Credit, Collections & Insolvency News
The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
Read more
New research released by the Financial Capability Lab has showcases some innovative ideas aimed at tackling everyday money challenges. The Financial Capability Lab – a partnership between the Money Advice Service (MAS) and the Behavioural Insights Team (BIT)– was launched to develop new solutions to help people make the most of their money. Working with…
Read moreSince it was introduced in the latter half of the twentieth century, there’s been a sense – until recently – that Artificial Intelligence (AI) has not quite lived up to its own hype. That’s changed in the last few years as advances in processing power, modelling techniques and a proliferation of data have transformed the…
Read more
I launched the Credit & Collections Technology Awards in 2017 to highlight the success of technological innovation within the UK credit and collections industry. Over the years, I have attended many conferences which have discussed the theme of technology and customer outcomes during the day but not celebrated the achievements of such at the dinners…
Read moreUK Finance’s latest Mortgage Arrears and Possessions Update for the first quarter of 2018 reveals that: There were 78,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 8 per cent fewer than in the same quarter of the previous year and the lowest…
Read more
Debt Purchaser, Arrow Global has announced its latest company results (for the three months ended 31 March 2018). Commenting on the results Lee Rochford, Group Chief Executive Officer, said “The power of our differentiated model has meant that we have had another strong start to the year. Our sophisticated approach to capital investment and asset management, underpinned…
Read more
Debt charity, StepChange has revealed thousands are struggling with problem debt in Scotland. Drawing on client data from January to December 2017 titled Scotland in the Red the report reveals that: Record numbers are contacting StepChange for help in Scotland; nearly 20,000 people sought debt help in 2017. Those seeking help have seen a real-terms decrease in…
Read more
Data sharing has had a fair amount of negative press recently with the Facebook/Cambridge Analytica case. Often consumers are sceptical when asked to share their data with an organisation. In finance and utilities, data sharing certainly has its challenges, but it also has advantages for the consumer that stretch well beyond any simple transaction. If…
Read more