Credit, Collections & Insolvency News
Nostrum is well versed in consumer research having independently commissioned an annual report into consumers’ changing attitudes to digital finance for the past 4 years. The research was originally commissioned to address a gap where we felt that no single report was observing the dramatic disruption happening in the FinTech lending market. Fast forward to…
Read moreTen years ago, the Bank of England interest rate sat at 4.75% Now? Now it sits at the unhappily low rate of 0.25%. To put this in perspective on a £150k mortgage over 25 years, today’s payment would be £516 a month. Ten years ago, the cost would have been £855. This equates to a…
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As any victim of identity fraud will tell you, falling victim can be a traumatic and frustrating experience. Although in most cases you are not liable for a loss of funds, it is the time it takes to rectify the situation that has the greatest impact on victims. Having to prove it was not you…
Read moreIf I were to mention the term ‘Summary diligence’ most of you would attempt to stifle a yawn. But if I were to say that ‘summary diligence’ could avoid you in having to take court action to recover a debt because it’s the equivalent of a court’s decree then wouldn’t you sit up and listen?…
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As we hit mid-February, it’s easy to convince ourselves that the worst of the winter is over. Goodbye to having the heating on 24/7, needing 10 extra minutes every morning to ensure your windscreen is frost-free and glumly watching the daylight fade away at around 3pm. Hello to occasional green leaves, occasional blue skies and…
Read moreIncreasingly we are hearing that tone and culture are prerequisites for financial services firms, as well as in other organisations. Many organisations have ‘toyed‘ with behavioural culture programmes over the last 30 years, launching company wide programmes underpinned by HR and marketing material. All too often the programmes have failed, as on many occasions they…
Read moreNot every customer communication relating to credit constitutes a financial promotion; we need to understand what the term ‘financial’ promotion means in the eyes of the FCA in order to be make this decision, as determining whether a communication is a financial promotion or not is vital in ensuring compliance with the FCA’s financial promotion…
Read moreThe UK’s credit market is undergoing radical change. As banks become more stringent about who they will lend to, people with poor or no credit ratings are being forced turning to new avenues for affordable loans to get them through life’s events. But how is this new wave of smaller regulated companies changing the way…
Read moreThe Federation of Small Businesses (FSB) recently released figures showing that disputes are costing small firms in England and Wales at least £11.6bn each year. The main reason for these disputes? Well, almost three quarters of it was down to late or non-payment. We have a late payment culture in the UK, which hampers the…
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Where would you turn if you did not have enough money to pay for your household bills or debts? A Christians Against Poverty (CAP) survey of 1,200 clients has found that 91% had used some form of credit to pay a bill or debt. The figures show that for the vast majority struggling with debt,…
Read moreIt is clear that myriad challenges will exist for lenders implementing IFRS 9 this year. A number of banks identified many issues within their classification and measurement approaches due to complexity faced within the application of the SPPI (Solely Payments of Principle and Interest) guidance given. Another key challenge raised is agreeing a testing approach and…
Read moreHave you, like me, sat through courses on telephone collections? How many times has the course leader emphasised that we must have empathy with the customer. After all if you make “friends” with the customer you’ll be able to establish a rapport and gather information the net effect of which will improve recovery rates. All…
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There have been a number of high profile fines levied on well-known brands in recent years, and these mega fines are only getting more common. Last year a firm based in Manchester repeatedly failed to comply with regulations and was fined £80k. An Irish bank was fined over €3 Million . Compliance is a relevant…
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