15th September 2023 - Credit Connect

70% of Gen Z check their credit score monthly

15th September 2023 Consumer Lending | #credit reference

Research by credit reference agency TransUnion has found that seven in 10 (70%) young people aged 18 to 24 (Generation Z) check their credit score at least once a month. The research also revealed that 57% don’t realise that late or missed payments can have a negative impact on their credit score whilst nearly two…

Four charged over Patisserie Valerie collapse

15th September 2023 Insolvency | #fraud #insolvency

The Serious Fraud Office (SFO) has brought fraud charges against four individuals, including a former director, who oversaw the financial failure of a chain of almost 200 high street bakeries. The SFO has charged former director and Chief Financial Officer of Patisserie Holdings Plc for 12 years, Christopher Marsh, and his wife, accountant Louise Marsh,…

SMEs are owed £27k in late payments

15th September 2023 Commercial Collections and Recoveries | #late payments

Small and medium sized businesses (SMBs) are currently owed an average of £27,214 in late payments1 according to new research from Intuit QuickBooks, as SMBs estimate one in six invoices (17%) with customers or suppliers are overdue. The research found that the problem is growing – more than half (52%) of SMBs agree they have been more affected…

One in four people behind on at least one bill

15th September 2023 Arrears and Recoveries | #arrears #featured

One in four people in the UK (27%) are currently behind on at least one bill with Citizens Advice warning the situation only looks set to deteriorate in the coming months. The research estimates household debt, covering things like essential bills and benefit repayments sits at £22 billion. But the charity warns the true figure…

FCA uncovers misleading later life mortgage promotions

15th September 2023 Consumer Lending | #later life mortgages

The Financial Conduct Authority (FCA) has forced lenders offering lifetime mortgages to withdraw or change over 400 misleading promotions. A market review by the regulator found that sales of these mortgages often did not meet expected standards. The review identified a number of bad practices, including companies promoting the benefits of their products without mentioning…

Landlord borrowing increases by 19%

15th September 2023 Consumer Lending | #rental lending

The amount of money owed by landlords on buy-to-let properties has increased by 19% in the last year according to research by Octane Capital The research found that the average total amount of each landlord’s buy to let mortgage debt, in the first quarter of 2022 landlords owed lenders an average of £467,548, which rose…

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