Unlocking a credit market that’s been hiding in plain sight

22nd June 2022 Industry opinion |

We are living through a complicated economic time. Here in the UK, with Brexit and the pandemic still fresh in our memories, we are acclimatising to a new reality of record inflation, rising interest rates, geopolitical unrest and an affordability crunch. Regardless, these challenges aren’t impacting the number of people moving to the UK to…

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Lenders are ready

22nd June 2022 Industry opinion |

Unlike previous times of economic uncertainty, most providers of finance are well prepared for the impact of higher interest rates and cost-of-living increases When I wrote about rising inflation six months ago, little did I know that my prediction would appear to be somewhat on the low side. At the time, I saw prices rising…

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Collections innovation with your team

8th June 2022 Industry opinion |

How do we develop innovation in collections?  Most importantly, how do we capture it, and put it into operation? This should be the question for forward-thinking collections professionals. Sometimes it’s difficult to lift your head up from business as usual, but innovation in collections is essential to ensure continuous improvement.  In my experience of over…

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Surprise fall in average utility spend highlights consumers spending choice challenge

8th June 2022 Industry opinion |

With prices across the board rising at their fastest rate in 40 years, the challenge for UK consumers to stay on top of their money is forcing many to have to make difficult choices with their spending priorities. As the UK inflation rate reached 9.0% in the twelve months to April 2022, the highest estimated level since…

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HM Treasury consultation on Statutory Debt Repayment Plans – the DEMSA view

26th May 2022 Industry opinion |

On Friday 13th May 2022, HM Treasury (HMT) published their latest consultation around Statutory Debt Repayment Plans (SDRPs), building on their response from June 2019 that followed the October 2018 consultation and 2017 government manifesto commitment. This heralded the introduction of the Debt Respite Scheme in May 2021, probably better known as ‘Breathing Space’.  …

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Silver linings in a post pandemic world

18th May 2022 Industry opinion |

The Covid pandemic was by and large a catastrophe for many SMEs (small & medium-sized enterprises), with business owners seeing trading suffer due to restrictions, financial uncertainty, and major changes to consumer behaviour.  Yet amid all the difficulties, I have seen some silver linings. I see directors, lenders, suppliers, and landlords taking a more holistic…

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Low unemployment rare bright spot in cost of living crisis

13th May 2022 Industry opinion |

While prices continue to rise at concerning levels and the cost of living crisis sees more people struggling with their everyday money, one small bright spot can be seen in the ongoing low rates of unemployment. The cost of living crisis continues to dominate the economic agenda, with the human impact beginning to emerge, however,…

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Is debt advice delivering value for everyone?

5th May 2022 Industry opinion |

Anyone with an interest in debt advice and its funding, will have watched, with interest, the battle being waged over the allocation of funds in England. At issue is how much is allocated to which types of advice and a coterie of concerns with reporting and targets. There’s no doubt that the coming months (and…

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HMRC reduces its overall debt balance, as new debt continues to rise

20th April 2022 Industry opinion |

Following the accumulation of record levels of overdue debt as the result of the Covid-19 pandemic, Her Majesty’s Revenue and Customs (HMRC) has successfully reduced the overdue debt balance to £39.4 billion (bn) as at December 2021, a reduction of £18.1bn from the March 2021 year-end results that Kroll reported in November. However, the underlying…

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Supporting SMEs during the cost of living crisis

20th April 2022 Industry opinion |

It is increasingly clear that the cost of living crisis will have a seismic effect not only on individual households but many businesses. With inflation at a thirty-year high and skyrocketing energy prices, SMEs face a new threat to their futures. The fact that this is occurring so shortly after coronavirus makes matters worse. Those…

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Fraud’s impact on collections and recoveries

14th April 2022 Industry opinion |

It seems that hardly a day passes without another frightening statistic appearing in the press detailing fraud losses by government, individuals or businesses. The scale of the problem (and the inadequacy of the resources devoted to combatting it) is routinely described as mind-boggling, staggering and a host of similar adjectives.  Fraud is clearly not going…

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A smart response to a perfect storm

13th April 2022 Industry opinion |

At the start of the pandemic, we feared the worst. We expected to see increased levels of default from high-income earners with perfect credit. We assumed that some would lose their jobs and run out of savings. We also rightly assumed that levels of debt amongst those who are unable to withstand one adverse financial…

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UK turns to credit and debt to manage cost of living crisis

31st March 2022 Industry opinion |

Facing the sharpest decline in living standards since records began, people in the UK are already leaning into credit and debt to meet the everyday challenges of the cost of living crisis. As the UK’s households grapple with multiple sharply rising prices, many will find themselves defaulting to greater reliance on credit and increased indebtedness.…

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