Credit, Collections & Insolvency News
No one involved in credit management, collections and recoveries will have missed the news pieces written over the last couple of weeks in the FT, Telegraph and even Daily Mail, about the debt purchase market. This seems to have been triggered by Bybrook Capital (a hedge fund), whose presentation in October close to Cabot’s (now-shelved) IPO and some devaluation…
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Expanding commercial lending has been a strategic focus for many banks over the last few years, and this movement aligns with the growing number of Government-backed schemes to support SME lending. However, challenges inherent within commercial credit processes often hinder growth efforts. When it comes to commercial lending, most credit processes – from application through…
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The FCA is proposing changes to how people working in financial services are regulated. These changes are already effective in the banking industry and the aim is to roll out to the whole industry during the summer of 2018. A Consultation Paper was issued in July providing all regulated businesses the opportunity to review and…
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If you have the time to chase your debtor and they are expected to pay quickly then collecting a debt yourself is the preferred option. However, a Debt Collection Agency (DCA) is often the prefered first step to recovering a debt as it offers a no-cost no-risk solution to debt recovery and can prepare the…
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After the global financial crisis in 2008 that impacted millions of people across the UK, it seems many people believe the current situation offers a positive economic outlook and less doom and gloom. However, have we been too hasty in engaging a better outlook? Have the lessons of the financial crisis really been learnt? Credit…
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We have a strange relationship with money. We tend to treat it like gravity – we can’t see it or control it, but we know soon enough when it works against us. But money is a human creation, something we should be able to shape or reshape in service of a flourishing economy and society.…
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Since industrialisation, there has been a ‘fear of automation’ from people who ‘manually’ do the jobs that new technologies promise to make more efficient. But delivering money advice or debt collection services digitally is not about ‘replacing’ people, it is about enhancing the role of the people dealing directly with customers. The fact of the…
Read moreIn the last week I have had three separate conversations with business people and read a few LinkedIn posts about profitable, growing businesses that have either closed down or are on the verge of closure as a result of cash flow problems or in their words “not getting paid from their customers” It is only…
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The Bank of England decision to hike interest rates for the first time in ten years is positive news for savers as they will start to see better returns on their cash savings, but for the growing number of people in the UK struggling to keep a lid on their financial debt, this rate hike…
Read moreWith pressures on businesses coming from many angles, it can seem illogical to stop trading with a customer. But when payment terms are being continually stretched or late payment is putting your business at risk, is the customer worth keeping? Whilst ending customer relationships is arguably a last resort, implementing a stop list for the…
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What Are DPIA’s Article 35 of the General Data Protection Regulation (GDPR) focuses on the Data Protection Impact Assessment (DPIA) and what obligations organisations have in considering and carrying them out. The ICO and The Article 29 Working Party (WP29) have also created guidelines and publications on impact assessments, with the latter citing the definition…
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Rarely do lenders focus their attention on applicants to whom they have declined credit. This is a mistake. With the right technologies, an attractive and affordable alternative product can be quickly found, so both customer and lender can walk away happy. No-one likes to be told ‘no’. Even the word itself is irritating. Dressed up in…
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Social media can be a wonderful platform. You ask a question and get loads of advice – as well as a few trying to sell you their stuff to solve your problem. The problem is that the advice you get isn’t always from someone as informed as they might be. It may not then, be…
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