Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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.…
Read more
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…
Read more
Last week I attended our very first CIFAS annual conference and for those who didn’t manage to attend, we have pulled out some highlights from what was a great conference. The speakers certainly covered a large range of interesting topics and angles. One of the main themes that came across in the conference was the continued need for…
Read moreHaving a positive approach to credit is vital. Credit is often viewed as a negative function and I have devoted most of my working career to change this perception. Proper credit management provides the cash required to keep the business running. The only reason to give credit in the first place is if it helps…
Read more
I was pleased to be asked to speak at the Debt Managers Standards Association (DEMSA) 2017 Conference in Manchester last week. This gave me the opportunity to set into context the topic of Shaping the Future of Money Advice which will be the theme of the upcoming Money Advice Liaison Group (MALG) 2017 Conference in…
Read more