20th January 2025 - Credit Connect

One in five Scots struggling with mortgage arrears

20th January 2025 Arrears and Recoveries | #mortgage arrears

StepChange Scotland has revealed a rise in the proportion of people struggling to keep up with their energy bills, council tax and mortgage at the outset of 2025. New data from the charity for the final quarter of 2024 shows over one in five (21%) clients with a responsibility for paying a mortgage are in…

Criminals sentenced after defrauding victims out of over £1m

20th January 2025 Consumer Lending | #fraud

Two men from London have been sentenced at Inner London Crown Court after intercepting postal correspondence and using confidential information to steal money from bank accounts. The case was investigated by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit sponsored by the banking industry. The unit acted after the bank alerted…

Credit card spending increased by 6.4% in October

20th January 2025 Consumer Lending | #credit card spending

Outstanding balances on credit card accounts have grown by 6.4 per cent over the twelve months to October and 49.4 per cent of outstanding balances incurred interest compared to 50.2 per cent in October 2023 according to latest data from UK Finance. The data showed that there were 385.6 million credit card transactions in October, 2.6…

Former minicab driver handed 11-year sanctions for Covid loan abuse

20th January 2025 Commercial Credit Management |

A former London minicab driver is subject to 11 years of stringent sanctions after the Official Receiver found he abused the Covid loan scheme to claim over £47,000 more than his business was entitled to. Huseyin Houssein, a former private hire driver from Nash Road in Edmonton, North London, applied for a £50,000 Bounce Back…

Lantern makes two new appointments

20th January 2025 Appointments |

Debt management provider Lantern has announced it has expanded its team with two appointments with Ian Davies and Sally-Anne Leppington joining the company this month, taking up the roles of Servicing & Partnerships Director and General Counsel respectively. Davies joins Lantern with more than 20 years’ experience in the financial and credit management sector, having…

Ofcom announces new mid contract price rise protections

20th January 2025 Consumer Collections | #telecoms price rises

Ofcom has announced new measures meaning that telecom providers must now set out upfront, in pounds and pence, any price rises that will apply to customer contracts. Ofcom says that in recent years, many phone, broadband and pay TV companies have included price rises in their contract terms that were linked to unknown future inflation…

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