Credit, Collections & Insolvency News
It’s fair to say that Ofgem’s decision to raise the energy price cap has raised a few eyebrows. Considering the UK is in the midst of one of the most volatile socio-economic periods in its history, with extreme levels of national debt and millions affected by furlough or job losses, choosing to raise the price…
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Debt purchaser Arrow Global has announced pre-tax losses of £114.8 million for 2020 loss as lockdown restrictions across the UK and Europe affected cash collections and portfolio acquisitions. The pre-tax loss for the year to 31 December 2020, is down from a £51.3 million profit in 2019. The group said the loss was driven by…
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A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…
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The Government has confirmed the passing of new legislation on pre-pack administrations. The new pre-pack legislation will take effect from the end of April 2021, introduces mandatory independent scrutiny of pre-pack administration sales where connected parties are involved. Under it, an administrator will be unable to make a ‘substantial disposal’ of company property (including hiring…
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A new automated collections platform has announced its launch. itsettled says that its new automated collections process is legally compliant and easy-to-use. The company is also confident in their product that they provide a guarantee for all customers that if their process has been followed and payment has not been made, they guarantee that their…
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Deceased account management specialist Phillips & Cohen Associates has announced that Amy Perkins has joined its senior executive leadership team in the newly created role of Global Chief of Staff. Perkins is a proven leader, with several years of collections strategy and operational experience at the highest levels at NCO Group, Bank of America, and…
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Over-55s have used housing equity to clear more than £612 million of unsecured debt in 2020, according to new data analysis from Key shows. Credit cards (av. £8,500), overdrafts (av. £2,000) and loan balances (£11,700) were most commonly repaid as people looked to manage their retirement income by reducing outgoings. Around a fifth (18%) of…
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