Industry News

Businesses crack down on big debts and wayward debtors

According to many in the Debt recovery industry, patience is wearing thin with late payers and that despite companies still wanting to preserve good relations with their client’s, they are nonetheless not hesitating to issue…

Debt Recovery 2.0 as US debt firms use Facebook for debtor tracing

In looking through debt industry news and debt related articles this month from around the World and in the UK, we noticed an item from the US, in which it claims that apparently some US…

Icelands only growth industry, Debt Recovery

According to a report in the Financial Times by Andrew Ward, when Iceland’s banking sector collapsed in 2008, there was a ready replacement industry to lead the country forward and attract the foreign investors who…

35 debt management firms close, 15 face action

The Office of Fair Trading has announced that in its latest action to curb wayward practices in the ‘debt management’ sector that 35 debt management firms have surrendered their consumer credit licences, and at least…

Consumer credit falls by 6% as families repay debt

According to recent figures, consumer credit lending fell by 6% in 2010 says the Finance & Leasing Association.
December, which traditionally has always been a strong month for credit card borrowing, saw a year-on-year fall of…

Payday loan APRs in the thousands amid increased debt recovery fears

Payday loan firms are charging headline grabbing interest rates of more than 4,000% APR meaning that tens of thousands of customers of the widely advertised short-term loan providers could be spiralling into a bad debt…

OFT clamps down on misleading debt claims

The OFT has forced debt management lead generation firm Money Advice Direct Limited (MADL) to change its ‘misleading’ advertising.
MADL operates by introducing people to debt management plan and Individual Voluntary Arrangement (IVA) providers via its…

CCCS sees sharp rise in online debt counselling

Following on from Monday’s blog post ‘OFT clamp down on misleading debt firm‘ in which we commented about the outlook for the debt industry being one of growth and whilst more businesses and consumers are…

Importers and Exporters warn UK on verge of double dip

UK based British importers and exporters have warned that confidence in the economy has hit an all time low and that the threat of a double dip recession has become more of a reality in…

Debt collectors given new guidance

The trading watchdog, The Office of Fair Trading (OFT) has set out a new range of measures that aim to stamp out unfair debt collection practices and is currently drawing up new debt collection guidance.
The…

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