2nd July 2024 - Credit Connect

Consumer credit borrowing rose sharply in May

2nd July 2024 Consumer Lending | #consumer credit

Latest Bank of England Money and Credit data has shown that consumer credit annual growth rose to 8.3 percent in May 2024, after a fall in April, with outstanding balances for consumer credit now standing at £1.85 billion.  Consumer credit borrowing rose sharply in May 2024 to £1.5 billion, up from £0.8 billion in April.…

More than a quarter in the dark about interest rates

2nd July 2024 Consumer Lending | #interest rates

More than a quarter in the dark about interest rates and the price impact on payments according to research by Hargreaves Lansdown. The research found that 27% of people don’t know what interest rate they’re getting on their savings. This rises to 31% of the squeezed middle (aged 35-54), 35% of women, and 38% of…

Car insurance costs falls

2nd July 2024 Consumer Lending | #car insurance

Go.Compare car insurance has released new data showing that car insurance costs are beginning to fall, with the average insurance premium now at £447. The research showed that the average cost of car insurance fell by £18 in the last quarter – from £465 to £447 – prices are still up on 2023 figures, with the…

Top Service makes Non-Executive Director appointment

2nd July 2024 Appointments |

Top Service has announced that it has appointed Philip King FCICM as a Non-Executive Director at Top Service. King brings a wealth of experience in the credit management industry. After starting his career in the construction sector, King spent 14 years as Chief Executive of the Chartered Institute of Credit Management, and 18 months as…

Solaris Law confirms acquisition of Shoosmiths’ commercial recoveries business

2nd July 2024 Commercial Credit Management |

Solaris Law, part of the Azzurro Group, completed the acquisition of Shoosmiths’ business-to-business recoveries division (in England & Wales), formally merging the two teams and moving to modern new offices on the Solent Business Park, Whiteley. The announcement is the first part of a two-part transaction that will ultimately lead to Solaris Law becoming one…

6.1m households struggle to pay energy bills

2nd July 2024 Arrears and Recoveries | #energy debt

Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…

Mambu appoints Chief Revenue Officer

2nd July 2024 Appointments | #appointments

Cloud banking platform Mambu has announced the appointment of Mark Geneste as Chief Revenue Officer to lead its commercial team. Geneste brings extensive experience in sales leadership in the software industry, having held senior positions at Wolters Kluwer – Enablon, FactSet, Kempen Capital Management, Dun & Bradstreet, and Thomson Reuters. Prior to joining Mambu, Geneste was…

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