Credit-control and recovering debts can be complex, time-consuming, and expensive and companies of all sizes often look to outsource these processes to an external provider. Outsourced credit-control and debt collection enables a business to leverage a specialist agency’s wealth of expertise and resources. It can improve the efficiency and effectiveness of collections, reduce costs, and…
Access to comprehensive debt collection data insights and analytics is critical for organisations to make informed decisions about how to optimise their collection efforts. However, despite gigantic leaps forward in technological advances in the debt collection arena, many business still struggle to secure visibility over the effectiveness of their collections strategies. In this article we take…
In the UK alone in excess of £50 billion is tied up in overdue payments. Despite this companies are reluctant or slow to take third-party action to collect their cash. Keen to understand what the barriers are to making a decision to outsource, we conducted a poll on LinkedIn, and asked our network why so…
Unsurprisingly one of the most common questions asked of our sales team is “what are our fees and charges for collecting outstanding debts?” Whilst most businesses only require debt collection services when all their own efforts at retrieving what is owed have been unsuccessful, no-one wants to overpay for a service. Although conversely, it could…
We are entering a new era of generative AI that is set to revolutionise the world as we know it. Latest predictions from McKinsey suggest that generative artificial intelligence will contribute a staggering 4 trillion dollars to the global economy and is “poised to unleash the next wave of productivity” Although generative AI is transformative and…
When a debtor is refusing to pay, a formal notice of proceedings can prove very persuasive. However, the decision to move to legal action should never be taken lightly. Taking your customers to court is likely to close the door on any potential future business. At Barratt Smith and Brown we consider the role of…
Energy regulator Ofgem announced on 23rd November that the Energy Price Cap will rise by 5% in January 2024. This means an average household will pay another £16 per year – approximately £1.33 a month on top of already highly inflated energy costs. Why is it increasing? The energy price cap rise is in…
Barratt Smith Brown are excited to announce the relocation of their Leicester business to a new office space in the centre of Leicester from 20th November 2023. The new Barratt Smith and Brown head office will be based at 56 The Crescent, King Street, Leicester LE1 6RP. This new location is just short walk…
With a volatile economy and high interest rates leading to increased borrowing costs, many finance teams will be under pressure to hit their year-end cash targets. And as the December 31 deadline approaches, many conversations will be had about what can still be done to improve your year-end cash position. Outlined in this article are 3…
Barratt Smith and Brown are delighted to announce our appointment by FRP Advisory as the debt recovery partner for the Together Energy administration. Together Energy will be the 22nd energy administration which Barratt Smith and Brown have been appointed to manage the recoveries. It cements the company’s position as the UK experts in…
6 strategies credit professionals can implement to secure their cash collection in 2023 Credit professionals are not unused to overcoming challenges. An often-overlooked back-office function, lack of resource and investment can make delivering targets a daily battle. However, in 2023 what was already a hill has become a mountain. With economic insecurity driving an increased…
Business insolvencies hit a 13 year high in 2022 as government support measures which protected and supported businesses during the pandemic ended. According to official data the total number of company insolvencies registered in England and Wales reached 22,109 – the highest since the financial crash of 2009. Creditor’s voluntary liquidations were at their highest…
Barratt Smith Brown are excited to announce a new partnership with Inter Credit Group. The new reciprocal agreement will enable our clients to access high quality debt recovery solutions within China. In return Barratt Smith Brown will service all UK debt recovery for Inter Credit Group’s client base. Based in Qingdao, in Shandong, @Inter Credit…
In the second quarter of 2022 UK insolvencies hit a 13 year high – last beaten in 2009 in the middle of the global financial crisis. This is economic environment which demands highly proactive credit-control and collections activity to ensure you maintain cash-flow. Are your collections strategies recession ready? The number of company insolvencies in England and Wales hit a…
An overview of what is driving the current increase in UK energy administrations and what being caught in an energy administration means for consumers. The recent increase in wholesale global gas prices has had an impact on the cost of energy in many countries. The main factor driving these price increases has been the Russian…
4 key considerations to guarantee success when making the decision to outsource debt collection or credit-control. Whilst many larger businesses will use an outsourced partner to support their inhouse collections, some businesses still have concerns which prevent them making the decision to outsource debt collection or credit-control. Fear of potentially damaging those all-important customer relationships,…
How customer-first collections can build customer loyalty and support cash collection At Barratt Smith Brown we believe collections not only play a critical role to secure cashflow but can also help build customer loyalty. Our customer-first collections strategy puts the customer at the heart of all our collections activity. By ensuring customers receive the right communication in…
There are 4 key factors that will give your business the best chance to optimise your debt collection rates. Consider these elements and you will support your organisation’s cash flow and minimise bad debt. Do not let your ledgers age There is a strong correlation between the age of invoice and its collectability. As a…
This article takes a look at the debt collection industry trends we predict will be seen as UK business gets back to normal post the Covid-19 pandemic. Credit-management teams across the globe will be hoping for an ease from the pressures of maintaining cash flow during the pandemic. However, post Covid-19 the business world has irrevocably…
As the conflict continues there is growing concern over the impact of the Ukraine crisis on energy prices. With UK and European consumers already experiencing sky-rocketing prices since pandemic there are tangible concerns that the Ukraine crisis will drive them even higher and add to the emerging cost-of-living crisis Russia is the world’s largest natural gas exporter…
With growing understanding that future market share will be as much won on customer experience as on product and price, customer-first collections are not only socially responsible but will be critical to building customer loyalty and reducing churn. This article looks at what constitutes customer-first collections and why more businesses should be using this approach…
These are very strange times for those in the business of consumer debt collection. Despite significant moves forward by the industry towards a more customer centric approach, it is not uncommon for any debt resolution activity to be met by consumers with either blind panic and fear or aggressive dismissal. The industry needs to address…
Outlined in this document are the key challenges facing businesses in 2022 and the credit and collections industry trends we believe will be seen as businesses position themselves to overcome them. UK Debt Collection Industry Report: Key Trends for 2022 Contents About Us Author About Barratt Smith Brown Introduction Challenging Economic Landscape Short to medium…
The FCA Finalised Guidance For Firm On The Fair Treatment of Vulnerable Customers identifies three areas which are essential for firms to consider when building a vulnerable strategy as outlined in the below diagram. For businesses which are just starting to develop their debt collection customer vulnerability strategy, we have broken these down further in…
Frontline, customer facing staff play an important role in early identification of vulnerable customers, and this can make a huge difference in customer experience and outcomes. It is therefore critical that your customer facing staff can quickly identify signs of vulnerability in any interaction. One of the established best practices for identifying vulnerable customers, is…
We all have preconceptions about what vulnerability looks like – whether it is someone with mental or physical disabilities, the elderly and frail or the young. In fact, we all have the potential to become vulnerable – vulnerability can affect anyone. The FCA define a vulnerable customer as “someone who, due to their personal circumstances,…
Barratt Smith Brown are the UK experts in Utilities Administrations Recovery Services. Handling over 75% of energy administrations since 2018 we have developed unique systems and processes to help administrators reduce ongoing costs and maximise recoveries. With extensive experience of working with Ofgem and suppliers of last resort, our comprehensive solution will handle final billing,…
Although securing fair outcomes for vulnerable customers has long been a concern both the FCA’s and Ofcom, it has taken a global pandemic to really place it on the agenda of most unregulated businesses which are customer facing. This includes the debt collection and credit management industry, which although often touching customers when they are…
In 2016 In 2016 GB Energy ceased trading, transferring their 160,000 customers to Co-operative Energy. This was the first energy supplier exit in eight years. Since then, a total of 22 energy suppliers have gone bust affecting over 4 million domestic consumers, with Green Network Energy and Simplicity Energy joining the ever-growing list in January…
As much as we would like to believe we live in a world where everyone pays an invoice as soon as it hits their desk, or at least on the first available payment run, the reality is actually very different. There will be very few businesses in Europe that do not have to engage in…
Business Stream Case Study: How proactive credit-control was used to support customers during the Covid-19 crisis. A subsidiary of Scottish Water, Business Stream is one of the largest water BTB retailers in the UK operating in both Scotland and England’s highly competitive non-domestic water markets. With over 12 years’ experience of operating in…
Launching new partnership with Fortis Group Holdings Barratt Smith Brown are pleased to announce a new partnership with Fortis Group Holdings – an international hedge fund seeking new opportunities in the UK debt purchase arena. Barratt Smith Brown has an established reputation for providing market-leading, consumer and commercial debt collection support to its…
The Impact of Covid-19 on Debt Collection Strategies and Techniques In recent years there have been significant developments in debt collection strategies and techniques. The expansion of digital and technological transformation has provided many businesses with a deeper understanding of the effectiveness of historic debt collection strategies. This seismic shift in insight and understanding has…
Whilst many hoped that 2021 would mark an end to the Covid-19 pandemic and a return to normality, the reality both in the UK and globally is very different. The mutation of the virus into new, more transmissible strains has in fact seen the number of infections and hospitalisations soaring to levels far beyond…
Ashley Barratt CEO at Barratt Smith Brown I am delighted to announce that as of 28th February 2020 CDS (Corporate Debt Solutions) Global will be changing our name to Barratt Smith Brown (www.thebsbco.com) to mark a new partnership between myself and Moreton Smith Receivables co-founder Mark Smith and ex Moreton Smith CRO, Richard Brown.…
