In the past six months, there has been a slew of reports calling for a fundamental change to public sector – and particularly council – collections. From the Treasury Select Committee to Citizens Advice and the Money Advice Service, the message is that the public sector needs to alter its approach. The disparity between the…

Here are some numbersthat should cause every debt collection agency to sit up and take notice: 60% of borrowers are failing to catch up on their repayments; 3.8 million households in the United Kingdom will be in default by 2022, a 9% increase from 2017; 51% of credit cards aren’t being paid off in full.…

January 2018 saw the arrival of Open Banking, landmark legislation that hands ownership of financial account information and data from the bank or building society to the customer. One year into what was heralded as the start of a revolution in financial services, slow implementation by banks and building societies has prompted criticism that the…

With one in 14 adults now reporting being in problem debt*, Emma Gibbons, Vulnerable Client Manager at free debt advice provider, PayPlan, explains how the industry can tailor its approach to identify and support vulnerable clients.  The Guardian recently reported that people in debt are three times more likely than the general population to have…

Personal insolvencies may have reached their peak, but addressing the stigma of debt is vital to achieve better outcomes for consumers. Debt is at record levels with personal credit now exceeding £215 billion or £4,100 for every adult in the UK. However, having reached unprecedented levels in 2018, we believe the growth in personal insolvency…

For businesses, up and down the country, Christmas is one of the most hectic periods. Product and service demand can double or triple, leaving many in a lucrative position in the new year. However, not all business owners have a positive experience of the festive season. Christmas can be challenging for a number of reasons,…

The original protocol was cobbled together in a rush by the Supreme Court Rules Committee under pressure from consumer groups to do something about heavy-handed tactics on the part of debt purchase companies, particularly in the world of energy and mobile phone debts.  There was no consultation with the credit industry and, as a result,…

Although the ongoing Brexit updates mean the announcement went under the radar, last month saw both Houses of Parliament agree to pass legislation that will put an end to Bans on Assignment.  I’m sure you’ll agree that this is great news that many of your clients will see as a positive development. Why are Bans…

On 6tn December 2018, the Solicitors Regulation Authority introduced new rulings of pricing transparency for certain services, including debt recovery, for any values under £100,000. ‘Debt recovery’ is a very broad term and an extremely crowded market, with suppliers offering various levels of competency, service, approach and success. Some firms are more suited to handling…

An increasing challenge for major lenders is how to ensure satisfactory governance and oversight of outsourced arrears management suppliers. This is in the context of where the regulatory burden is ever increasing but investment in internal processes and resources – especially in supplier management – may be going backwards. Super-suppliers Increasingly, the solution to this…

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