Settling the meaning of credit
CFL Finance Ltd V Gertner

Published 14 October 2021

The Consumer Credit Act 1974 (CCA) defines “credit” as “a cash loan, and any other form of financial accommodation”.

A hidden cost?
Commission claims and the decision in Wood and Pengelly

Published 14 October 2021

We are seeing a growing number of claims by borrowers concerning alleged undisclosed commission payments by lenders to brokers/agents/introducers. If the borrower was not aware that commission would be paid at all, such payments may be classed as ‘secret commission’.

A TAX ON BUSINESS?
THE DOUBLE WHAMMY OF THE CIVIL COURTS

Equivo

Published 14 October 2021

Those using the civil courts to recover debt have faced a double whammy during 2021.

Frustration navigation
Providing frictionless service to customers

Published 14 October 2021

We all appreciate vulnerable customers in collections require help, but do our systems deliver that? Vulnerable customers, particularly, need to feel like they can contact third parties to discuss their situation without judgment.

A tool for every job
Supporting customers through financial recovery

Published 14 October 2021

Having recently announced the rebrand of the Debtsense suite of products, Aryza is working to develop a new range of solutions, to ensure consumers feel supported throughout the financial recovery and financial restructuring journey.

Not out of the woods yet
Consumers fear longer-term financial recovery

Published 14 October 2021

With the relaxation of lockdown, alongside hospitality and travel industries re-opening over the summer, consumers are less likely to think the pandemic has impacted their household income, according to recent research from global information and insights provider TransUnion.

Breaking down barriers
Extending access to credit to fund education

Published 14 October 2021

We are always looking for innovation and to keep members updated on how this might generate opportunities. The CCTA was interested to speak to a new company that is looking to extend access to credit to students seeking to fund their education. ProGrad was co-founded by Marco Logiudice and Ethan Fraenkel, two recent graduates.

Stronger together
Member knowledge is our greatest asset

Published 23 July 2021

As we move into the second part of this year, I continue to use this column to provide an update on where we are with some of the changes at the Consumer Credit Trade Association as well the challenges we all face as a sector and how you can help us.

That sinking feeling
Help for those trapped in problem debt

Published 22 July 2021

I don’t imagine any of us has ever been stuck in quicksand in real life. We’ve seen it in TV shows or films; the brave hero or heroine struggling to escape as they’re slowly dragged down to their doom, desperately reaching for a branch or vine to pull themselves free.

Message received
Fostering positive relationships with the media

Published 22 July 2021

In the last edition of the magazine, I wrote about our political engagement. We explored why it is important to engage with the different groups and individuals that fall within that segment.

Ahead of the curve
Impending changes for Buy-Now Pay-Later providers

Published 22 July 2021

BUY NOW PAY LATER: WHAT IMPENDING REGULATION MEANS FOR FINANCE PROVIDERS AND CONSUMERS The buy now, pay later (BNPL) sector has been firmly in the spotlight since February this year when the Woolard Review, commissioned by the Financial Conduct Authority (FCA), highlighted the need for increased regulation in this space, to protect consumers from taking on too much debt.

Access denied
Customers at risk of being blocked from credit

Published 22 July 2021

THE JOURNEY TO THE FCA’S NEW CONSUMER DUTY Thankfully we are now heading towards the end game of the Covid Epidemic fall out, as the vast majority of UK citizens will have had their two vaccinations by the end of August.