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The Analysis News & Opinions

More information for creditors?

Creditors could be given access to more information to make better decisions as a result of a new initiative. Speaking at last month’s round-table

debate, run in association with High Court Enforcement Group, Martin Leyshon, chair of the High Court Enforcement Officers Association, said: “As an association, we transfer just over 70,000 cases each year to a High Court judgment and we do not tell anybody, except the creditor, about the outcomes of those judgments – perhaps that it has been satisfied. “So, as an association, we will start working

towards a clear system where we can show what the outcome was, either if the judgment was paid in full, is part paid withdrawn, or if they have gone into insolvency or liquidation, if it is a company.” Andrew Jackson, head of collections and

recoveries at Funding Circle, said: “It would be great if, when you got your CCJ, the

debtor was compelled to provide an income- and-expenditure (I&E) form, or an assets- and-liabilities form, or have a meeting with someone who would go through their finances with them so they could give that information properly.” Robert Thompson, partner – collections

and recoveries at Brachers, added: “At the moment we have a system that sends a judgment but then does not, at the same

time, have something that says ‘if you cannot pay immediately, send this I&E form back to your creditor’. I think this is a missed opportunity to encourage customer engagement.” John Ricketts, vice president of the Credit

Services Association, agreed: “Having the customer in the court process, it is a lost opportunity not to then engage in a practical, realistic, and beneficial way through the I&E.”

Comment: How significant is the threat of cyber-attack to the credit, collections, and enforcement industry?

“Recent hacks, including Apple’s last month, have highlighted that cybercrime can often be perpetrated to cause embarrassment as much as to make direct financial gain from the crime. Those involved in the collection of arrears are responsible for a large volume of highly sensitive data and it is fair to say that not all sectors of society appreciate the

hugely important work this sector fulfils. Therefore agencies need to be extremely diligent with their data security to protect the reputation of the customer, client, company and industry alike.”

Selina Burdell COO, Link Financial Group



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