25th July 2023 - Credit Connect

Calls for review on school uniform grants

25th July 2023 Arrears and Recoveries | #school uniform

Money Wellness is calling for the government to review school uniform grants, after 93% of parents said they were unaware there was any help available. A survey by the company found that 97% of families, already struggling with debt, were worried about being able to afford school uniform this September. The same number (97%) said…

Interest rate rises predicted to hit growth next year

25th July 2023 Commercial Credit Management | #economy

The UK is facing a prolonged economic slump caused by higher interest rates, economists have warned. EY Item Club has cut its growth forecast for 2024 and 2025. The group said the economy is set to grow by 0.8% next year, less than half its previous prediction of 1.9%. GDP growth will rise to 1.7%…

Borrowers on 35-year mortgages grows by 117%

25th July 2023 Consumer Lending | #35 year mortgages

New Freedom of Information (FOI) data from the FCA gathered by Quilter, the wealth manager and financial adviser has revealed that the number of people taking out mortgages with terms of 35 years or more hit a high of 88,059 in 2022 compared to just 40,471 in 2018, a 117% increase. The news comes after…

Together donates £1m to charity

25th July 2023 Company News |

Specialist lender Together has announced it has donated over £1 million to charity in the 2023 financial year. The funds, donated to local charities across the region, have been used to support a range of projects, from new affordable housing for young people facing homelessness to providing materials and supplies to a local college to…

Female business owners more likely than men to suffer cashflow challenges

25th July 2023 Alternative Business Lending | #cash flow

Research from Bibby Financial Services (BFS) has found that women SME owners are more likely than men to suffer cashflow challenges, undermining their growth and ambitions. Only half (49%) of women business owners report that their cashflow is stable and meets their needs, compared to a significantly higher two thirds (66%) of male respondents. In…

Mortgage holders face shortfall of £150 a month

25th July 2023 Arrears and Recoveries | #mortgage debt

An increasing number of mortgage holders are unable to make ends meet as their essential costs soar and interest rate rises start to bite according to research by Citizens Advice. Mortgage holders who’ve had detailed budgeting help as part of Citizens Advice’s debt advice process have gone from being one of the most protected groups…

Intrum and Aryza agree dutch partnership

25th July 2023 Company News |

European credit management service provider, Intrum has announced a partnership with Aryza Group to leverage its software solution in the Netherlands. The credit management specialist has implemented Aryza Control software which will enable Intrum to distinguish between individuals who are genuinely unable to pay and those who are unwilling to fulfil their obligations, enabling them…

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