31st March 2022 - Credit Connect

Provident Financial outperforms expectations in latest results

31st March 2022 Alternative Consumer Lending |

Provident Financial has reported pre-tax profits that are marginally ahead of market expectations as it continues to reposition and rebuild the business. The business generated adjusted pre-tax profits of £64.8 million, compared with a £54.6 million loss in 2020. Malcolm Le May, Chief Executive Officer, said “I am pleased to report that the Group’s financial…

Soaring cost of living cited by half million as key debt driver

31st March 2022 Consumer Collections | #cost of living

The soaring cost of living is cited by over a half a million people as a key driver for personal debt, new analysis from Citizens Advice Scotland (CAS) has revealed. Analysis by the charity of polling undertaken by YouGov found that 52 per cent of Scottish adults in debt or at risk of debt since…

Affordability an issue as cost of living continues to climb

31st March 2022 Arrears and Recoveries | #cost of living

Latest ONS figures have highlighted the impact of increased cost of living with adults not being able to afford an unexpected expenses. The figures showed that over 8 in 10 (83%) adults reported an increase in their cost of living in March 2022 compared with around 6 in 10 (62%) adults in November 2021. Early…

Euler Hermes rebrands to Allianz Trade

31st March 2022 Commercial Credit Management |

Euler Hermes has announced that it has rebranded and will now be known as Allianz Trade Trade credit insurance specialist Euler Hermes says that the rebrand is part of a natural move having been fully part of the Allianz Group since 2018. Clarisse Kopff, CEO of Allianz Trade said “We are now Allianz Trade. What does…

Call to support people in secondary mental health care through the cost of living crisis

31st March 2022 Consumer Collections | #mental health and vulnerability

The Money and Money Health Policy Institute is calling on the Government to step up efforts to prevent financial harm for people receiving secondary mental health care. A new report shows that the annual average income of people with severe mental health problems is £6,500 lower than the wider population, due to factors such as…

UK turns to credit and debt to manage cost of living crisis

31st March 2022 Industry opinion |

Facing the sharpest decline in living standards since records began, people in the UK are already leaning into credit and debt to meet the everyday challenges of the cost of living crisis. As the UK’s households grapple with multiple sharply rising prices, many will find themselves defaulting to greater reliance on credit and increased indebtedness.…

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