Credit, Collections & Insolvency News
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
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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 more