Credit, Collections & Insolvency News
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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The implications of the recently introduced Insolvency Rules (England and Wales) 2016. 2017 was the year the insolvency world of England and Wales modernised. As we are all well aware the new Insolvency Rules (England and Wales) 2016 went live on 6 April 2017 along with the coming into force of the insolvency parts of…
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2018 will see the implementation of the much-hyped PSD2 directive. With banks losing their monopoly on customers account information and payment services, Open Banking will become a game-changer for personal banking customers throughout the UK. In a dramatic change to the way customers are currently banking online, PSD2 will enable both personal and business banking…
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First and foremost, it’s unethical to pay invoices late. That aside, you don’t want your customers to be late in paying so why would you expect someone else to put up with it from you? There’s nothing illegal about late payment. But ask yourself this: is it moral? Ethical considerations aside there are in fact…
Read moreLast month I attended the launch of water industry regulator Ofwat’s report on ‘unlocking the value in customer data’. With the recent introduction of the ‘open water’ market, it’s certainly an interesting time in the sector and data sharing is top of the agenda with the introduction of the new General Data Protection Regulation (GDPR) now less than…
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Credit Kudos, one year since LendIt’s PitchIt… In October last year I pitched our vision to transform the credit bureau to an audience of investors and lenders for LendIt’s PitchIt competition. Nearly a year on, and with consumer debt levels spiralling out of control, the case for major change is more prevalent than ever. Since…
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