3rd November 2023 - Credit Connect

One in two people paying interest on £31bn of credit card debt every month

3rd November 2023 Arrears and Recoveries | #credit card debt

New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…

Bank of England holds interest rate – consumer credit industry reaction

3rd November 2023 Consumer Lending |

The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25% and has said that this is likely to be the peak with rate cuts are unlikely until at least the middle of next year, and even then are expected to be very gradual. The. MPC voted 6-3 to…

Seven million forced to borrow money to pay bills this winter

3rd November 2023 Arrears and Recoveries |

Now the clocks have gone back, and households begin switching the heating on, it’s estimated 7 million people are reliant on credit to pay their bills this winter according to research by Creditspring. The research showed that as many as 15% of the adult population (8 million) readily admit they’ll be forced to borrow to…

One in ten SMEs fold after funding access struggle

3rd November 2023 Commercial Credit Management | #business failures

One in ten SMEs that have struggled to access funding eventually folded according to research from Shawbrook. The research found that three quarters (72%) had experienced difficulties accessing funding. While one in ten of this group eventually saw their business fold, funding challenges caused other obstacles for a much broader range of SMEs. 29% of…

Leonard Curtis completes Graywoods merger

3rd November 2023 Insolvency |

Sheffield insolvency and business turnaround practice Graywoods has officially changed its name following its acquisition by the national Leonard Curtis group. Graywoods was founded by Adrian Graham and Deborah Lockwood, who have worked together since 1999. It will continue to operate from its office in Sheffield’s city centre’s Fountain Precinct but will now be known…

Revolut appoints new CEO

3rd November 2023 Appointments | #appointment

Revolut has announced has it has appointed Francesca Carles as it’s new Chief Executive Officer (CEO) for its British business. Carlesi will start the new with Revolut in December 2023. She spent more than 15 years in the financial industry across a range of sectors including private equity, retail and commercial banking, investment banking and asset…

Bank rate maintained at 5.25% – business industry reaction

3rd November 2023 Alternative Business Lending | #interest rates

The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25%. Governor Andrew Bailey insists rates needed to be held high to squeeze inflation out of the economy. In its latest forecast, the Bank cut expectations for UK growth to zero, down from a previous prediction of 0.5%, while…

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