Credit, Collections & Insolvency News
Due to factors from the past few years, including the pandemic and increased digital transformation, customer expectations have heightened – and being able to offer omnichannel customer service has never been more important. Customers expect faster, more personalised communication, whether that’s in first call resolution, relevant cross-sell or upsell offers, and more. However, organisations are…
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High inflation and rising interest rates will keep retail sales depressed in the first half of the year and weigh on retailers’ margins, as headwinds multiply across the UK retail sector in the New Year. Squeezed margins could trigger a fresh wave of insolvencies by the spring, as retailers absorb upward pressure on the cost…
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Following years of unbridled growth, average UK house prices are finally falling but this is doing little to offset soaring interest rates being faced by homeowners. The UK housing market has been on a continuous, steep upward curve for a number of years, but as 2022 came to an end, average prices were unusually seen…
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Sharp increases in the cost of living, coupled with a real terms fall in wages and existing Christmas spending pressures are causing high levels of financial anxiety. The price of traditional Christmas food staples such as turkey, pigs in blankets, carrots and roast potatoes is reported to have risen on average by 18% in the last year.…
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In January 2022 the Fraud Act 2006 and Digital Fraud Committee was established with a remit to recommend courses of action that could tackle a crime that now accounts for over 40% of all crimes committed in the UK. Under the leadership of Baroness, Lady Morgan of Cotes the committee recently published its report which…
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While evidence shows that many people are turning to credit in order to pay for essentials, concerns are growing that consumers may be diversifying which forms of credit they turn to. As costs and interest rates continue to climb, there are many signs and reports of UK households having to turn to credit and borrowing…
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It is always great to be at these events and is especially refreshing when there are new topics to cover. This year was no different and being the day of the autumn statement there was definitely some nervous anticipation about what it may bring. In the end, the chancellor’s statement was well-briefed and largely as…
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Heightened demand for more personalised, streamlined customer experiences combined with the cost-of-living crisis has created a challenge for organisations in how they engage with customers and successfully deliver the best experience. How can organisations keep abreast of their customers circumstances, demands and experiences effectively without the right engagement? The current state of play One in…
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Consumers seeking to reduce essential bills by cutting back on energy usage are facing serious impairment to their financial resilience levels. Recent research shows that 45% of UK adults, around 23 million people, have found it difficult to keep up with household bills and credit commitments over the past few months. This is up from…
Read moreLenders should be wary if their back office is not making the most optimal lending decisions in the light of upcoming Consumer Duty rules. At an industry event earlier this month I overheard someone call the FCA’s looming Consumer Duty standards ‘Treating Customers Fairly on steroids’. There can’t be many in the industry who won’t…
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While significant steps from the government have led to inflation rates finally relenting, they have still failed to relieve concerns of the UK being on the brink of recession. The last month has seen the kind of centralised political intervention which, pre-pandemic, would have been labelled ‘unprecedented’. However, even the depth and breadth of these…
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Soaring inflation, driven by the increasing costs of many of the most essential, day-to-day expenditure items for UK households, is causing significant shifts for consumer spending patterns, according to the August 2022 Money Statistics, produced by The Money Charity. The cost of living crisis continues, with many more UK adults reporting that their everyday costs…
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Ninety one percent of UK households reported their cost of living had increased in July 2022, with costs reaching crisis levels for the poorest and most vulnerable – and there’s still more to go with an 80% predicted increase on the energy cap in October 2022. This, coupled with predictions that inflation will likely reach…
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