In September two apparently contradictory headlines appeared in Glasgow’s Herald newspaper. The first stated that there had been a ‘Massive Drop in Scottish Court Cases Since 2008’. Indeed the latest figures disclose a decrease of some 54% in court actions from 2008 to where we are today. Two thirds of them were settled in favour of the creditor. The second headline declared a ‘Rise in Householders Struggling to Pay Bills’.
According to a recent statement from Direct Line Insurance, more than 8 million people risk their relationship with their partner by hiding the fact that they are in debt. The Insurance Company has also stated that a staggering 460,000 people have said that they would not have commenced a relationship if their partner had not told them about their borrowings.
It has been reported recently that collectors have been paying hundreds of pounds for the very first batch of banknotes that went into circulation last September - with rare editions fetching anything from double the value to £80,000 at auction.
The total value of UK business judgments rose sharply - by 25% - during the first quarter of the year, according to figures released today by TrustOnline.
The Registry Trust, the agency responsible for recording judgment information, has reported sharp increases in both English business and consumer debt. Indeed, so far as consumer debt is concerned, the amount of consumer debt is the highest since current records, dating back to Q1 2005, began.
Stephen Cowan, Managing Director of Yuill + Kyle, is chairing this timely conference at BT Murrayfield which will provide delegates with a thorough examination of current issues.
Join us at our debt recovery seminar where Stephen Cowan, Managing Director of Yuill+Kyle, will explain the techniques that all business can apply to improve their cash flow and become more profitable.
This is a dynamic time to be working as a practitioner in debt recovery – the new simple procedure has been in place for some time, and the Accountant in Bankruptcy has published its proposals on how to enhance and improve the Debt Arrangement Scheme. What’s more, the UK’s impending departure from the EU poses complications for existing regimes for debt recovery across jurisdictions.
It has been reported in ‘Scottish Financial News’ that Scots who pay off outstanding debts could continue to be penalised because the authorities are not being informed of payments, the Registry Trust says.
Most creditors are familiar with the Late Payment of Commercial Debts (Interest) Act 1998 which entitles them to interest for late payments and the right to claim reasonable debt recovery costs, unless the supplier has acted unreasonably. In addition to the foregoing creditors can also charge compensation for the recovery of a debt. The Late Payment of Commercial Debts Regulations 2013 provides “If the reasonable costs of the supplier in recovering the debt are not met by the fixed sum, the supplier shall be entitled to a sum equivalent to the difference between the fixed sum and those costs”.
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