Yesterday I read with interest but no amazment that county court judgments have hit a record level for the last 10 years or so. It seems that everyone is heading back to the courts after years going in the other direction.
The truth of it is that collections only works, no matter how sophisticated you are, if you not only have threat but are prepared to carry it out.
Smart collections companies have rightly focused on early collection of accounts and a more conciliatory approach, after all they got lots of bad press for not being responsible lenders. However, they are now heading back round the cycle towards more aggresive early collection with legal remedies as the concern must be that with rising interest rates, plateau'd house prices and inflationary pressures that harder times are ahead.
One of the areas we have focused on in our venture here at backincontact.com is the rehabilitation of accounts using a legal identity early rather than the point of last resort.
Solicitor's letters have always been great tools for eliciting a response so why have they always been kept for the final conflict ?
I think you're going to see a growing demand for the legal remedy and I'm sure that this quarter's insolvency figures are going to bear that out, watch this space!
Thursday, 31 May 2007
Wednesday, 30 May 2007
Welcome !
Well here we are, the first entry in a brave new world of blogging.
Our goal in life is to encourage businesses of all size to think about smarter ways of doing things, with a particular emphasis on the credit and technology aspects of business.
Why those two ? Well for a start it's the areas of business I have spent the last 18 years working in so from that perspective it seem logical. From time to time we'll be touching on other aspects of business but usually where I either have a bit of rant or bee in my bonnet about something and anything else is fair game if it impacts on credit.
This is a brave new world that allows companies of any size in any place to leverage technology to do things that were once the preserve of the few and the affluent. My business partner Barry and I feel we've dived in at just the right time and I'll do my best to explain why in coming posts.
Please feel free to post comments, experiences, hints and tips and keep this interactive where we can.
Happy blogging and lets get BACK to work. (BACK is the name of our company as you might quickly figure out, answers on a postcard as to why!
Andrew
Our goal in life is to encourage businesses of all size to think about smarter ways of doing things, with a particular emphasis on the credit and technology aspects of business.
Why those two ? Well for a start it's the areas of business I have spent the last 18 years working in so from that perspective it seem logical. From time to time we'll be touching on other aspects of business but usually where I either have a bit of rant or bee in my bonnet about something and anything else is fair game if it impacts on credit.
This is a brave new world that allows companies of any size in any place to leverage technology to do things that were once the preserve of the few and the affluent. My business partner Barry and I feel we've dived in at just the right time and I'll do my best to explain why in coming posts.
Please feel free to post comments, experiences, hints and tips and keep this interactive where we can.
Happy blogging and lets get BACK to work. (BACK is the name of our company as you might quickly figure out, answers on a postcard as to why!
Andrew
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