The Credit Services Association (CSA) has responded to calls from debt charities to halt all debt collection during Covid-19.
Pressure on British companies is being further compounded by the closure of call processing centres throughout India.
Britain’s largest rent-to-own company, BrightHouse has appointed insolvency practitioners from Grant Thornton after declaring £43.5 million pre tax losses and claims of ‘historic mis-selling’.
New legislation from 6th April 2020 will make it harder for businesses to collect payment from companies that have gone into insolvency.
December 2019 statistics for payment habits in the UK are disappointing with several regions and sectors demonstrating some worrying payment behaviour; the overall average Days Beyond Terms (DBT) for UK sectors increased by 1.7 days.
Despite statistics showing late payment for SMEs continuing to rise, latest figures from Registry Trust have shown a drop in the number of CCJs against businesses in the UK in the last quarter of 2019.