30th August 2024 - Credit Connect

Banking complaints increase by 70%

30th August 2024 Consumer Lending | #bank complaints

Latest data from the Financial Ombudsman Service (FOS) has shown that complaints from bank customers over financial products soared 70% last quarter from a year earlier. The rise was mostly driven by disputes linked to credit cards and car loans, FOS data shows that there were almost 74,645 complaints in the last quarter compared to…

Later life lending falls 16.9%

30th August 2024 Consumer Lending | #later life lending

UK Finance has published its latest data on later life mortgage lending for Q2 2024 which reveals that there were 5,610 new lifetime mortgages advanced in the Quarter, down 16.9% year on year. The figures show 32,990 older borrowers (aged 55 and over) took out mortgages in Q2 2024, up 8.34% in a year, 8,670…

Business costs rise in services sector

30th August 2024 Commercial Credit Management |

Costs per person employed in the services sector grew at an accelerated pace over the last quarter, far above the long-run average, according to the CBI’s latest quarterly Service Sector Survey. Despite this, selling prices only rose modestly over the last three months, and are expected to rise more slowly in the next three months.…

Over half of invoices paid late

30th August 2024 Commercial Collections and Recoveries | #late payment

New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if invoices are not paid on-time or within the first 30 days of becoming…

Most consumers still want the option to pay in cash

30th August 2024 Consumer Lending | #money

The majority of adults value being given the option to pay in cash, according to latest research by LINK, the UK’s cash access and ATM network. Whilst contactless card and mobile phone payments represent the most the popular ways to pay (42% of adults stated a preference for contactless card payments, and 24% for digital…

Consumer optimism hits two-year high

30th August 2024 Consumer Lending | #consumer #consumer optimisim

A new report from global information and insights company, TransUnion, has found that consumers are more optimistic about the likely state of their finances over the next 12 months than at any point over the past two and a half years. The latest survey found that 43% of consumers are optimistic about their household finances…

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