The team at Commercial Domestic Investigations are experts at best practice debt collection, and we strive to stay on top of all the latest regulation surrounding debt collection, credit control and cash flow management.
As debt collection becomes more and more important to business owners it’s important that debt is collected in an ethical and highly regulated environment. Our team of debt collections experts were interested to spot a story this week in Credit Today which outlined the Lending Standards Board’s (LSB) findings its latest annual report.
What did the LSB find?
Overall, the LSB where pleased with improvements in the debt collection industry after they carried out monitoring and assessment work over the previous 12 months. The work focused on lenders and making sure they complied with the LSB’s lending code. The report also covered the introduction of the ‘associate subscriber’ which brought debt collection agencies and debt purchasers into the code.
Six debt collection agencies took part in assessments by the LSB and five passed, the sixth is not being named but is being given time to update practices to make sure they fall in line with the requirements by the LSB.
Separate work was undertaken by the LSB which focussed on the pre-arrears stage to make sure that Freephone numbers where supplied and that consumer vulnerability was fully taken into account at this stage.
Financial difficulties were considered as part of the work, and governance around processes and systems was also studied.
Six month study
In regards consumers with financial difficulty the LSB team monitored how struggling customers were treated over a six month period. The same customers had their journey analysed and followed over this period to make sure they were given correct advice and help, even when the debt was sold onto a third party debt purchaser.
The LSB wanted to see that correct breathing space was given to the customer at each stage of the process and they carefully monitored to make that references to debt help providers were supplied at key times. Here at Commercial Domestic Investigations we welcome the report and continue to follow best practice guidelines when collecting consumer debt on behalf of our clients.
For more information on debt collection services please contact Commercial Domestic Investigations. To keep up with the latest debt collection news remember to follow Commercial Domestic Investigations on Twitter.
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.