Credit, Collections & Insolvency News
The new rules came into force on 6 April 2017 to achieve the following: incorporate various changes in the law which are intended to reduce the burden of red tape; consolidate the existing rules into one single set of rules; modernise the rules by updating the structure and simplifying the language used. What has changed?…
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The New Year is a good opportunity to analyse your credit management performance to highlight your strengths and weaknesses. Look back on last year and see if you can identify areas that should be adapted to improve your performance in the year ahead. We think there are certain credit control practices that all businesses would be better…
Read moreAmid current fascination with driverless cars, it’s worth considering how far we are from a driverless credit process, as it were – what do algorithms and AI have to offer, and what still requires human consideration? Algorithmic and manual lending processes have distinctive and often complementary characteristics. At ThinCats, we believe both are necessary to…
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Carillion Plc, giant in the construction industry, have now entered compulsory liquidation. So, what went wrong for Carillion, and why does it matter? The firm have been in trouble for some time, but many smaller suppliers are now facing the deficit in millions of pounds of debt that they Carillion have left unpaid. A few…
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Could it be that your KPI’s are negatively impacting on your cash collection performance? One of my biggest gripes about credit is that in most companies the reporting line is directly into Finance and there are times when the clever heads of Finance show how little they understand the function by the stupid KPI’s they…
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This week we turned in our submission to the Treasury’s call for evidence on breathing space – a subject our policy manager Meg van Rooyen has written about on this blog previously, having been closely involved in developing this idea with colleagues in the advice sector over the last few years. As an idea, breathing…
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As we start a New Year, the obvious thing to do would be to reflect on the past year in the debt collection industry, and look ahead to what we expect to see and be doing this year, 2018. But this time around, I want to go bigger picture than that. John Ricketts, CSA President,…
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The collections industry is built on people. People who pick up the phone, listen to customers and work with them to find a way to meet their financial obligations. People who let the most vulnerable borrowers tell them their story. People who convey that a debt is more than just a number on a spreadsheet.…
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There are not many businesses who haven’t heard of the data protection changes due on 25th May 2018! The General Data Protection Regulation (GDPR) (2016/679) brings data protection legislation into the 21st century digital age, enforcing a risk-based approach on those processing personal data. With stronger rights for data subjects and tighter controls in areas…
Read moreJust a few days in to the new year and the Society of Motor Manufacturers and Traders (SMMT) has confirmed what many of us suspected. Car sales fell for the first time in six years during 2017, with demand for diesel cars plunging by almost a fifth. In total, there were about 2.5 million cars…
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As we set out on our journey to discover what 2018 is going to bring, I would like to give you some of my ideas on how to improve your management of credit in the coming year. Technology has impacted every aspect of our lives, from the domination of the smart phone to electronic banking,…
Read moreIt might be well known that the likelihood of recovering an invoice in full diminishes rapidly the longer it remains overdue, but businesses are too often finding that they have little power to affect this process despite their best efforts. Aged debt remains a significant challenge for SMEs currently, not just because it represents money…
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Open Banking is on its way. Nine major UK banks are launching their Open Banking APIs shortly after the New Year’s Day hangover has passed on January 13th 2018. From this date, brand new financial tools and services will launch designed to help consumers and businesses make better use of their bank account to save…
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