Credit, Collections & Insolvency News
We live in the information age, where the speed we have become accustomed to exchanging data has accelerated hugely. Consider how people are now absorbing breaking news stories – within seconds of an occurrence in any corner of the globe, we can read about what’s happened on Twitter. It’s disappointing that while we can get…
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It’s not a natural fit for some businesses to see their credit controllers as positive customer ambassadors. Mostly associated with attributes such as tenacity and persistence, these teams are seen as the people to keep the cash flow moving no matter what. However, this is an outdated perception. Now, more than ever, credit controllers must…
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With quite a fanfare, the European Union has announced that is has found money to help member states tackle EU budget fraud. The new EU Anti-Fraud Programme will provide €181m to support the fight against fraud, corruption and financial irregularities in member states. The programme intends to tackle fraud, corruption and other irregularities by providing…
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A year and half on from the EU referendum, and one year away from the date set for the UK’s departure from the EU, there are already plenty of suggestions with whom Britain should sign future trade agreements. From fast-growing economies such as those of Malaysia and Bangladesh, to established trading partners such as Japan and…
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On 31st May the FCA published its High-Cost Credit Review. The cautious approach that the FCA has set out was welcomed by the CCTA. However, we recognise that despite ongoing reform of the consumer credit market since 2001, it remains clear that a ‘one size fits all approach’ for the high-cost short-term credit market will…
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Some people in my sphere hold the opinion that I must be barking mad to work in the area of financial services that I do. Or even in financial services at all. In fairness it’s an apt description given that credit controllers are often referred to as Rottweilers! Yet, stepping away from the association with…
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The summer months can represent a difficult time for companies’ cash flow.Internally, resource can become stretched as staff disappear on summer holidays and take time off to look after their children during the school break. And particularly during good weather and high-profile sporting events (the World Cup will surely grip the nation), the temptation is…
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The mispricing of risk in consumer credit is a threat to all lenders, particularly those that lack flexibility. Years of low interest rates and fierce competition in the UK credit market has created a price war. Lenders are using cheaper loan products with wider consumer appeal to retain existing customers and capture new market share.…
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When the Treasury announced that £5.67 million of funding will be provided to Britain’s Illegal Money Lending Teams (IMLT) and bodies in Northern Ireland to tackle illegal lending, this was of course met with a welcome response, representing a 16% increase compared to the previous year. This sum will be used to crack down on…
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We can all agree I’m sure that getting paid late is frustrating. Why then do we often take so long to do anything about it? According to a BACS survey, late payment is costing smaller businesses more than £2 billion a year. And that’s only the costs you can measure in monetary terms. Yet intangible costs…
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If you were an SME rejected for bank funding 15 years ago, could you have imagined a world where that wasn’t your only option? Whether you’re after more of it, want to spend it in different ways, or just want to manage it better, the 2008 crash opened up more opportunities than ever when it…
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Since it was introduced in the latter half of the twentieth century, there’s been a sense – until recently – that Artificial Intelligence (AI) has not quite lived up to its own hype. That’s changed in the last few years as advances in processing power, modelling techniques and a proliferation of data have transformed the…
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I launched the Credit & Collections Technology Awards in 2017 to highlight the success of technological innovation within the UK credit and collections industry. Over the years, I have attended many conferences which have discussed the theme of technology and customer outcomes during the day but not celebrated the achievements of such at the dinners…
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