Bruce Curry

The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 million struggling borrowers. It marks the highest fine issued to a lender for what it deemed a breach of consumer credit rules, since a £64m fine last year for lack of support for financially struggling mortgage customers. The new penalty related to…

As noted in my 2021 debt collection predictions, and in previous posts, what we are experiencing is nothing less than a debt tsunami. Just as an actual tsunami is a series of waves caused by the displacement of a large volume of water, a debt tsunami is a series of consumer arrears drivers affecting the credit portfolio of a large body of creditors. Some of those d…

Throughout the pandemic, we have discussed the debt tsunami crashing over most of the world. Unfortunately, 2021 will bring the after-effects, as credit grantors, consumers and governments try to work through a flood of uncollectable debt. Here are some of my grim predictions, with a focus on Europe. Uncertainty will continue around the economic outlook While va…

The UK’s financial watchdog is now calling on UK banks to continue to provide support to mortgage customers when the government-enforced payment holidays come to end next month. The FCA has told banks to offer a range of tailored repayment options to mortgage borrowers hit by coronavirus.  In an earlier post – Eight Success Tips for Debt Collection in the Pand…

Across EMEA, most countries have moved past the peak of the current COVID-19 pandemic. Whilst the various stages of lockdown being reversed vary, what is almost certain is the harsh economic reality facing consumers and companies as government support lessens and even withdraws completely. This will impact debt collection in the pandemic. In Britain alone the Inter…

In my last post, I discussed a new approach to affordability assessments using Open Banking data. In this post, I’d like to take a step back and discuss a phased approach to collections in the current crisis, as well as the role of omnichannel communications. I have recently presented on this topic with Olly Betts, CPO of OpenWrks, and Russell Robinson, VP for Custome…

Affordability and driving the right outcomes for customers has never been so front of mind for credit lenders. Over the past couple of months, every market has been challenged to deal with credit-stressed consumers, in situations where they didn’t necessarily expect to be. In the UK alone, it is estimated that more than 80 million affordability assessments are comp…

This is a unique time. Just as organisations were getting to grips with IFRS 9 and its implications, the impact of COVID-19 has created the “perfect storm” for collections as regulators, organisations and customers scramble to understand the economic and financial impact of this pandemic. Before the Storm Broke… Before COVID-19, we were looking at how IFRS 9 doe…

Across many EMEA markets, debt collection has been focussed on driving the right outcome for the customer at the outset, rather than how soon and how quickly cash can be collected.  With the COVID-19 pandemic this approach could not come any sooner for credit customers whose ability to pay is at risk. The past is something we should learn from. I think there a…

South Africans just went through the month they dub Janu-worry, where they fret about how to pay off our December bills. That's over, but the big picture is scarier than any family's holiday spending binge. What we see, as a company that works with lenders and debt collection agencies worldwide, is that the financial services sector has a lot to be Febru-worried about…

As I think about predictions for next year in debt management for Europe and the UK, there are three big concerns: Consumer indebtedness has not abated at all and has reached record highs in some markets. Most economic markets are on the verge of a downturn. Brexit Before I get to my predictions, let me explore each of these. Consumer Indebtedness…

Changes in the credit industry are playing havoc with traditional collections strategies and tactics. However efficient and advanced an operation is, it’s being stress-tested by a multitude of factors in ways not seen since the last global recession. Here are some of those factors, and the questions they raise for debt collectors: Consumer demand for credit – if…