Credit, Collections & Insolvency News
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…
Read moreMost creditors are familiar with the Late Payment of Commercial Debts (Interest) Act 1998 which entitles them to interest for late payments and the right to claim reasonable debt recovery costs unless the supplier has acted unreasonably. In addition to the foregoing creditors can also charge compensation for the recovery of a debt. The Late…
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These are by far and away the two questions I’m most frequently asked. As the issue of late payments gets worse for SMEs, councils struggle against cuts, and landlords face rising tax burdens, it’s becoming more and more important that we address them. In many ways, the two questions overlap. So whether you’re owed a…
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Recommendations for change: Scotland’s Debt Arrangement Scheme (DAS) ‘We had a large amount of debt, which we struggled to pay each month. Although we hadn’t missed any payments, life was tough. We were really frightened of losing our home and were spending very little on food. Having CAP’s help, advice and support made things much…
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Like many market sectors, credit collections is facing massive change together with growing numbers of debtors and ever-increasing regulation. And often collections departments are tackling these challenges with legacy software that is no longer fit for purpose. Can the Cloud help to address these issues? Traditionally debt collection operations have invested in automated dialler technology…
Read moreThe Treating Customers Fairly ethos was originally introduced back in July 2006 by the Financial Services Authority (FSA), with the aim of giving confidence to consumers when dealing with the financial services industry. Pressure was put on financial and credit firms by the FSA to integrate the TCF ethos and outcomes into their business processes…
Read moreLast week, FCA chief executive Andrew Bailey, sent a small peace offering to the consumer motor finance market. He stated, in a speech delivered at the City of London Banquet, that the shift to Personal Contract Purchase (PCP) based lending might not be “per se bad”. As if praise like that that was not enough…
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Someone wants to buy your stuff… yippee! A cause for celebration for sure. What do you do next? You give them your stuff and then wait for them to pay you. Unless of course, you’re a business who takes cash with an order. In which case, there’s no need to read any further! Trusting to…
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Opinion and forecasts for the PCP market are proliferating at the moment as we hear from MP’s, consumer groups and the like, about the potential impact that the ‘debt crisis’ could have on the PCP market – especially as affordability criteria is tightened and interest rates are set to rise. Reports in the press are…
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The financial services industry today faces numerous data management challenges to become both customer-centric and meet regulatory requirements. However, many lenders continue to face the challenge of aggregating, managing and creating value from their data.Data underpinning credit risk is one of the most important assets of financial services organisations. The efficiency of storage, ease of…
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In 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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A robust credit control strategy is a fundamental part of business success. Implementing it the right way ensures that payments are made on time. Done wrong, however, it can lead to late payment issues which can severely impact any business’s cash flow and threaten their survival. Yet, despite understanding the need to have an effective…
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