Kevin Still interviewed for his thoughts about the UK Debt Purchase market...MORE >>
DATA QUALITY ISSUES EXACERBATE CREDIT CRUNCH
by Alasdair Warwood
The challenge for the consumer lending industry is to find a way to lend responsibly whilst protecting bottom line profitability and maintaining positive customer relationships. Alasdair Warwood, a credit industry specialist with particular expertise in the area of information, believes that central to achieving this goal is improved standards and attitudes to data quality in the consumer lending sector.
Lovetts solicitors respond to CJC Consultation on Pre Action Protocols
The CJC has reecently asked for submissions on whether Pre Action Protocols would be appropriate for the debt collection industry. The responses of Lovetts plc, solicitors of which Trevor Phillips from CPL is a director are available here in pdf format.
The 2007 Credit Today Conference speakers included Trevor Phillips, CEO of Credit Professionals. Trevor ran a workshop on using third parties to assist in the collection of delinquent commercial debts.
Kevin Still spoke at Credit Today's Collection Conference in November 2006... MORE >>
The Credit Today Collections and Debt Sale & Purchase conferences was held at the National Motorcycle Museum in Birmingham, on 28/29 November. The conferences was aimed at providing debt professionals with information and advice on the issues currently affecting the collections and debt sale and purchase industries.
Best Practice in the sale process and drawing up the model contract, was presented by Kevin Still MICM, Senior Vice President, Credit Professionals Limited. For a copy of his presentation please use the Contact Form. Conference details ...
Trevor Phillips, Chairman & CEO of Credit Professionals
retires from the post of Vice President of the UK Institute of Credit Management... MORE >>
In June 2003, Trevor retired from the Council of The Institute of Credit Management after 26 years service. From the outset in the mid-70ís he believed that change and improvements in the importance of credit management would only come about by committing time and personal effort to increase the level of professionalism and acceptance for the subject at Board level.
In 1977, as Company Secretary and Credit Manager of a major construction industry company he created the East Midlands branch, originally based in Leicester and became itís first Chairman. Working with Roger Cork [later to become Sir Roger Cork and President of the ICM]; Pat Granville-White, Bill Adams and Tony Dumas the initial challenge was to move from offices in Brighton to a shared administration centre in Ascot with the Institute of Purchasing & Supply. 3 years later and following a move of job he joined the London & Home Counties Branch and became Chairman in 1983. As a regular and enthusiastic Council member he was appointed Chairman of the Membership Committee, subsequently chairing the Seminar Committee and played a key role in the establishment of the Federation of European Credit Management Associations in Paris in 1987. In 1989 he was appointed by the membership to the post of National Treasurer and during his office with the then Chairman - Peter Allen, they masterminded the creation of an autonomous secretariat with offices at Easton on the Hill. In 1991 Trevor was appointed Vice Chairman and in 1993 he became National Chairman.
At the time of his Chairmanship, Trevor was employed as Head of New Business for UAPT Infolink, the credit reference agency. They were tremendously supportive of everything to do with the Institute and allowed him to work 2 days per week over a 2-year period on Institute matters. The Institutes relocation of offices to the splendid accommodation at The Water Mill had now been completed and the growth in the Secretariatís numbers reflected the level of work from the increasingly demanding membership of some 8,000 credit managers. Trevor made major presentations at five annual NACM congresses in the USA and travelled to Malaysia and Australia to spread the word of how the UK was tackling credit management. Notably amongst the achievement during his office was the establishment of the Chair in Credit Management at the University of Bradford, achieving record numbers of student members and gaining agreement to reduce the number of Council members from 46 down to 27, something that his successor, Ted Brown, benefited greatly from!
Since 1996, Trevor has been elected annually by the membership to the post of Vice President. He was further honoured when he was awarded the Meritorious Service Award at the Instituteís Annual Dinner in 1997. Passionate about all aspects of credit, Trevor will continue to support the charity and itís members over the coming years.
CPL links up with Lovetts solicitors for Letters Before Action from £2.00
CPL links up with Lovetts solicitors for Letters Before Action from £2.00...
For some years now Trevor Phillips, Chairman and CEO for CPL, has also held the position as Director of Marketing for Lovetts plc, solicitors who are based in Guildford. Lovetts specialise in the collection of commercial debts and litigating on contested contractual disputes.
With the recent launch of Lovetts Pre-Legal "No Collection - No Commission" service that is operated by CPL staff in the Lovetts name, it has been decided to bring the operational functions of the two businesses into closer harmony. The IT systems have now been linked so that Lovetts Account Executives and CPLís Debt Recovery Managers can share information on commercial debts and seamlessly move debts from Pre-Legal into the issue of a County Court Claim. It also enables CPLís own debt recovery clients to access the very best of services from a specialist law firm at advantageous rates.
Lovetts website is linked to the CPL website so that their clients can access the credit reporting, recruitment and consultancy services offered by CPL.
Sept. 2006 - CPL selected for the fourth year running to undertake independent audits of the Debt Managers Standards Association (DEMSA) members....MORE >>
Debt Management trade body completes first stage of OFT Consumer Codes Approval Scheme
During 2003 the Debt Managers Standards Association (DEMSA) became the first debt management trade association to successfully complete Stage One of the OFT's Consumer Codes Approval Scheme (CCAS), which aims to promote and safeguard consumer interests (see note 2).
By completing Stage One, the DEMSA Consumer Code has met the OFT's core criteria in principle. To achieve OFT approval, the second stage involves testing the code to see whether it is working effectively in practice (see note 3).
The DEMSA Code of practice promises to provide the following benefits:
* a set of comprehensive monitoring procedures including inspection visits by independent inspectors, a mystery shopping exercise, checks on marketing, advertising and web sweeps:
* a conciliation service to handle consumer complaints if a member's own complaints procedure does not resolve an issue
* an independent redress scheme (arbitration)
* a newly introduced independent disciplinary panel to ensure that the code is complied with and enforced
* regular customer satisfaction surveys so that problem areas can be addressed should the code fail to deliver on its promise
* protection of all clients deposits or prepayments by the use of separate ring fenced accounts
* an obligation on all members to use fair terms and conditions
* clear written pre-contractual information for customers.
* a requirement on members to have in place satisfactory provisions for dealing with vulnerable consumers.
DEMSA will now be invited to provide the OFT with evidence that these processes are working in order to achieve OFT approval. Codes are approved only once they demonstrate they are effective in promoting consumer interests beyond the minimum required by existing consumer protection law. Code sponsors and members of the OFT approved codes can then be licensed to display the OFT Approved code logo. They will also benefit from the OFT's promotion of approved codes and the CCAS.
In acknowledging the completion of Stage One, Penny Boys, OFT Executive Director, said:
'I welcome the steps taken by DEMSA and its members in developing their code of practice to ensure greater consumer protection for their customers, and very much appreciate the commitment and hard work that has made this possible.'
1. DEMSA is a trade association for the debt management industry.
2. The OFT's CCAS aim is to promote and safeguard consumers' interests by helping consumers identify better businesses and to encourage those businesses to raise their standards of customer service. The core criteria cover the organisation of the code sponsor, the preparation and content of the code, complaints handling, monitoring, compliance and publicity.
3. The CCAS consists of two co-dependent stages:
Stage One - The code sponsor makes a promise that its code meets theOFT's core criteria. The code sponsor must make sure its code contains measures designed to remove or ease consumer concerns and undesirable trading practices in its sector. At this stage, the code sponsor is not allowed to claim OFT approval for its code because there has not yet been an evaluation of how well the code is working in practice.
Stage Two - The code sponsor must prove its code lives up to the initial promise it made. The burden of proof lies with the code sponsor. The code sponsor must also show that the code is being effectively implemented by all who claim to adhere to it and that consumer disputes are properly resolved. When this burden of proof has been met, OFT approval of the code and promotion will follow. The 2006 Audit, to be carried out by Credit Professionals will form part of this process.
March 2009 - Trevor Phillips invited to speak at international conference in Singapore 27/28th May ...More >>
October 2006 - Kevin Still, Executive Vice President of CPL has today been appointed to the board of Pentagon (UK), parent of debt management company EuroDebt Financial Services ....More >>Dec 2005 - David Stammers joining CPL ....
We welcome David to the ranks. He has excellent experience in HR and pensions and will be running our Recruitment Division.
Oct. 2005 - Trevor Phillips chairs the Collections 2005 Conference organised by Attentiv Systems ...MORE >>
A recent survey conducted by AttentiV Systems has revealed widespread concern amongst the collections industry about bad debt,increasing regulations, and the ramifications that these issues are having on profit and customer service. Following the survey of collections practitioners across industry sectors, AttentiV discovered that 95% of respondents are concerned about handling a growing number of cases with fewer resources, while 90% of respondents are worried about measuring the costs of collecting each debt.
The survey results were used to form the agenda of Collect 2005, AttentiV's annual conference for the collections industry, held in Birmingham on 17th October, 2005 chaired by Trevor Phillips of CPL.
June 2005 - Leading UK Bad Debt Buyer Lowell Group exceeds targets one year after launch ...MORE >>
Leeds, 13 June 2005. It is now one year since the Lowell Group entered the UK Debt Purchase sector. The Group is already one of the leading purchasers of non-performing consumer debt in the UK, with over 600,000 delinquent accounts currently being serviced from a 400 seat call centre in the heart of the financial centre of Leeds, England.
The Lowell Group was formed after CS Capital Partners II LP (an English Limited Partnership) merged Premier Seekers Limited and FTS (North) Limited. Cabot Square Capital Limited, the Manager of the fund has a successful track record in the sector, following itís prior investment in Cabot Financial Europe Ltd. Premier Seekers Limited and FTS (North) Limited, had traded in the debt collection and trace sectors since 1995 and had a strong management team with extensive experience in the credit services industry. James Cornell was retained as CEO of the Lowell Group. The management team were introduced by Kevin Still, Senior Vice President of Credit Professionals Limited (CPL). CPL specialise in the provision of strategic consultancy, M &A support and senior credit recruitment services.
The Lowell Group specialises in the purchase and servicing of delinquent debt from a range of consumer credit granters, including; banks, credit card issuers, telecoms/mobile providers, utilities, finance houses, retail credit and home entertainment providers. The Group recognises the dramatic growth in the UK debt purchase sector and has the financial, operational and analytical resources to manage large single placement and forward flow portfolios.
Recent transactions include significant purchase agreements with several UK high street banks, credit card issuers and retail credit/home shopping providers.
The Lowell Group believes that it differentiates itself by offering its clients:
∑ A high energy and innovative executive team
∑ Excellent open and transparent relationship management at all points of contact
∑ Substantial funding lines for single and forward flow debt purchase agreements
∑ A complete range of debt purchasing solutions, fully integrated to provide bespoke client solutions
∑ Significant experience in working different product & aged debt portfolio profiles
∑ A thorough and streamlined bid process geared to timely contractual agreement
∑ Substantial capacity to grow
∑ Commitment to reciprocate information
∑ A major commitment to staff and performance management based upon continuous improvement
∑ Emphasis on using technology and analytical techniques to improve operational performance and debtor contact strategies
∑ A highly ethical and compliant approach
The Group is an established member of the UK Credit Services Association (CSA) and a founder member of the Debt Buyers & Sellers Group (DBSG).
Contact : James Cornell
Role : CEO
Tel: +44 845 300 9410
Fax : +44 845 300 9411
About Credit Professionals Ltd. (CPL)
Credit Professionals Limited (CPL) provides strategic consultancy, recruitment, M & A and facilitates outsourcing solutions to companies throughout Europe. Formed in 1997, the company services the needs of companies where hands-on experience is vital, utilising the knowledge of over 50 senior qualified consultants.
For further information about CPL, please contact:
Contact : Kevin Still
Role : Senior Vice President
Tel: +44 845 166 8256
Fax : +44 845 166 8257
Feb. 2003 - CPL announces their agreement to provide the training and consultancy services for the Business Credit Management website portal....MORE >>
As part of the ongoing expansion of CPLís credit management training and consultancy services, agreement has been reached for CPL to provide a range of credit management training courses at client sites and to undertake consultancy assignments resulting from enquiries received on the Business Credit Management and Credit to Cash portals.
Whenever an Enquiry Form is submitted requesting information on in-house training courses, executive coaching or consultancy it is forwarded to CPL for one of our consultants to respond.
Feb. 2003 - CPL launches a new AdviceLine service for consumer credit personnel
A no nonsense, plain English, practical adviceline for credit practitioners available by telephone, email, letter or fax, whichever suits you.... AdviceLine
Oct. 2002 - Coface signs new partnership with Credit Professionals
Consultative approach strengthens Coface UK's credit solutions capability... MORE >>
COFACE SIGNS NEW PARTNERSHIP WITH CREDIT PROFESSIONALS
Consultative approach strengthens Coface UKís credit solutions capability....
London, 1 October 2002. Coface UK, part of the Coface Group, a world leader in credit insurance and receivables management services with over 78,000 clients in 99 countries, has entered into a business alliance with specialist credit management consultancy, Credit Professionals Limited (CPL). CPLís senior consultants have a recognised presence within the UK and European credit industry and the partnership with Coface UK will provide added value for both companies.
"We are delighted to have signed this agreement with Coface UK, we believe the Coface Group's services and guarantees can seriously enhance business-to-business commerce," comments Trevor Phillips, Managing Director of CPL.. "Through this partnership we will be able to adopt a more consultative approach to truly understand client companyís goals and objectives. We are specifically looking to jointly develop and grow the Receivables Management Outsourcing services that Coface offer to a number of major organisations."
Indeed, a recent survey on Outsourcing has indicated that the most common motive for organisations choosing to outsource was to gain access to skills and experience and to free them to concentrate on their core business. One of the key requirements for success on the customer side is that there must be senior executive support and involvement in the project and both organisations must invest a lot of effort in managing the overall relationship.
"We feel that the involvement of CPLís experienced senior consultants in our ĎJoint Work Programí means that we can now dedicate unrivalled resources and expertise on an international scale, to deliver efficient and cost-effective trade credit solutions for our clients" said Coface UK Managing Director, Malcolm Guest. "This new relationship will enable us to enhance channels of communication with our clients, ensuring that our services deliver tangible business benefits and a Return on Investment (ROI) which is in line with, or exceeds their expectations"
"Both CPL and Coface have strong client bases of blue chip companies, built-up through their years of experience in the credit management sector," Kevin Still, Associate Director, CPL explains. "By tapping into this joint experience and the investment Coface has made in new premises and advanced Dispute Resolution & Collections Management systems, businesses will benefit from the companyís proven expertise in collections, ensuring improved cash flow, fewer bad debts and decreased average days sales outstanding (DSO)."
Kevin recently supported Coface UK at the recent Collections 2002 conference at the NEC, where a number of strategic services were presented, including:
A complete outsourced credit management solution with regular reporting, including order processing, credit vetting, invoicing, debt collection, banking, and an in-house legal team.