6th June 2024 - Credit Connect

Construction growth held back by supply challenges

6th June 2024 Commercial Collections and Recoveries | #construction #supply chain delays

New research by Bibby Financial Services has found that construction SME have ambitious grow plans but are being held back by the impact of inflation, supply chain challenges and reduced access to capital. The survey also found that 58 per cent of construction SMEs say they are optimistic that orders will increase in 2025. While the…

60% worry about effects of unexpected bills

6th June 2024 Arrears and Recoveries | #debt #worries

New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…

Car insurance premiums for young drivers soar to over £3,000

6th June 2024 Consumer Lending | #car insurance

Car insurance premiums for newly qualified young drivers have reached an all-time high of over £3,000, according to analysis by Compare The Market. The average premium for a 17-year-old who has just passed their driving test is now £3,075, compared to £2,004 last year. The rise in premiums is attributed to parts shortages and an…

Thin credit profiles deny loans to 80% of low risk customers

6th June 2024 Consumer Lending | #credit risk #lending

A pilot study by data and analytics firm, LexisNexis has revealed that banks and lenders may be denying loans to 80% of adults with thin credit profiles, when they are actually low-risk customers. This means that UK lenders could be missing out on nearly £3 billion of low-risk lending, assuming an average loan application of…

Artificial Intelligence used in 63% finance roles

6th June 2024 Consumer Lending | #AI

Artificial intelligence (AI) is most commonly used in finance roles (63%) despite awareness of potential risks, according to new research by Sapio Research. The research surveyed 800 consumers and 375 senior business decision-makers with authority in their B2B finance departments, across the UK, Germany, France and the Netherlands. Across the board, there was majority consensus…

Phillips & Cohen Associates makes Settld acquisition

6th June 2024 Consumer Collections |

The Estate Registry, an innovation created by Phillips & Cohen Associates has acquired Settld, the Sunderland-based death notification business designed to create a solution for those tasked with estate administration. Settld, founded in 2020, specialises in simplifying bereavement administration. Adam Cohen, Executive Chairman of The Estate Registry said “We are both committed to making the…

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