Credit, Collections & Insolvency News
Artificial Intelligence (AI) is transforming industries across the board, at a truly rapid rate. AI is, without a doubt, one of the biggest emerging trends set to permanently change the way we do business over the coming year. Organisations are actively searching for AI solutions that offer unique opportunities to drastically improve the customer services…
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While late or non-payment is well known to be adversely impacting businesses in many ways at present, one particularly disturbing trend lies in the proportion of companies having to write off turnover as uncollectable. Much of the focus and statistics surrounding late payment within the media and government assumes that the customer does eventually pay.…
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We all know that Credit Control is a communications business and anyone who as been on one of our courses or completed our Education program knows the importance I put on carefully selecting the words we use and the questions we ask in order to get the results that we want. Words paint pictures in the minds of the…
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According to July’s Money Statistics published by the Money Charity, the level of unsecured debt in the UK at the end of May was £199.7 billion. News around personal debt will always be a topic of concern and be in the headlines but what can organisations do to help support those in financial difficulty and…
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The FCA has an expectation that the CEO and Senior Directors of consumer credit firms will have a watchful eye on the horizon to avoid unnecessary risks which could jeopardise their business and future trading, and in turn, jeopardise their consumers by producing a poor outcome for them. Needless to say, all consumer credit businesses…
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The PRA has undertaken a review of the consumer credit industry and produced a statement outlining their observations together with expectations for those firms with material exposures to consumer credit. The announcement comes in the wake of the news that consumer credit is growing at more than 10% a year, yet the household savings rate has hit…
Read moreGreat emphasis has already been made about the use of statutory demands. They are best used for undisputed debts against Limited Companies and individuals as an alternative to litigation. Their popularity stems from the fact that they can be processed quicker than most court actions and often at a lesser cost. Remember that when a…
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It’s one of the deadly sins I know but last year’s win at the Leasing World Awards, in the Independent Lessor category, filled me with pride. While most of our senior management team was there to enjoy the occasion, I was particularly keen to get back and share the great news with the troops. Every…
Read moreThe above is the title of a book written by Cherie Carter-Scott PhD, who is an international lecturer, consultant and author. Cherie gained her PhD in Human and Organisational Development, founded the MMS (Motivational Management Service) Institute and has written much about human communications, behaviour and attitudes, with her ideas also being used in life-coaching.…
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Last month (19-25 June 2017) was the Festival of Learning (previously Adult Learners Week), which marks the biggest celebration of lifelong learning in England. The week before I attended the National Skills Academy for Financial Services’ (NSAFS) Skills & Apprenticeships Conference where one of the key themes was around the skills that those working in…
Read moreBank funding is available, but finance applications have fallen. What does this tell us about businesses’ approach to funding their growth? Recent data from the British Bankers’ Association (BBA) shows that over £5 billion of new lending was approved for SMEs in the fourth quarter of 2016. Looking at 2016 as a whole, use of…
Read more“If you build it, he will come” Under the regulations and guidance of the revised Payment Services Directive (PSD2) and the UK’s Open Banking initiative, in January 2018, consumers will be able to consent to third parties initiating payments and using account information through application processing interfaces (APIs), for whatever reason the consumer wants to…
Read moreThe Bank of England, the UK’s central bank, has given the strongest indication yet it’s about to interrupt the consumer debt fuelled party that has been warming up across the UK for the last 18 months and may soon, like a disapproving parent, be sending credit card companies and other financial institutions home. This is…
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