Credit, Collections & Insolvency News
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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As Christmas consumer spending heads towards its final hurdle, retailers will no doubt be hoping for a continuance of the slight uplift in sales as reported by the Office of National Statistics last week. Earlier this year, the British Retail Consortium (BRC) and KPMG reported like-for-like sales across the sector rose by a “meagre” 0.6%…
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It has been quite some year for those of us working in debt advice – with debt hitting the headlines in a way not seen since the financial crisis, and services under pressure. If you’ve found it hard to keep track (like the rest of us!), here’s a round-up some of the key developments over…
Read moreThe impact that Christmas has on business depends on where you are in the world. In some countries like the US – Christmas is just one day. When you get to a country like Ireland, Christmas starts around the 1st December and ends sometime in the middle of January. To compound the problem for a…
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