Credit, Collections & Insolvency News
Across Europe, the lockdown is coming to an end. After weeks of suspended economic activity and millions of people working from home, economic activity is beginning to restart. In parallel, we will now be able to assess what lasting change will emerge from this period. Our guess is that, in the near term, it might…
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We’ve never faced a situation that has required transition to distance Collection management with agents working from home. Although most of us have lived through financial crises before and know that we need to start planning for the future, we’re now in uncharted waters as to what to expect. While outmoded collection systems can create…
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In terms of technology adoption, it is widely acknowledged that the mortgage market lags behind the consumer credit sector. The COVID-19 pandemic in particular has highlighted the need for lenders to boost their automation capabilities to enable better digital services for customers, enhance their risk management capabilities and streamline their operations to aid recovery. As…
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The term zombie is one normally associated with that of big budget TV programmes, bolstering Hollywood stars and a lot of extremely talented make-up artists and special FX. The overall aim of which is to convince you, the viewer, that the dead are truly walking amongst the living. In 2020 however, it may well be…
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COVID-19 has been tough for the dealer community, but looking at things optimistically, it can be the catalyst for positive change. It is time for dealers to seize the initiative, re-engineer their businesses and get closer to customers. Radically cutting out the middle-people in the car distribution chain that has added friction and cost to…
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The new coronavirus 19 (COVID-19) pandemic has led to major disruption to business activities, leaving thousands of small and medium enterprises (SMEs) facing a challenging and uncertain time. As part of its efforts to support UK SMEs, the Government has launched the Coronavirus Business Interruption Loan Scheme (CBILS) to provide financial support to businesses with…
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Consumers are becoming more empowered when it comes to their financial future thanks to myriad factors. From open banking, where bank account information is shared with an approved third party (with your consent), to new challenger banks offering consumer-orientated solutions designed to solve real pain-points, the landscape is changing rapidly. Never before have we seen…
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Over the last couple of years the average debt per household has spiralled. Alongside this we’ve seen the industry grapple with some pretty weighty issues like affordability and responsible credit. The coronavirus looks set to stress test how successful the credit industry has been in tackling these issues. It’s now clear that the outbreak of…
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The world is facing a major economic crisis as a result of the COVID-19 pandemic and many businesses and individuals will inevitably face the prospect of becoming insolvent. When a person or a business becomes insolvent their creditors will hope to recover any debts owed to them via the traditional insolvency process. However, with an…
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March 2020’s Money Statistics, produced by The Money Charity, are released from a place significantly different to anything the majority of us will ever have witnessed before, and almost certainly unlike any previous period for which this report has existed. Life has changed very quickly for the whole of the UK, leaving most of us…
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The standard arguments in favour of Point of Sale (POS) retail finance are familiar: Higher sales and bigger purchases. New research suggests, however, that retailers may not be quite as sold on the concept as many assume. Zero per cent solutions come at a cost for retailers, while for some retailers POS finance can itself…
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So far it has been extremely difficult for SMEs to access the Covid-19 Business Interruption Loan, which involves the Government covering interest and charges for the first year and backing up 80% of the loan. High-street banks have been, instead, directing SMEs to more expensive products and requiring personal guarantees and interest rates up to…
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As we enter what is likely to be an extended period of social isolation, many of us will be challenged to remain positive while we work through periods of illness, adapting to new ways of working, and new daily routines. The nature of social media and uninterrupted access to news also puts us at risk…
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