Credit, Collections & Insolvency News
Repossessing a vehicle is always the option of last resort. But when all other attempts to rehabilitate an account have failed, this is often the only remaining course of action left for lenders to mitigate their loss. It is the lender’s legal responsibility to ensure all vehicle and asset repossessions comply with both the Financial…
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Ask anyone outside of the risk community which sort of companies fraudsters are most likely to target and they will invariably tell you banking or other financial providers. However, this would be an oversimplification of a growing problem and ignores the increasing burden being placed on utility companies as fraudsters become ever more sophisticated. A…
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Open Banking has not exactly been welcomed with open arms by the general public. A 2018 survey by PwC revealed that many consumers would rather share their medical information than the details of their banking transactions or bank balances. So it seems somewhat counter-intuitive to propose it might have a role to play in collections when, at…
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Since their inception in 1986 the number of IVA’s approved by creditors has steadily increased year on year, (allowing for declines in 2008 and 2015), with 2018 projected to be yet another record-breaking year. The introduction of the IVA Protocol in 2008 gave IVA’s more credibility. The protocol followed working party consultation headed up The…
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One major cause of headaches, for both businesses and individuals, is when customers, clients, or others refuse to pay money they owe. Despite letters and phone calls they may fail to meet their financial obligations and can leave their creditors feeling frustrated and out of pocket. For many small businesses, this can make the difference…
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There’s no doubt that maintaining a continuous cash flow when running an SME is incredibly hard. Between recruitment and staff retention, financial outgoings and ensuring the bills are paid on time, chasing unpaid invoices can often seem like a job that can wait for tomorrow. Whilst many suppliers and clients will pay without a quibble, some…
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Machine Learning (ML) is a branch of the more commonly understood field of Artificial Intelligence (AI), the subject of many Hollywood dystopian ‘rise-of-the-machines’ style movies. In essence, Artificial Intelligence attempts to mimic human intelligence or behaviours. Machine Learning attempts to analyse and associate patterns of behaviour in diverse data sets to support data-driven decision making…
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This year, on 1st November, the CCTA will hold its National Conference at The Belfry, Nottingham. This is an opportune time for us to reflect over the last 10 years and the pace of change in several component arenas that impact on our great Industry, and the changes in the wider landscape that will affect…
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Britain’s high streets, historically the backbone of our economy, are in trouble – you only have to open a newspaper or switch on the news to be faced with this fact. Retail stalwarts including Mothercare, M&S and Homebase have been hitting the headlines for all the wrong reasons, as they struggle to keep consumers interested.…
Read moreThe 15th September marked the 10th anniversary of the collapse of Lehman Brothers, the largest bankruptcy filing in history. It marked the point at which failures in the US mortgage markets developed into a full-blown international banking crisis. Arguably, this event has come to define the Financial Crisis, the effects of which are still being…
Read moreThis month the Office of National Statistics (ONS) published their figures on the UK employment and labour market. Three of the key observations from this latest update are: Unemployment is down and stands at 4.0%, the lowest since Q4 1974. Job vacancies are at a new time record high of 736,000. Wage growth for the…
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If we were to believe the national press coverage of the Wonga collapse, it would seem that the payday loans industry is in terminal decline. All the urban myths of the Financial Conduct Authority’s payday regulation are coming out again: That hundreds of firms left the industry when the FCA’s high cost short term credit…
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For the past twenty or so years, businesses have shifted their funding strategy from equity to debt, not just for growing their business but as a way for shareholders to extract profits and reduce the amount of cash tied up. Some might regard this as efficient, but it may not be prudent and give a…
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