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News
When Clients Become Debtors
Being in the debt recovery and credit control arena the first discussions with potential customers tend to go along the same lines. These people either have a clear idea of what they would like to achieve i.e. “get my money back” or they are torn at the fact that they might lose a customer.
In the latter case we go into the issues of when a client then stops being a client and becomes a debtor. There comes a point when good will runs out and a business must protect its own cash flow situation which could have an influence on individual lives such as those of employees. Click here for full blog story
Neil Lightfoot Joins BACK
BACK are delighted to annouce the arrival of Neil Lightfoot as operations director in an expansion in light of the uptake in work. He is tasked with efficient processing of debt work, business development and refinement of processes both internal and external. Neil is quite a catch after numerous high profile positions. To read the full story please click here.
BACK inContact - Launch event
We would like to take this opportunity to thank all of those that attended our launch event on Tuesday 16th December. It was great to see so many people and we enjoyed talking to everyone and getting to know a little bit about what you did. Click here for full story
The Bridge Club - Interview with Alatair MacColl
This was BACK's first visit to the regional networking events that are The Bridge Club. At the invitation of top regional finance and insolvency specialist Bev Anderson we headed down to see what it is all about. To our delight we found prominent business leaders of the region gathered together for 45 minutes before listening to a talk from Business Link leader Alastair MacColl. He had some very interesting things to say about how the service has altered since his arrival and how it can still improve further. Our experiences with Business Link in the far past have not been so positive so we look forward to seeing how things have moved on. Needless to say that we will be attending future events.
Data Confirms Economy is Shrinking
Figures have today suggested that the economy shrank between the periods of July and September by 0.5% it has been revealed by the Office for National Statistics. This is the first time since 1992 that the economy has reduced in size. If the economy shrinks between October and December the country will officially......... read the full blog item here.
ABCUL Annual Conference
9th November saw Andrew Charlton delivering one of the key seminar addresses to the Association of British Credit Unions Annual COnference at the De Vere Hotel in Chester.
Over 150 assembled delegates were keen to learn more about the impact of the credit crunch and way to combat indebtedness more effectively and Andrew was happy to share his 20 years experience and expertise in consumer and corporate collections with the audience.
BACK inContact Limited provide the ABCUL Affinity Collection Scheme in association with the partner panel law firms, D G O'Donovan Solicitors Limited (www.dgod.co.uk) for England and Buchanan Macleod Solicitors (www.buchanan-macleod.co.uk) in Scotland.
With a large proportion of ABCUL affiliated credit unions turning to BACK inContact Limited for their low costs debt recovery and collections work it was a great chance for Andrew to meet and greet some of their clients and welcome new clients to the fold.
For copies of Andrew's presentation or for a FREE SIGN UP PACK with exclusive ABCUL members only deals, just call us today on 0845 257 3300 or email andrew at acharlton@backincontact.com.
Crunching Fraud
The number of bank accounts being taken over has risen
CIFA the UK fraud prevention service says that fraudsters have changed due to the credit crunch......... read the full blog item here.
Charging Orders
So having seen the crunch biting some time ago we're now seeing it starting to filter through to the sharp end.
The number of creditors who have now sought a "Charging Order" has risen dramatically........ read the full blog item here.
Resposessions on the way back?
I see that the housing charity Shelter have said that their figures showed that the number of borrowers in financial difficulty has grown by an incredible 700% ! ....... read the full blog item here.
Bankruptcies heading up
You might remeber reading thatUBS had warned that 2008 would be a tough year.
Well today they said that their writedowns due to sub-prime have rocketed to £18.5bn, wow.
This has to be about the biggest write off by any bank since this whole credit crunch started....... read the full blog item here.
US sub-prime writedown...... again
You might remeber reading thatUBS had warned that 2008 would be a tough year.
Well today they said that their writedowns due to sub-prime have rocketed to £18.5bn, wow.
This has to be about the biggest write off by any bank since this whole credit crunch started....... read the full blog item here.
Debts Vanish Down The Drain
BACK inContact have notched up another satisfied customer using the low cost debt recovery service. Kevin at Drain Doctor in Sunderland chased a debt for seven months without success and then just as he was about to give up he called BACK inContact. For the full story click here
Don't Panic Captain Mainwairing
The Bank of England has just voted 8-1 for a hold in interest rates, at least someone isn't panicing like the Fed !
Smart money would be on a .25% drop again next month and that's where my money would go as they have commented ...... read the full blog item here.
Slashing Away
The Fed has chopped interest rates to 3.5% lopping a massive 0.75% off their rates, why?
Well, they seem to think by not doing so the USA will drop into .......recession...... read the full blog item here.
Strike Two
Bank of America has now joined the club of big losers by announcing a 95% fall in profits for Q4 ! They put it down to...guess what ? rising credit losses.
Their net income dropped to$268m in Q4 when it was a whopping $5.26bn for the same period in 2006. Wachovia another US bank has also announced an incredible 98% drop in their Q4 profits..... read the full blog item here.
Getting closer to home
So having said yesterday to watch out for something closer to home, here are.
This morning, Scottish Equitable have closed the exits on some of their funds because of a rush to withdraw cash from its commercial property funds. They have now introduced a 12 month delay to get your money back.... read the full blog item here.
Wow! What a crunch!
After I posted details of the Citigroup loss, who could have seen this coming.
Merrill Lynch has reported a loss for 2007 of $7.8bn for the last 12 months.
It is the company's second quarter's loss on the bounce now and it cost the previous chief executive his job.
Watch out for more losses closer to home shortly.
Using low cost legal services
Andrew Lynch of Metro tells of his experience using BACK inContact's low cost legal services, recovering over £40,000 in under 2 weeks with £2,000 interest and NO LEGAL BILLS !... read the full video blog item here.