Credit, Collections & Insolvency News
Read this if your business is under significant pressure. HMRC and utilities firms have told their panels to stop collecting. The FCA has told banks and lenders to freeze repayments and fees. Collection firms have been forced to lay off staff. Genuine and, unfortunately, fraudulent claims of financial vulnerability are increasing. This challenging situation is…
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The global economy is entering an unprecedented era with mass disruption and far-reaching financial implications for individuals and businesses. The health of the UK economy is dependent on the financial sector to react quickly, proportionally and fairly to help those significantly impacted through this period. As lenders prepare to deploy measures to support individuals and…
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Fraud attempts against lenders have been around for as long as there have been lenders. Disappearing with a loan, or pledging assets that aren’t quite what they seem, have been risks to banks since lines of credit were invented. Frauds against invoice finance lenders can be equally unsophisticated, yet lenders continue to take losses. With…
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The Government has ordered a host of high street small businesses – including cafes, bars, restaurants, cinemas and gyms – to close. The Chancellor has also unveiled fresh measures to support small firms and employees impacted by coronavirus-linked disruption, which includes: Launch of a coronavirus job retention scheme, allowing any employer the opportunity to apply…
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Persistent debt has been on the radar of UK banks and lenders for some time now and they’ve been busy putting new processes in place to help the millions of customers considered to be in this predicament. Many financial institutions are affected by the persistent debt initiative and it’s fair to say the major UK…
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The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…
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Reports that Goldman Sachs backed Neyber have called in the administrators may come as a shock to many, but I can’t say that I’m surprised. I am surprised that it’s happened so quickly, but the development does give me hope. Neyber talks a good game, has a decent website, and marketed heavily. Attending many employee benefits…
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Last week I shared via LinkedIn a Credit Connect report on the Financial Conduct Authority’s (FCA) actions to force a car dealer, Rix Motor Company, to improve its financial promotions. My comment was focused on the quote the FCA had provided to the press. Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, had…
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More products are needed to accelerate the motor finance sector towards providing a spectrum of options that meet the needs of customers at all points of the market. Really, what we have done at Startline is add near prime options to a motor finance sector that consisted almost entirely of prime and non-prime lending. It’s…
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Now is the time to assess budgets and plans for the future. With regulatory pressures lessening, this year is the year of growth. Here’s one of our top predictions. This year, we anticipate a surge in the number of lenders adopting modern Machine Learning techniques to produce the powerful credit scores they crave. Why now?…
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When it was suggested in the late 1980’s that telephone collections for serious debt would be a far more effective method of recovery from every prospective the response was ‘our customers will never respond to telephone collections’ – can’t be done. BACs, power diallers, pay by card, web portals – all met with the same…
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The first point to make is that at whatever stage of the journey your customer has reached within your organisation, they must remain first and foremost a consumer who is provided with clear information and kept appropriately informed, to paraphrase the Financial Conduct Authority’s (FCA) Principle 6. It has always been important to treat customers fairly,…
Read moreEmbracing FCA regulation to ensure the fair treatment of customers consistently can create a good customer outcome and a good dealer outcome at the same time. To ensure dealers create the fair outcomes sought by the FCA, it will be essential that dealers consider how best to meet customers’ needs throughout their car financing journey.…
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