About

News & Articles

Inflation and Debt Collection

Businesses looking to thrive in the Economic Climate

The Economy is most definitely being challenged this year, which ultimately leads to having effects on the debt collection industry.

With the UK on the brink of being pushed into a recession in a bid to ease inflation, collections departments need to ensure they’re offering the support and guidance they can at such worrying times for many consumers whilst maintaining their strong client relationships.

mpany, get in touch with our experienced debt collection team. CLI is a member of the CSA.

I

1 in 7 behind on household bills

I

1 in 5 are unprepared for rising costs

I

1 in 5 are unprepared for rising costs

I

Inflation is the highest since 1990s

I

Interest rates are the highest since 2009

I

2021 saw half a million consumers seeking debt advice from StepChange Debt Charity

I

Energy prices soaring with another planned rise in October.

Whilst the government have recently advised there will now be a smaller rise as they step in to help the nation, this will still continue to have an impact on most households. This intervention was announced recently and more will likely be known in due course.

It is vital collection teams signpost their vulnerable customers to support and understanding the debt respite schemes in place.

2022 has so far been a very challenging year for many, with the main focus on energy and fuel prices. Not forgetting those on variable mortgages unable to fix to better deals, or those swamped in consumer debt seeing their interest increasing drastically each month.

I am proud to work in an industry that has faced so many challenges over the last 3 years, from new legislations due to a global pandemic to regulators putting in frameworks to ease pressures on consumers. Collectors skills have been developed and enhanced at a fast rate with key emphasis on empathy & guidance.

Credit Limits International Ltd have a highly skilled collections department, ensuring the expectations of both client and customer are met.

We all have a role to play, but for once, I think many of us can actually relate to the many phone calls we receive.

If you are interested in finding out more about how a modern debt recovery company works, or you are struggling with late payment issues affecting your company, get in touch with our experienced debt collection team. CLI is a member of the CSA.

Why Choose Us

30 Years experience delivering successful debt collection solutions to businesses

Years Experience

Business Clients

recovered /YEAR

COUNTRIES SERVICED

under management

csa logo cicm logo