12th July 2023 - Credit Connect

Homeowners face £500 mortgage monthly payments jump this year

12th July 2023 Consumer Lending | #mortgage rates

Mortgage payments will rise by at least £500 a month for nearly one million households by the end of 2026, according to the latest Financial Stability Report from the Bank of England. (BoE) Housholds on fixed deals who remortgage by the end of 2026 will see a sharp jump in costs of at least £6,000…

Economic weather watching: Collections Technology Think Tank 4.2 view from the Chair

12th July 2023 Industry opinion |

Last week, I had the pleasure of chairing the Online Collections Technology Think Tank, powered by Credit Connect, something I always find enlightening. Reflecting on the conversation there were a couple of trends that really stood out this time around. A low growl Firstly, the trend around arrears levels which, surprisingly, has not really seen…

Insurance customers more accepting of using credit

12th July 2023 Consumer Lending | #insurance

Insurance customers are becoming more accepting of using credit to buy cover as financial confidence grows and credit becomes more available, new research from the Premium Credit has indicated. Around a quarter (24%) of customers say that over the past year they have become happier about using credit to fund cover which is slightly higher…

Cost of living pressures mean only one in five book all inclusive holidays

12th July 2023 Consumer Collections |

Since the cost-of-living crisis began, only one in five consumers (21%) ‘still always book’ all-inclusive holidays, according to new research from Compare the Market. Over a third (38%) of holiday makers have changed their behaviour when it comes to booking all-inclusive holidays due to the rising cost of living, as 21% ‘sometimes book them…

Government and industry meet to progress the fight against fraud

12th July 2023 Consumer Lending | #fraud

The Security Minister convened a meeting of the Joint Fraud Taskforce to discuss measures to tackle fraud including an online fraud charter. Representatives from across the private sector met at 10 Downing Street to update government on progress made to tackle fraud and protect the public from scams. The Security Minister, Tom Tugendhat, convened a…

One in two mortgage borrowers fear losing their homes

12th July 2023 Consumer Collections | #mortgages

A new poll from Savanta, commissioned by the Liberal Democrats, has found that one in two mortgage borrowers fear losing their homes as a result of interest rates growth. The poll found that 46% of mortgage borrowers worried about losing their home with six in ten mortgage borrowers worried about cutting down on food bills…

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