13th April 2022 - Credit Connect

Lowell to acquire Hoist Finance

13th April 2022 Arrears and Recoveries | #debt sale merger

European credit management services provider, Lowell has announced that will acquire Hoist Finance. The transaction includes the operations of Hoist Finance UK and its entire unsecured non-performing loan portfolio, comprising of over 2 million consumer accounts, almost exclusively in the credit card and personal loan sector. The transaction includes the operations of Hoist Finance UK…

Households buckling under the strain of rising costs

13th April 2022 Arrears and Recoveries |

The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 7 percent in the twelve months to March, up from 6.2 percent in February. Recent research from the Money Advice Trust on the impact of rising costs on households, found that one in seven (an…

Household savings fall by 71% as living costs soar

13th April 2022 Arrears and Recoveries | #bills

Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save. A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80…

Households face pay squeeze deepens despite unemployment figures fall

13th April 2022 Arrears and Recoveries | #employment wages

Real average weekly pay packets fell by 1.3 per cent in February, with a far deeper squeeze coming in the months ahead, despite the jobs market continuing to tighten and last year’s furlough flattering the headline pay data, the Resolution Foundation says in response to the latest ONS labour market statistics. The UK jobs market…

State pensioners struggling to cope with huge rises in energy and food bills

13th April 2022 Consumer Collections | #cost of living

The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…

Developing countries facing triple crisis

13th April 2022 Commercial Collections and Recoveries | #business debt

An economic research report by Atradius has found that many developing countries are facing a triple crisis in 2022 with the impact of the pandemic is being felt across the globe, particularly in small island economies which have historically been heavily reliant on tourism. Existing debt vulnerabilities were only aggravated by the pandemic. With global…

A smart response to a perfect storm

13th April 2022 Industry opinion |

At the start of the pandemic, we feared the worst. We expected to see increased levels of default from high-income earners with perfect credit. We assumed that some would lose their jobs and run out of savings. We also rightly assumed that levels of debt amongst those who are unable to withstand one adverse financial…

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