13th February 2024 - Credit Connect

Half of motorists would feel anxious and financially stressed by £1k car repair bill

13th February 2024 Arrears and Recoveries | #car repair finances

Almost half of motorists (47%) would feel “anxious and financially stressed” by an unexpected £1,000 car repair bill, new research from the RAC Dealer Network shows. In a sign of the impact of the cost-of-living crisis, the percentage has increased from 37% compared to the last time the organisation asked this question in 2021. Almost…

Mortgage rates record biggest month-on-month fall since December 2022

13th February 2024 Consumer Lending | #mortgage rate fall

Moneyfacts data shows that the average two-year fixed mortgage rate on the market recorded its biggest month-on-month fall since December 2022 in February. Analysis shows that across all deposit sizes, the average two-year fixed-rate mortgage had a rate of 5.56% at the start of February 2024, down from 5.93% at the start of January this…

Water companies can now be fined for poor customer service

13th February 2024 Consumer Collections | #water bills

Ofwat has announced that water companies face fines for poor customer service, which could see the regulator impose fines of up to 10% of the company’s turnover. Ofwat expects all water companies to be focused on delivering a high level of customer service – from resolving complaints to making sure customers are informed and supported…

Over 6m parents worried they won’t be able to afford energy bills

13th February 2024 Arrears and Recoveries | #energy bills

Over six million children in Britain have parents who are worried they won’t be able to afford their next energy bill. And almost half of parents said they would cut back on their food shopping to pay for other household bills according to research by Citizens Advice. Citizens Advice and Citizens Advice Scotland are also…

Families face ‘triple savings challenge’

13th February 2024 Consumer Lending |

Families across Britain face a ‘triple savings challenge’ of insufficient ‘rainy day’ savings of at least £1,000, an inability to cope financially with bigger life events like family breakdown, and inadequate retirement incomes. But all three can be addressed by building on the success of auto-enrolment into pension saving to encourage more liquid saving too,…

LSB announces SME lender guidance support

13th February 2024 Commercial Credit Management |

The Lending Standards Board (LSB) has published outcomes of its review of the Standards of Lending Practice for business customers, identifying new opportunities to strengthen customer protections with practical guidance for banks and lenders. Following an industry-wide consultation, and drawing on its own compliance and research findings, the LSB will enhance its guidance on digital…

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