27th November 2024 - Credit Connect

Calls for industry support of mortgage prisoners following APPG report

27th November 2024 Arrears and Recoveries | #government #mortgage prisioners

A new All Party Parliamentary Group (APPG) report has criticised the Financial Conduct Authority’s (FCA) handling of issues affecting mortgage prisoners. Commenting in response to the report, Leon Diamond, CEO of LiveMore, said “As hard-hitting as the APPG report is, it is a stern reminder to the industry of how serious this issue is for…

Late payment and debts in retail supply chains increases in Q3

27th November 2024 Commercial Collections and Recoveries | #retail debt #retail late payments

The UK’s retail sector continues to display resilience amid economic pressures with notable trends in late payments and insolvencies as the year concludes. The data from trade credit insurer Atradius also highlighted a rise in payment defaults in specific retail categories but remains optimistic about the sector’s ability to adapt and thrive in 2025. The…

Low pay and housing costs causing debt problems for young adults

27th November 2024 Arrears and Recoveries | #debt

New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…

12m set to use BNPL to fund Christmas

27th November 2024 Alternative Consumer Lending | #Buy now pay later

New research from credit reference agency Equifax has revealed that the number of consumers using Buy Now, Pay Later (BNPL) could have peaked, but average spending continues to grow and will be key for many this Christmas. Four in ten (38%) consumers now indicate they have made use of BNPL, down from almost half (48%)…

Six in ten Gen-Z savers have a five-year financial plan

27th November 2024 Consumer Lending | #credit savings

Research by First Direct has found that six in ten (59%) of Gen-Z savers have a five-year financial plan, this compares with four in 10 (40%) of Millennials, born between 1981 and 1996. The data also showed that approximately 76% of millennials and 73% of Gen-Z individuals are committed to achieving their financial goals, despite…

Monzo appoints new CFO

27th November 2024 Appointments |

Monzo has announced that it has appointed Tom Oldham, a former executive at Nubank, as its new Chief Financial Officer (CFO). The appointment has suggests potential IPO ambitions for the digital bank. Oldham, who will join the bank in the New Year, he replaces James Davies, recently hired by Ovo Energy. Monzo, which has rapidly…

Just Mortgages appoints Divisional Sales Director

27th November 2024 Appointments |

Mortgage broker, Just Mortgages has announced the appointment of Ray Rodrigo as Divisional Sales Director. Rodrigo has be tasked with growing his team of employed mortgage advisers, supporting Felicity J. Lord estate agency branches across London. He has more than 25 years of experience in the mortgage market and financial services to support them in…

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