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Credit News

 

 

Keep up with the latest credit news across the Credit Management and Collections industry that you need to know.

 

Women in Business – Featuring Sue Chapple FCICM

As part of Space Executive’s ‘Celebrating Women in Business’ they spoke to Sue Chapple, CEO of Chartered Institute of Credit Management (CICM) about how she shaped her career to become the leader of one of the UK’s leading professional bodies.

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UK economy officially to enter recession says BoE as it hikes interest rates again

The UK economy will officially enter recession by the end of the month, the Bank of England has warned.

Britain’s central bank has raised interest rates by 0.5 per cent to 2.25 per cent from 1.75 per cent, the highest level since late 2008.

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More than a quarter of businesses say banks won’t lend

More than a quarter (26%) of business leaders say they have had difficulties accessing finance from main banks, whilst over a third (38%) say that banks don’t understand their business needs and two in five (41%) think banks’ lending policies haven’t kept pace with modern business needs according to new research by Sonovate.

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Performance management in the credit and debt recovery sector

With the current economic crisis significantly impacting consumers and business alike, the increased strain on resources and profit margins has led credit managers in Banks and other Institutions to find efficient ways of managing external collections partners.

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Cost of living crisis: Inflation hits 40-year high of 9%

The Bank of England has warned the strain could result in a recession and surge in unemployment – intensifying pressure on the chancellor to provide further relief to consumers and businesses but he says he cannot protect people completely.

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CICM creates new Professional Standards to champion and benchmark excellence in credit management

A new set of Professional Standards that defines the unique skills and contribution that credit and debt collection professionals deliver in protecting and growing business and the economy has been launched by the Chartered Institute of Credit Management (CICM), the largest recognised professional body in the world for the credit and debt management community.

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Government tackles late payments to small firms to protect jobs

An overhaul of the Prompt Payment Code (PPC) to crack down on delayed invoices owed to small businesses has been announced by the government today (19 January).

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UK Consumers ramp up credit card debt and save less despite Covid-19 crisis

Consumer borrowing on credit cards jumped to its highest level in more than a year in November, pushing all forms of household unsecured credit to £1.2bn, according to the latest Bank of England data.

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Late payments are ‘business as usual’ for struggling small businesses

New research from the Money Advice Trust shows that for many small businesses that are going through difficult times, late payment from customers is ‘business as usual’. The cash flow problems they cause are having a negative impact on the viability of small businesses, as well as the personal wellbeing of their owners.

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Advice for when your customer goes into liquidation

What do you do when your customer goes into liquidation? Lisa Lappin of Baker Tilly Mooney Moore explains.

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Impact of late payment on UK SMEs

Read how the Market Finance charts late payment trends between 2013 and 2019 and how SMEs are impacted due to late payment.

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What 2019 meant for small businesses

It has been a challenging year for small businesses, but what did 2019 mean for them? Read 4 key things for SMEs to take away from last year.

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Subcontractors want action from politicians on late payment

Subcontractors want politicians to back-up their manifesto promises on late payment with action. Tackling late payment is discussed in these manifestos and leaders of the Special Engineering Contractors’ Group are seeking the support of political parties on their new payment legislation.

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Prompt Payment Code suspends twenty more businesses

The Chartered Institute of Credit Management (CICM) has announced that twenty more companies have been suspended from the Prompt Payment Code for failing to pay suppliers
on time.

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Technology key to solving productivity

Small Business Minister Kelly Tolhurst says technology is key to solving productivity. She talks to Smallbusiness.co.uk about late payments, productivity and what to expect from the Business Finance Council.

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Treasurers have their say on the Prompt Payment Code

The Prompt Payment Code strongly urges large companies to pay smaller companies on time. Find out what this UK voluntary code is and why treasurers should take note.

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Protecting your small business against late payments

UK microbusinesses spent almost 10 weeks working on financial admin last year, according to a new report.

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New campaign launched to help people in debt

Customers have been encouraged by the trade body, representing the debt collection industry, to actively engage with its members early on to help them with their debt struggles.

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Understand why late payments happen and get paid earlier

What do you do when you are paid late? Cash flow is vital to small businesses and is the lifeblood of every small business. If you are selling to other businesses then you likely have no choice but to sell on credit.