The team at Commercial Domestic Investigations keep a constant finger on the pulse of all the debt related news going on in the UK at the moment. In this blogpost we’ll put all the interesting stories together in one easy to digest article.
Read on, to find out the latest news…
Wonga axe staff
Troubled payday lender Wonga who recently landed themselves in hot water with the authorities because of bad debt collection practice are set to shed 325 staff. Credit Today reported that the firm expects to become smaller and less profitable.
The announcement to reduce staff numbers comes after a publication of a report into the payday lending sector by the Competition and Market Authority. Widespread changes are expected within the payday lending industry, this will include stricter guidelines on debt collection and dealing with debtors experiencing financial difficulty.
Court fees rise
Rises in the cost of Civil Court fees for many claims made the headlines this week. Civil court fees for money claims over £10,000 have risen to five percent of the value of the claim. Added to this, there will now also be a fee of 4.5 percent of the claims value if over £10,000. The County Court Business Centre also offers a 10 percent discount for claims made online.
A series of objections were made to the increase in fees, chiefly from The Law Society who claimed the fees represented “selling justice”. Fees for claims in the Small Claims Court, up to £9,999, remain unaffected by the changes.
Guide to Debt Collection and Credit Control
That’s all the news for this month, but remember if you haven’t read it already that the Commercial and Domestic Investigations free Guide to Debt Collection and Credit Control is available to download from our website.
The guide covers all business owners need to know about debt collection, credit control and cash flow management.
ABOUT COMMERCIAL DOMESTIC INVESTIGATIONS
Commercial & Domestic Investigations are regarded within the debt collection and credit control industry as one of the best credit management companies in the UK. Established in 1988 to support and service all sizes of companies in the field of Credit Management.
Primarily our clients use our automated Debt Collection Services, but over the last eighteen years clients requirements have changed dramatically, something Commercial & Domestic Investigations has addressed.
We now boast a national client base in excess of 30,000 companies. Commercial & Domestic Investigations has grown by listening to clients’ requirements and adapting our services to meet all companies’ needs from Sole Traders, SMES, Ltd and Plcs. Please contact us on 08444 159200 for more information.