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Npower Fined £26m Over Billing And Complaint Handling
IT system problems were behind Npower’s failure to treat customers fairly on billing and the handling of complaints. When it comes to debt recovery, the importance of keeping adequate records about clients and customers cannot be overstated. Recording bills that have and have not been paid is one of the basics of accounting in business,…
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Councils Perform Better At Debt Recovery Than The Government
When it comes to debt recovery, Citizens Advice have found that councils are better at chasing repayments of debt than government departments such as the DWP and HMRC. The HMRC has received plenty of criticism for the way it pursues people who are in debt and this has led to a poor rating for debt…
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Former Business Secretary Says UK Is Heading For Reality Check
The former business secretary who was one of the first senior politicians to warn of a looming financial crisis in 2007 once again predicts problems on the horizon for the economy due in part to unsustainable levels of debt. Cable highlighted high levels of household debt, and runaway house price inflation as two areas of…
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Borrowers In Persistent Credit Card Debt Need More Help
Quite often when it comes to debt recovery, the people who default on payments and get themselves into all sorts of hot water owing money to various companies are the ones getting themselves into debt on credit cards. While credit cards offer an effective way to spread costs over a period of time in sensible…
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Payday Lender Woes Partly Due to Debt Collection
Payday lending companies have taken something of a beating from the Financial Conduct Authority of late with first Wonga and now Dollar financial having to refund customers millions of pounds. Dollar Financial is the latest payday lender to provide refunds to its customers. A review by the FCA has led to the firm being forced…
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Consultation To Look At Late Payment Legislation
SMEs may soon receive a helping hand from the government as a consultation takes place on how legislation can be changed to tackle late payment. The minister for small businesses will be looking at tackling a culture of late payment which puts SMEs at a significant disadvantage. A move to amend legislation could help SMEs…
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£67.4bn Owed To UK SMEs
If late paying customers are squeezing the life out of your business then you are not alone. A staggering £67.4bn is owed to UK businesses and the amount is increasing year on year. The figures published by the Asset Based Finance Association show that the average business is now waiting 72 days to get paid.…
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Is Business Lending Out Of Control?
Regulators are concerned that business are racking up unsustainable levels of debt leaving them vulnerable to external economic shocks and rising interest rates on loans. Not so long ago it was difficult to get any kind of business loan from the banks as the financial crisis put squeeze on lending. Now the opposite seems to…
