24th January 2024 - Credit Connect

Nearly two million people face debt over self assessment tax bills this month

24th January 2024 Arrears and Recoveries | #self assessment tax debt

Around 1.8 million taxpayers will turn to overdrafts this month to pay unexpected self-assessment tax bill amounts, according to research from Royal London. Income tax receipts are expected to soar by around £35 billion by 2028/29 thanks to the phenomenon of fiscal drag, where rising incomes and frozen tax thresholds tip greater numbers of workers…

More than five million in debt to energy supplier

24th January 2024 Arrears and Recoveries | #energy debt

The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…

More than 47,000 businesses on the edge of collapse

24th January 2024 Commercial Collections and Recoveries | #business risk

The levels of ‘critical’ financial distress jumped dramatically in Q4 2023, up 25.9% on the prior quarter (Q3 2023: 37,772), leaving more than 47,000 businesses near collapse in the UK at the start of 2024 according to Begbies Traynor. This represents the second consecutive period where critical financial distress has grown by around a quarter.…

Lower debt interest costs give Chancellor timely boost ahead of Budget

24th January 2024 Commercial Credit Management |

Lower than expected inflation over the end of last year has helped to reduce debt interest costs, and in turn reduce borrowing levels – providing the Chancellor with a timely boost in the penultimate set of public sector finances data before the Budget according to the Resolution Foundation. Borrowing in December was £7.8 billion –…

Jaywing appoints Lead Consultant

24th January 2024 Appointments |

Risk and data science consultancy, Jaywing, has appointed Ben Archer as Lead Consultant. Archer has almost two decades of data science and fraud prevention experience within the financial services and retail sectors, Archer’s expertise will be instrumental in enhancing Jaywing’s fraud prevention offering to meet the growing demands of its clients. Prior to joining Jaywing,…

One in two Scottish people are worried about their financial situation

24th January 2024 Arrears and Recoveries |

A new survey for StepChange Debt Charity, carried out by YouGov, has found that one in two people in Scotland (47%), equivalent to 2 million people, are worried about their financial situation. The research also found that two in five (42%) people in Scotland, around 1.8 million, think their household financial situation will get worse…

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