24th May 2022 - Credit Connect

One in five people in Scotland running out of money before payday

24th May 2022 Arrears and Recoveries | #debt

One in five people in Scotland are running out of money before payday, new polling for Citizens Advice Scotland (CAS) by YouGov has revealed. The polling shows 9 per cent of people always run out of money before pay day – defined as wages as well as pensions and benefit payments. A further 11 per…

Credit Unions membership rises to record levels

24th May 2022 Alternative Consumer Lending | #credit unions

Membership of Credit Unions has risen to an all-time high, with these financial institutions lending more money than ever as the cost-of-living crisis worsens. The Bank of England’s latest data shows that over 1.9 million people in the UK are now members of a Credit Union. Borrowing from Credit Unions is particularly common in Northern…

Amigo Loans granted court approval to pay compensation

24th May 2022 Alternative Consumer Lending |

Amigo Loans has been granted court approval to pay compensation to past customers’ mis-sold loans and a chance to stay in business and resume lending. The High Court approved a new scheme that will see the sub-prime lender pay a higher proportion of the value of claims to customers than previously proposed. Commenting on the…

Rising costs undermine efforts to cutback household finances

24th May 2022 Consumer Collections | #consumer spending

Consumer spending stalled in April in the first sign that the cost of living is starting to hit the pockets of the average household, according to Nationwide Building Society’s latest Spending Report. As households appear to be starting to reduce spend, the rising costs of goods and services threatens to undermine their efforts, the data…

Perch Group completes management buy-out

24th May 2022 Arrears and Recoveries |

Perch Group has announced it has completed of a management buy-out (MBO) and the creation of a significant new committed facility provided by Quilam Capital. The MBO will see the incumbent management team comprising Craig Hinchliffe, Andrew Bartle, Gary Edwards, Max Houghton, Simon Unsworth, and Quilam Capital, take control of the fast growing digital led…

Over a quarter of businesses see late payment delays increase

24th May 2022 Commercial Collections and Recoveries | #featured #late payment

Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…

Global supply chain issues could drive business insolvency rises

24th May 2022 Commercial Credit Management | #global insolvencies

The global economy remains challenged by supply chain issues and high energy prices, with the Russia-Ukraine conflict further increasing commodity prices and inflation, according to new a report by Atradius. The report highlights that global recovery from the impact of the pandemic has been thwarted by the Russia-Ukraine conflict, which is having a negative impact…

Water bill affordability concerns highlighted in report

24th May 2022 Arrears and Recoveries | #water bills

A new white paper from industry body Water UK has highlighted the concerns around water bull affordability. The report sets out the sector’s vision for an improved water system in England by 2050. With water companies facing unprecedented challenges over the next three decades, the sector is calling for urgent action to avoid future generations…

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