Credit, collections & insolvency news
The role lenders play in enabling small and medium-sized enterprises (SMEs) to achieve their potential cannot be overstated. Without their timely and strategic injections of capital, companies would neither be able to get off the ground nor have the necessary funding to grow, expand and invest. Moreover, with KYC requirements and covenants, lenders play an…
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CCJs hit a record high in 2019, but the average value has almost halved since 2010, reaching a record low in 2017. Every region in the UK saw a higher percentage increase in CCJs under £500 than over £500. London and the South had the largest increase in the number of CCJs since 2010. The…
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Recent reports have highlighted the social dilemma that we face as an outcome of the Covid-19 pandemic. Our social justice system requires that every citizen makes their contribution to society by paying their taxes and abiding by common law. The economic impact of the pandemic has created huge shortfalls in local government budgets and exacerbated…
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In the FCA, in their own words: “The fair treatment of customers should be at the heart of your business and you should be able to demonstrate this….Treating customers fairly is a requirement for all regulated firms, no matter their size or the nature of the activities they undertake…Firms need to consider the fair treatment…
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Those operating in the collections industry have typically approached consumers who either won’t pay—which may include those in dispute—or those who can’t pay due to a change of circumstances and have fallen into financial hardship. The length of time it will take to cure the account will depend upon the cause, and now of course,…
Read moreIn recent years, the global marketplace has undergone an unprecedented transformation. Political reform, economic growth and digital innovation have empowered consumers as never before, with modern, digital age consumers not only having the power to influence what they buy, but also what others buy. This rise in the power of the consumers and their expectations…
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With millions of outstanding in tax revenues and unpaid debts, local authorities and central government agencies are evaluating how they recoup their losses. Around six million people across the UK have found themselves with bills they cannot pay as a result of the Covid-19 pandemic. This figure, from Citizens Advice, was taken from a survey…
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The collection industry is facing challenges and changes both now and in the future. Current challenges are a change in practices such as; Remote workers – managing agents remotely, keeping them engaged and motivated and providing infrastructure so they can undertake their roles successfully and completely A changing customer base – dealing with customers who…
Read moreUnlike other financial areas, such as taking out a loan, where customers have high intrinsic motivation to complete the process, paying an overdue debt is the last thing people struggling financially want to do. Due to the financial crisis brought about by the COVID-19 pandemic, increasing numbers of consumers are struggling with debt. For collections…
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HM Government has confirmed the new statutory Breathing Space scheme is to come into effect on 4th May 2021. To simplify, a consumer with multiple debt problems can consult an FCA registered Debt Advisor who will gather from the consumer details of their debts and verify that information. The consumer’s details are then placed on…
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The financial outlook for many people in Britain is looking very different to what it looked like six months ago. Existing job roles are under threat as employers assess what they need as business interruption loans come to an end. Furthermore, government figures reveal companies froze hiring from April to June 2020, with the number…
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The COVID crisis has had a profound impact on the credit market with many lenders withdrawing products or tightening risk policy on those that remain. Now that lockdown restrictions are easing and demand for credit returns, there is a real opportunity for product diversification and disruption within the Financial Services sector. Those organisations that make…
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According to the headlines, shoppers flooded back to the high streets of England when non-essential stores reopened on 15 June. In that week, queues stretched around the block for the most popular stores, and footfall was up 45% on the previous week. Is this good news for retail? Not entirely. When compared to the same…
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