28th October 2021 - Credit Connect

Link Financial acquires Polish credit management company

28th October 2021 Consumer Collections |

Link Financial Group has announced the completion of their acquisition of 100% of the shares of Obligo, a Polish credit management company based in Łódź. Obligo has a 20-year track record and deep experience in the industry having serviced more than 400,000 cases with a nominal value exceeding 1.7 billion PLN across performing and non-performing…

AUTUMN BUDGET 2021: Cut in the Universal Credit taper – consumer credit sector reaction

28th October 2021 Consumer Collections |

Chancellor Rishi Sunak has announced changes to the Universal Credit Taper rate, which is the amount of Universal Credit (UC) withdrawn for every pound someone earns (from 63% to 55%, so for every extra £1 earned, 55p of Universal Credit will be withdrawn) as part of his latest budget announcement. StepChange Debt Charity says that…

AUTUMN BUDGET 2021: Recovery Loans scheme extended – business and insolvency sectors reaction

28th October 2021 Commercial Collections and Recoveries | #business loans

Chancellor Rishi Sunak has announced the extension Recovery Loan Scheme to 30th June 2022 as part of his latest budget announcement. Commenting on the budget Chirag Shah, CEO of Nucleus Commercial Finance, said “Today’s Budget demonstrates the government’s commitment to supporting British businesses. The extension of the Recovery Loan Scheme will provide SMEs with a…

‘Toxic business debt’ soars to £1.9tn

28th October 2021 Commercial Collections and Recoveries | #business debt

New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion in 2020 to £6.6 trillion, and 52% of UK businesses are now saddled with ‘toxic debt’ that may never be repaid. The analysis of 3 million tax returns by the restructuring and insolvency specialist, discovered that 2020 accounts show…

Money Statistics: October 2021

28th October 2021 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for October 2021 Personal debt in the UK People in the UK owed £1,745.7 billion at the end of August 2021. The average total debt per household, including mortgages, was £62,813 and per adult was £33,006, around 108.9% of average earnings. Net mortgage lending rose by…

Tide of insolvencies set to turn

28th October 2021 Industry opinion |

From the onset of the pandemic, economists around the world predicted an unprecedented fallout with global recession and a sudden surge in insolvencies. However, as we rode through the storm of the pandemic, the wave of insolvencies failed to materialise. After knowing the inevitable link between economic decline and business failures all too well from…

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