Credit, collections & insolvency news
Traditional, call centre-focused debt collection practices are becoming a thing of the past, as more and more debt collection agencies (DCA’s) turn to multi-channel communication strategies to improve customer experience and increase engagement. While customer engagement and experience are most commonly associated with retail businesses, within the credit, collections and insolvency sector, there is a…
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In the first three months of 2019, the number of decrees against Scottish businesses dropped by 25 percent, compared to the same period of 2018, according to figures released by the Registry Trust. The total of 561 was the lowest of any quarter on record. The total value of decrees against businesses in the first…
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A year after they published their interim findings in March 2018, we now finally know the outcome of FCA’s review of the motor finance market. Whilst the focus of FCA’s attentions was to an extent telegraphed in their interim report, the final report still makes quite compulsive reading and begs the question – what happens…
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Homeowners paying off mortgages into their 70s is expected to become the “new normal” as more than half of loans can now be extended over 40 years. New data compiled by Moneyfacts shows 51% of mortgage deals available on the market are available over a maximum repayment period of 40 years, up from 36% in…
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A new Commercial Credit & Collection conference has been launched by Credit Connect in partnership with CVR Global and Aon. The event and future additions will tackle issues across the full life-cycle of business credit and collections. Taking place on Friday 5th April at the Leadenhall “Cheesegrater” building, the first conference will focus on the…
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2018 has probably been the busiest year for consumer asset sale in the UK since 2008. Speak to any major debt purchaser and they will advise you of the increase in assessing portfolios, pricing calculations and on-boarding customers. Many creditors have used asset sale as part of their process for a number of years. However,…
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In the past decade, technological advancements have changed our daily lives beyond recognition. There is no surprise, therefore, that the demands of today’s consumers are forcing businesses to rethink the way they service their customers. The demand for immediate, round-the-clock access to information raises expectations in nearly every industry – and the lending market has…
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Homeowners could see their mortgage bills rise by around £400 a year following the Bank of England’s decision to raise interest rates, analysis from Experian reveals. The Bank of England’s Monetary Committee has announced it is hiking base rate to 0.75%, the first rise since last November, The 0.25% rise will see those on Standard…
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A new judgment from the Court of Justice of the European Union (CJEU) could have significant VAT implications for providers of payment collection services and those that use their services such as charities, healthcare providers and businesses that accept payments by instalments. In the case of DPAS Ltd – a dental plan administration services company…
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Today’s young adults are much less likely to own their own home than those in their place one or two decades ago according to a new report IFS research which looks at how and why homeownership rates have changed for young adults over the past twenty years. The biggest decline in homeownership has been among…
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As FCA affordability regulation continues to evolve, the industry is carefully considering the impact on end consumers. Affordability must be properly assessed to ensure that consumers only access products that are right for them. Checks vary in complexity depending on the product being applied for, but they largely focus on an individual’s credit history and…
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