Credit, Collections & Insolvency News
Businesses have faced a series of financial challenges and generational disruption crammed into the space of a few years: the pandemic; the impact of Brexit on supply chains and market access; and the toughest squeeze on living standards and consumer spending power since the 1970s. Corporate insolvencies are already at their highest levels since the…
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In the months and weeks leading up to the end of 2023, the UK’s financial numbers give an overview of the difficult landscape being faced and the effects this may have on many people’s Christmas spending plans. According to the Office for Budget Responsibility’s November 2023 forecast, household debt of all types is forecast to…
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There are times when it feels like fate is finally stepping in to lend a hand, and the release of the Ministry of Justice consultation on the benefits of adding claimant data to the public Register, swiftly followed by the FCA’s publication of their Credit Information Market Improvements definitely feels like one of those times.…
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Hard-pressed households have had little to be encouraged by financially during 2023, but the end of the year has brought some more hopeful indications for the coming months. In the year to October 2023, the CPI (Consumer Prices Index) increased by 4.6%, down from 6.7% as September, meaning the government have achieved their target of bringing inflation…
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It feels like we have all been waiting and predicting a rise in arrears levels over the last five years. In some ways, it is our job to explain how the ‘sky is falling in’ so we can at least try to do something about it before it does. We often come across being seen…
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UK families are bearing some of the heaviest brunt of the ongoing cost of living crisis, with many resorting to drastic measures. Households with children in the UK are reporting that they are being more heavily impacted by the rising cost of living. In London, 25% of working parents say they’ve had to skip meals, or not…
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This year the UK has seen a significant decrease in the number of late payments, i.e. invoices being paid after their due date, despite the rise in insolvency numbers and the continued financial pressure on businesses. According to an analysis of data provided by Creditsafe, between March and August 2022, there were 40,820,170 late payments…
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Myths and misconceptions about the collections process abound, and have done so for years. As the trade body for the collections and debt purchase sector, we wanted to properly understand public opinion about our sector – and the polling evidence we’ve found is a salutary corrective to many of the views that are sometimes given…
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Before you flip the page to the next article, don’t worry, as a business, we understand that the debate and discussions about the importance of consumer duty have already taken place. We also understand that, just like Zinc, many of you reading this will now be in a position to say that you are Consumer…
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Household debts continue to mount up from every direction, with concerns that the reportable figures may only be the tip of the iceberg. Nationally, bill debt for the UK’s households has reached £22 billion, although due to limited data availability on key figures such as water bills and rent arrears, this total is only an estimate.…
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I attended the UK Credit & Collection Conference run by the Credit Services Association (CSA) last week. It was of course great to get out of the office and meet up in person, Here are some of the key themes, bullets and takeaways from the day. Key headline themes Still no reports of significant arrears…
Read moreSmall but significant increases in real terms pay growth may be contributing to improving levels of financial resilience. Recent months have seen pay growth rates continually failing to keep up with inflation, resulting in real terms pay cuts for many workers across the UK. However, there are indications that this trend may finally starting to…
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The financial services sector stands as one of the most intricately regulated industries, both within the UK and internationally. This rigorous oversight extends across two primary dimensions: the overarching regulatory framework governing the entirety of a company’s operations, and the pivotal focus on the individuals engaging directly with customers. Within the sector of debt recovery,…
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