ARTICLE...
The CSA Approach
We have prepared
Peter Wallwork, Chief Executive of the CSA, outlines some of his thoughts on the key issues affecting today's issues.
We have prepared a specially designed Trace Factsheet, with assistance from the Information Commissioner's Office, to help provide further clarification on the complex issue of tracing.
The factsheet is in an easy-to-understand format, with relevant questions and answers, and is aimed at individuals who find themselves in a 'mis-trace' situation. It provides information on why there is tracing, what individuals can do and who they can contact.
"Mis-trace is one of the most discussed topics within the debt collection industry," explained Claire Aynsley, head of membership and compliance, "This factsheet explores the purpose of tracing an provides guidance to those consumers who find themselves on the receiving end of numerous correspondence for absconders, which is a major cause of frustration, but an issue that can be easily addressed with the right course of action."
The factsheet is available to download from the CSA website for both members and non-members. This is just one of the positive steps the association is now taking, working alongside regulators to improve perceptions of the industry.
New Generation in Debt
The recession may be 'over', but for thousands of middle-class families it is the beginning of a new era of debt.
We have noted a sharp increase in the volume of debt coming from sections of the public not previously associated with financial distress.
And we believe the situation will get worse, as president Roger Lucas explained: "Despite the recession, many individuals have managed to cut their cloth according to their means, but they are fast running out of cloth. It is no single issue but rather the cumulative effect of a number of challenges that will prove the tipping point to plunge a new generation into debt."
Accredited Status
We are delighted to advise members that the CSA now holds accredited trade association status (ATA) with the DVLA. This in turn allows members to apply for approved conditional access (ACA) to keeper data.
If granted – and subject to certain conditions – ACA status allows access to vehicle keeper data via a secure electronic link.
All members wishing to apply for ACA status must first serve a six-month probationary period making manual requests before any link can be established. These links are operated in the context of clear terms of agreement, which details when information may be requested, how can it be used and how it should be stored.
DBSG Predictions
Leigh Berkley, chairman of the DBSG, has set out his predictions for the debt sale and purchase market throughout 2010.
He said: "In my opinion, economic conditions have now begun to ease for buyers and sellers alike, and a return to larger volumes of debt sale is inevitable in 2010 as the price gaps seen in 2008 and 09 start to narrow.
"Funding for deals and new entrants is out there, albeit on relatively demanding terms, so for good players with strong management teams, a good track record and a clean compliance history, this year could be one of healthy deal flow at attainable prices.
"This will hopefully ease creditors' concerns over the volumes of new debt coming through into their collections and recoveries departments, and the move to innovative deal structures should mean that sales become more frequent this year."
New CEO
Finally, from 1 February, I have officially joined as chief executive officer at the CSA. I succeed Kurt Obermaier, the outgoing executive director, who retires at the end of April after achieving so much in more than a decade in office.
Original article, by Peter Wallwork, Chief Executive Officer at the CSA, courtesy of CCR.
