Credit, Collections & Insolvency News
As the world slides even further into difficult times with rapidly rising prices, interest rate hikes and maybe even recession the staff of many collections departments must be expected to become even busier than they already are. It has become more important than ever to ensure their productivity is maximised and they are not working…
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Worrying signs show a rapidly escalating reliance from UK households on credit and debt, in order to make ends meet in the face of record cost of living increases, according to the July 2022 Money Statistics, produced by The Money Charity. Major increases continue to be seen this month in credit card use, as people…
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Bestowing a name on something is one of the most challenging – and perhaps seemingly frivolous – stages of any project: whether that’s naming a new business or yes, creating a set of standards for the financial services sector. When the Contingent Reimbursement Model Code (the CRM Code) for Authorised Push Payment (APP) scams was…
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Wages falling at record levels are pushing ever more people into financial distress as living costs continue to skyrocket. With average wages falling at the fastest rate in twenty years (since records began in 2001), pay growth is falling far short of keeping up with the steepling cost of living. This shortfall is coming about…
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With increases in living costs, as well as rising inflation, a significant number of people are now living in debt or experiencing problems paying their bills. Research indicates that, as a direct result of the rising cost of living, over 57% of people are already struggling financially and it’s likely that number will only increase.…
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We are living through a complicated economic time. Here in the UK, with Brexit and the pandemic still fresh in our memories, we are acclimatising to a new reality of record inflation, rising interest rates, geopolitical unrest and an affordability crunch. Regardless, these challenges aren’t impacting the number of people moving to the UK to…
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Unlike previous times of economic uncertainty, most providers of finance are well prepared for the impact of higher interest rates and cost-of-living increases When I wrote about rising inflation six months ago, little did I know that my prediction would appear to be somewhat on the low side. At the time, I saw prices rising…
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How do we develop innovation in collections? Most importantly, how do we capture it, and put it into operation? This should be the question for forward-thinking collections professionals. Sometimes it’s difficult to lift your head up from business as usual, but innovation in collections is essential to ensure continuous improvement. In my experience of over…
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With prices across the board rising at their fastest rate in 40 years, the challenge for UK consumers to stay on top of their money is forcing many to have to make difficult choices with their spending priorities. As the UK inflation rate reached 9.0% in the twelve months to April 2022, the highest estimated level since…
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On Friday 13th May 2022, HM Treasury (HMT) published their latest consultation around Statutory Debt Repayment Plans (SDRPs), building on their response from June 2019 that followed the October 2018 consultation and 2017 government manifesto commitment. This heralded the introduction of the Debt Respite Scheme in May 2021, probably better known as ‘Breathing Space’. …
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The Covid pandemic was by and large a catastrophe for many SMEs (small & medium-sized enterprises), with business owners seeing trading suffer due to restrictions, financial uncertainty, and major changes to consumer behaviour. Yet amid all the difficulties, I have seen some silver linings. I see directors, lenders, suppliers, and landlords taking a more holistic…
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While prices continue to rise at concerning levels and the cost of living crisis sees more people struggling with their everyday money, one small bright spot can be seen in the ongoing low rates of unemployment. The cost of living crisis continues to dominate the economic agenda, with the human impact beginning to emerge, however,…
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Anyone with an interest in debt advice and its funding, will have watched, with interest, the battle being waged over the allocation of funds in England. At issue is how much is allocated to which types of advice and a coterie of concerns with reporting and targets. There’s no doubt that the coming months (and…
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