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Navigating the financial challenges of running a startup can be a daunting task, especially when it comes to managing receivables. In the UK, an innovative approach offered by many a debt collector is the ‘no win, no fee’ model, providing a risk-free solution for startups to pursue owed money. This model not only alleviates the financial pressure on emerging businesses but also ensures that debt collecting in the UK becomes a more accessible process.
Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the US consumer has been very resilient to the rumblings of a potential recession and continued to spend with surprising growth all the way through the end of 2023.
The Power of Promptness: Navigating Commercial Debt Collection with Timely Follow-up In the world of commercial debt collection, time is undeniably of the essence. Picture this: a business extends credit to another, trusting in the promise of payment down the line. But as days turn into weeks and weeks into months, that promise still needs to be fulfilled, causing a strain on cash flow and hindering growth opportunities.
Ignoring debt collectors may seem like a temporary solution to financial woes, but it often leads to more severe repercussions down the line. Engaging with a debt collections service is a crucial step towards managing and settling outstanding debts. This article aims to demystify the consequences of overlooking debt collectors and to provide insights into how debt collection services operate within the UK’s legal framework.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
UK Business insolvency could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7% in Germany. Sectors such as retail, manufacturing, construction, and real estate are particularly vulnerable due to weaker demand and higher borrowing costs.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.
The Consumer Financial Protection Bureau (CFPB) ) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.
Proactive monitoring of the developing employment legislation and regulations is beneficial for businesses to defray the potential costs of substantial, unprepared operational adjustments that may be required to obtain compliance with employment legislation after its passage. There’s no better way to get a pulse on proposed employment legislation than traveling to Tallahassee and talking about them, which occurred on February 1, 2024.
Small Business Late Payment and the cost of such has more than doubled in the past two years, reaching £1.6 billion at the end of 2023, according to a report by Xero. The latest quarterly data shows small firms were paid, on average, 6.1 days late during the last three months of 2023. This figure shows no signs of improving, with the average payment still received over a working week beyond the agreed terms.
As promised, the Chamber of Commerce, along with a number of other banking trade groups — including some from Texas — filed a lawsuit yesterday against the Consumer Financial Protection Bureau, saying the regulator overstepped its authority it issuing a rule capping late fees that can be charged for missed credit card payments.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
The Consumer Financial Protection Bureau is taking action to rein in junk fees on credit cards, increase competition, and put billions of dollars back in the pockets of American families.
Text messaging with PDCflow has never been better! For two decades, our company has provided compliant, reliable, affordable tools that make it simple to take payments, send documents, get esignatures, and more. Now, PDCflow has enhanced our software to include text message API services. This allows any company to take advantage of our white-labeled texting solution for better customer communication – directly from their system of record.
Data released from Reposit, a deposit alternative service, reveals what it calls “a concerning surge in rent arrears” during the final quarter of last year as the economic climat e took its toll on tenants.The data reveals an uptick in the value of typical rent arrears claims from October’s £1,344 to £2,108 in November, and maintaining high levels at £1,954 in December.
Collector Facing FDCPA Class-Action for Sending 11 MVNs, Allegedly Overshadowing Dispute Window Judge Grants MJOP for Defendant in FDCPA Class Action Over POC in BK Proceeding Florida Legislature Passes Medical Debt Collection Bill Groups Sue CFPB Over Credit Card Late Fee Rule WORTH NOTING: Five takeaways from last night’s State of the Union address … […]
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Fiduciary duties refer to the responsibilities that directors owe to their companies and all connected to them – customers, partners, shareholders and of course, staff. In the UK, these duties are primarily codified in the Companies Act 2006 , which outlines what is expected from directors. We would always suggest speaking to a professional advisor about your individual circumstances.
Looking to domesticate an out-of-state default judgment in New York? If so, then you will need to know the judgment debtor’s address in order to serve them as per New York state rules. Service is necessary in order to domesticate a judgment in New York. New York does not recognize out-of-state default judgments. New York offers full faith and credit only to judgments obtained on the merits.
On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial financing transactions (see discussions on California , Connecticut , Florida , Georgia , New York , Virginia , and Utah ). Under SB 335 a “commercial financing transaction” is defined as a business purpose transaction under which a person extends a business a commercial loan, an a
Getting to Know Amanda Gazos of Bayview Solutions Judge Grants MSJ for Defendant in FDCPA Case Over Non-Removal of Dispute Flag Nigerian Tech-Focused Collection Platform Raises $3M to Help Expand Delinquency Rates Keep Rising, Close to Pre-Pandemic Levels WORTH NOTING: Here is the best way to organize your fridge … Have you heard of oil […]
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau’s (CFPB) latest proposed rule. This rule aims to prohibit covered financial institutions from charging consumers nonsufficient funds (NSF) fees on transactions that are declined instantaneously or near instantaneously. The CFPB believes this rule will benefit consumers who would otherwise incur NSF fees, potentially leading their accounts to drop to zero or below zero.
More consumers continue to fall behind on their debt payments and are likely going to be in that situation for a while because of the amount of debt they are carrying from month-to-month, according to data released last week by VantageScore.
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
Being overwhelmed by debt is a stressful situation that can make it challenging to decide on the best path forward. Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. However, the choice between these two approaches depends greatly on individual circumstances. Bankruptcy and debt consolidation are distinct solutions, each with advantages and potential drawbacks.
La CFPB finalizó hoy una normativa que corta el cobro de excesivas penalidades por atraso en tarjetas de crédito al cerrar un vacío legal, explotado por los grandes emisores de las mismas.
In this episode of The Consumer Finance Podcast , Chris Willis is joined by Partners Sheri Adler and Mary Weeks to discuss the recent uptick in SEC enforcement activity related to whistleblowers. They focus on the implications for financial institutions and other companies, particularly those targeted by the SEC for documents potentially restricting whistleblowers from reporting violations of securities laws.
CFPB Finalizes Credit Card Late Payment Rule; Chamber Vows to Sue Judge Vacates Prior Ruling, Says Defendant Not Liable in FDCPA, FCRA Case Report Calls Out Student Loan Servicer for ‘Call Deflection’ Scheme 25 Companies Seeking Collection Talent WORTH NOTING: The best online flower delivery service … Four things you need to know about Bitcoin […]
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
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