25th August 2023 - Credit Connect

CMA issues call for competition reform

25th August 2023 Consumer Collections | #regulatory reform

The Competition and Markets Authority (CMA) is launching a 10 year review of the concurrency arrangements, which set out how the CMA and the eight sector regulators – including Ofgem, Ofcom, and Ofwat – work together to enforce competition law and promote competition in the regulated sectors so that UK consumers can enjoy more competitive…

Consumer confidence increased in August

25th August 2023 Consumer Lending | #consumer confidence

GfK’s Consumer Confidence Index improved five points in August, although it remains in negative territory at minus 25. Confidence in the general economic situation for the next 12 months increased by three points to minus 30. The major purchase index rose eight points to minus 24, while the personal finance 12-month forward index rose four…

7.8 million people borrow to pay energy bills

25th August 2023 Arrears and Recoveries | #energy bills

Latest research by Citizens Advice has found that 7.8 million people borrowed to pay their energy bills in first six months of 2023. A total of 46,431 people with energy debts contacted the charity for advice in the first six months of 2023, a 17% increase on the same period last year. Citizens Advice says…

Nearly half of private school parents rely on family to pay the fees

25th August 2023 Alternative Consumer Lending |

Nearly half of parents with children at private schools rely on family help to afford the fees with the Bank of Gran and Grandad the biggest source of funding, new research from Premium Credit, a leading provider of finance for school fees, shows. Its study found 47% admit to relying on financial support from family…

Energy price cap will drop to £1,923 from October

25th August 2023 Arrears and Recoveries | #energy price cap

Ofgem has announced that its energy price cap will drop to £1,923 from 1st October 2023, a decrease of 7 per cent compared to April’s level but £646 higher than two years ago. The drop reflects further falls in wholesale energy prices, as the market stabilises and suppliers return to a healthier financial position after…

Third of homeowners take on extra work

25th August 2023 Arrears and Recoveries | #cost of mortgages

Nearly one in three homeowners approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, new data released by Indeed Flex. The company says with 800,000 fixed-rate mortgage deals set to expire in the latter half of 2023 — along with 1.6 million in 2024—…

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