Credit, Collections & Insolvency News
Debt is not only a financial problem. As it grows, it strains relationships, affects living standards and causes ill health. Over time it infiltrates every aspect of life, becoming an inescapable nightmare. The impact of this is felt not just by the individual, but problem levels of debt have a much larger social implication as…
Read moreThe Information Commissioner, Elizabeth Denham has warned organisations that they must begin to prepare for the General Data Protection Regulation (GDPR) stating that it is “the biggest change to data protection law for a generation”. Ms Denham explained that there are commercial benefits to dealing with data protection in the right way and stressed that it…
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ON the 28 November 2016, Scotland’s court procedure to recover debts of less than £5,000 was radically altered. The old Summary Cause and Small Claims procedure has been swept away by new, more simple rules, with unrepresented litigants in mind. The new rules will allow the Sheriff to ‘take an interventionist approach to identify the…
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What does the PPC mean to credit managers? The Prompt Payment Code (PPC) was introduced in 2008 to improve and administer businesses payment terms. The primary objectives are to ensure suppliers are paid on time and that clear guidance is given regarding payment terms. More specifically, signatories undertake to pay suppliers within a maximum of…
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I’ve met quite a lot of team leaders in my time and on more than a few occasions I have been told that whole teams of them were “Rubbish” but then again as I have worked for 5 major International Financial Institutions, in over 30 different countries; perhaps that’s not surprising? Whilst I have Headed…
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It is imperative that collections organisations embrace the inevitable. In the next five to ten years, agent-led communication will no longer be the norm. The development of the use of technology is now not just an optional extra but a requirement to keep up with consumer demands Digital communication particularly the humble SMS is set to…
Read moreCredit scoring in the wider world is well documented, and loved and hated in equal measure. But when it comes to accurate analysis in the alternative finance industry, there is huge variability across the platforms. Because the direct lending industry is relatively young within the finance sector, few platforms have had the chance to build…
Read moreMany SMEs are struggling to recover the money they are due. Following proper procedures could help to reduce losses. Recent statistics have revealed the extent of the bad debt problem. According to research by Direct Line for Business, SMEs wrote off a total of £5.8 billion of debt in the last financial year. Reasons given…
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In the world of mental health I wear many hats. I’m a clinical psychologist. I’m an academic. And I’m a service-user, I have a diagnosis of bipolar disorder myself. So my latest research, on the links between bipolar disorder and spending, is something very close to my heart. The background Bipolar disorder is a mental…
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There are a lot of misunderstandings by both creditors and debtors as to what can and cannot be done in respect of outstanding debts. Here is an examination the “top ten” debt myths. 1.The myth – A creditor must accept any offer of repayment made. Most creditors will have heard a debtor say “I will…
Read moreBefore we get into the detail, it is important to understand I’m not a qualified accountant. My area of expertise is the data, software and insights that facilitate customer interactions and collections strategies and by my very nature I am a practical person. In my day-to-day work I look for real tangible solutions to changes…
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I attended the Digital Banking Club’s Collections Debate at the Law Society offices in Chancery Lane last month. There was a cross section of credit and customer engagement professionals in the room, from IT staff to C Suite execs from some large financial services and utilities institutions, which made for an interesting and engaging session…
Read moreAs a specialist recruiter with nearly 15 years’ experience of working with accountants I have had many a conversation with accounting professionals at all levels and across different disciplines about their careers and plans for the future. This includes working for a few years as an industry specialist before moving across to specialise in working…
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