24th August 2023 - Credit Connect

One-in-three households will pay higher energy bills this winter

24th August 2023 Consumer Collections | #energy bills

Over one-in-three (35 per cent) English households, equivalent to 7.2 million households, will see higher energy bills this winter than they did last winter, including almost half (47 per cent) of those in the poorest tenth of households, according to new Resolution Foundation research. Ofgem is expected to announce a reduction in the energy price…

HMRC debt levels remain high as interest rates increase

24th August 2023 Commercial Collections and Recoveries | #HMRC debt

The increase in interest rates will make it harder for taxpayers to clear these debts according to latest HMRC analysis. The HMRC says it is seeing more taxpayers getting into debt and the average value of those debts is increasing as the economic situation remains challenging. The majority of tax debt is owed by small…

PMI data suggests another rate rise is not a certainty

24th August 2023 Commercial Credit Management |

August’s flash composite Purchasing Managers’ Index (PMI) has indicated a fall in private sector activity, ending a run of six successive months of expansion. In practice, the EY ITEM Club doesn’t think the economy is quite as weak as the PMI suggests, although a continuation of the sluggish growth of recent quarters is likely for…

Former bank employee sentenced over £130,000 scam

24th August 2023 Consumer Lending |

A London-based criminal gang has been sentenced over £130,000 scam. The initial investigation and arrest were made by specialist banking industry-sponsored police unit – the Dedicated Card and Payment Crime Unit (DCPCU) The two criminals committed around £130,000 of fraud have been sentenced at Southwark Crown Court to a combined total of 5 years and…

Arrow Global acquires Maslow Capital

24th August 2023 Company News |

Arrow Global Group, an asset manager specialising in credit and real estate has announced the acquisition of Maslow Capital, a provider of real estate finance. The acquisition follows Arrow Global’s initial purchase of a significant minority stake in December 2021 and a 20-month period of successful collaboration that has seen the significant expansion of Maslow…

HMRC ‘dawn raids’ have increased by 36% in the past year

24th August 2023 Commercial Collections and Recoveries | #HMRC debt recovery

New research by UHY Hacker Young has shown that the number of ‘dawn raids’ undertaken by HMRC has increased 36% in the past year, from 458 in 2021/22 to 623 in 2022/23 HMRC ‘dawn raids’ are unannounced searches used to gather evidence for possible prosecution for tax fraud or for furlough fraud (HMRC is responsible…

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