14th April 2022 - Credit Connect

Fraud’s impact on collections and recoveries

14th April 2022 Industry opinion |

It seems that hardly a day passes without another frightening statistic appearing in the press detailing fraud losses by government, individuals or businesses. The scale of the problem (and the inadequacy of the resources devoted to combatting it) is routinely described as mind-boggling, staggering and a host of similar adjectives. Fraud is clearly not going…

Cost of living crisis starts with cost of doing business crisis as input prices rise at record rate

14th April 2022 Commercial Credit Management | #cost of living

Latest ONS updates have highlighted that input price inflation for businesses has surpassed 19% reaching its highest point on record with the consumer prices index also hitting 7%. Commenting on the rise Federation of Small Businesses (FSB) National Chair Martin McTague, said “It’s been decades since we’ve seen input costs surging at this kind of unmanageable rate.” “The discrepancy…

Car loan applications increase despite surging costs

14th April 2022 Consumer Lending | #car loans

New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…

Households suffer as inflation hits 30 year high

14th April 2022 Global | #inflation

Office for National Statistics (ONS) data shows that inflation hit a 30-year high of 7% in March. The increase marks the highest level of inflation since the 7.1% rate recorded in March 1992. Inflation increased from the 6.2% seen in February and also came in higher than the 6.7% expected by analysts. The increase does…

Demand for lending on loans and credit cards rises

14th April 2022 Consumer Lending | #credit cards #loans

The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…

Under 35s face higher risk of impersonation scams

14th April 2022 Consumer Lending |

People under 35 are more likely than older age groups to have been targeted in an impersonation scam and be swayed to provide personal or financial information, according to a new survey by UK Finance. An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams…

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