30th January 2024 - Credit Connect

Construction section hit by 4,370 insolvencies in the past year

30th January 2024 Business | #construction insolvencies

Latest data analysis by Mazars has found that on average a dozen construction firms are going bust every day after 4,370 firms collapsed last year. In the year to the end of November, 4,370 companies went insolvent compared to 4,086 in 2021/22 and 2,481 in 2020/21. This reflected a 7% increase in insolvencies from 2021/22…

Homeowners are three times more likely to have life insurance than income protection

30th January 2024 Consumer Lending |

According to findings from Royal London, homeowners are three times more likely to have life insurance than income protection meaning that many people in the UK are underprepared to pay their monthly housing costs if they’re unable to work due to illness or disability. When it comes to providing a financial safety net in the event…

Small firms call out energy suppliers over increase in standing charges

30th January 2024 Business Utilities |

Some energy suppliers are using rocketing standing charges as a way to inflate bills for small firms, according to the Federation of Small Businesses (FSB). In its response to Ofgem’s recent consultation on the standing charges system, FSB flagged fresh complaints from members of staggering rises – up to 12-fold increases – in the fixed…

2024 Credit & Collections Technology Awards opens for entries

30th January 2024 Consumer Lending | #2024 Credit & Collections Technology Awards #featured

The 2024 Credit & Collections Technology Awards have opened for entries. Launched in 2017, the eighth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best and greatest innovations in…

Demand for debt advice service surged 34% in first week of 2024

30th January 2024 Arrears and Recoveries | #debt advice

The demand for online money help has surged by 34% in the first week of 2024, the Money and Pensions Service (MaPS) has confirmed. Total visits to MoneyHelper’s Money Troubles pages hit 10,187 in the first week of January this year, rising from 7,625 during the week up to Christmas Eve. January 1-7 also…

One in eight people borrowed money to make ends meet in past 12 months

30th January 2024 Arrears and Recoveries | #debt #money borrowed

One in eight (12%), around six million people, have borrowed money to make ends meet in the last 12 months according to research by StepChange. The debt charity is urging the government to reassess its cost of living support for households ahead of the Spring Budget as new polling finds that two in five (40%),…

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