13th January 2022 - Credit Connect

Benefits need to double in order to match cost of living rises

13th January 2022 Arrears and Recoveries | #cost of living

Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…

43% of nation is financially reliant on someone other than themselves

13th January 2022 Arrears and Recoveries | #financial wellness

New research by Moneyfarm and Dectech has revealed that 25% of the nation are financially dependent on a partner. A further 17% are reliant on their parents with a further 10% reliant on other relatives. Whilst 8% of UK adults are dependent on their children, most surprisingly, 22% of 18 to 30-year-olds are actually financially…

Arrow Global Group acquires stake in real estate specialist

13th January 2022 Company News | #merger

Arrow Global has announced that it has acquired a significant minority stake in Maslow Capita, a provider of UK real estate development finance. Arrow says that the acquisition will help the existing Maslow management team, led by Chairman Marc Rose and CEO Ellis Sher, accelerate their ambitions to capitalise on opportunities in real estate development…

SMEs warned of increased risk of targeted scams

13th January 2022 Commercial Credit Management | #business fraud

UK Finance is warning UK small and medium-sized enterprises (SMEs) to be alert for scams targeting their companies. As many businesses start the new year with people working from home, fraudsters will try to take advantage of opportunities to steal money where firms might be working outside of their normal processes. Criminals often attempt to impersonate a chief executive, senior manager, or supplier to try and convince staff to make an urgent payment…

Money worries top concerns of small business workers

13th January 2022 Commercial Collections and Recoveries | #financial wellness

As Blue Monday approaches on 17th January 2022, a new survey of the employees of the UK’s small businesses by Purbeck Personal Guarantee Insurance has found that 25% feel more stressed and anxious than prior to the pandemic, 18% feel isolated, 18% are not sleeping well and 16% feel more depressed. More people (20%) feel worried…

Late payments still afflicting businesses: why debt recovery should be taken seriously

13th January 2022 Industry opinion |

Recent research by trade credit insurer Atradius reported by Credit-Connect in December (‘Businesses Write Off £8 in Every £100 as Uncollectable’) suggested that as much as 44% of the total value of UK B2B sales were reported as ‘overdue’ in 2021 with a further eight percent written off entirely as ‘uncollectable’. That so many businesses…

Business insolvencies predicted to rise 33%

13th January 2022 Business | #business insolvencies

Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…

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