relief for landlords may help ease the housing crisis faced by renters according to the National Residential Landlords Association (NRLA). The NRLA say a change would help stem the tide of lost rental properties, limit rent rises, and boost Treasury revenue. Since 2021, mortgage interest tax relief for landlords…

Banks criticised for shortchanging savers and not passing on interest rate hikes

30th May 2023 Consumer Lending | #savings

Meagre savings rates offered by high street banks are shortchanging customers by hundreds of pounds every year compared to deals from challenger banks, Which? analysis of rates stretching back three years has found. The consumer champion’s in-depth research looked at six types of accounts: instant access savings accounts and Isas; one-year fixed-rate savings accounts and…

Lenders urged to take proactive action to help customers in financial difficulty

30th May 2023 Arrears and Recoveries | #financial difficulty

Lenders are being urged to help their customers who are facing financial difficulty to take a proactive approach to the cost-of-living crisis to help prevent unmanageable debt and a deepening of stress-induced mental health crises, before they occur. TDX and Equifax’s say that it’s recommendations are supported by partners including UK Mortgages and the Centre…

Consumers facing energy bills 80% up on pre-crisis levels

30th May 2023 Consumer Collections | #energy bills

Energy bills will still be far higher than they were pre-crisis despite Ofgem’s announcement that the energy price cap will fall to £2,074 on 1st July according to the Resolution Foundation analysis. The Foundation notes that falling energy bills are projected to bring inflation down by 2.7 percentage points by July compared to the start…

Money Statistics: May 2023

30th May 2023 Arrears and Recoveries | #money statistics

Here is an overview of The Money Charity’s latest statistics for May 2023 Personal debt in the UK People in the UK owed £1,839.7 billion at the end of March 2023. The average total debt per household, including mortgages, was £65,513 and per adult was £34,589, around 105.3% of average earnings. Net mortgage lending shrunk by…

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