collections

Regulators warn against threatening collections tactics

19th March 2024 Arrears and Recoveries | #collections

Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…

Collections Technology Think Tank 3.2 review

14th July 2022 Arrears and Recoveries | #collections

Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…

Lowell announces record results

28th April 2022 Consumer Collections | #collections

European credit management services, Lowell says it has achieved record full-year results for the 12 months ended 31st December 2021. The company says collections have continued ahead of expectations across the Group with all regions performing ahead of forecast. Collection performance for the 12 months ended December 2021 vs December 2020 static pool is 106%.…

Intrum and Sainsbury’s Bank agree collections and recoveries partnership

9th February 2022 Arrears and Recoveries | #collections

 Credit management group Intrum has announced it has signed an agreement to manage the collections and recoveries functions for the Sainsbury’s Bank and Argos Financial Services portfolios. Under the agreement, Intrum will assume responsibility for collections and recoveries on a white label basis for loan, credit card and store card products. The deal means the…

HMRC tax debts hit £42bn with 2.4m more people falling behind on payments

19th November 2021 Arrears and Recoveries | #collections

The tax office may struggle to recoup a vast backlog of payments that have accrued during the pandemic as HMRC does not have enough staff and budget cuts to its collection department have resulted in an increasing number of debts being written off according to new analysis by the National Audit Office (NAO). The research…

CSA warns of fallout from energy company failures

11th October 2021 Arrears and Recoveries | #collections #utilities

The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…

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