10th May 2024 - Credit Connect

Interest rates hold – business industry reaction

10th May 2024 Commercial Credit Management |

The Bank of England has revealed that it has held interest rates at 5.25%. or the sixth time in a row by the Bank of England’s Monetary Policy Committee (MPC). Experts believe that the Bank may look to cut rates as early as June, although a reduction in August or September is said to be…

Interest rates remain at 5.25% – consumer credit industry reaction

10th May 2024 Consumer Collections | #interest rates

The Bank of England has opted to hold the base rate at 5.25%, this marks the sixth consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. Commenting on the announcement, Steve Vaid, Chief Executive at the Money Advice Trust said “High interest rates have already added to the pressure…

Arrears continues to rise in first quarter

10th May 2024 Arrears and Recoveries | #mortgage arrears

UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…

Rise in court fees puts domestic violence survivors’ safety at risk

10th May 2024 Arrears and Recoveries |

Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…

One in four mortgage holders using credit to maintain borrowing commitments

10th May 2024 Arrears and Recoveries | #credit #mortgages

New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…

Director sentenced after failure to explain £800,000 spend on company vehicles

10th May 2024 Insolvency |

A director who failed to explain £800,000 spend on company vehicles and keep proper accounts has been sentenced. The Construction company director did not keep up-to-date accounts, Eugenijus Nalivaika was the sole director of Niki Contractors Ltd when it entered liquidation in May 2021 Niki Contractors spent more than £800,000 on 106 vehicles in a…

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