Credit, Collections & Insolvency News
Legal specialist Esson & Aberdein has launched a dedicated Lender services division which it says will address an acute lack of provision and competition in the area.
The debt recovery and conveyancing services division, have been recently bolstered by the appointment of Fallon Spencer as Head of Corporate Property Services.
Spencer is building a specialist team with expertise in debt and asset recovery, dispute resolution asset management, remortgages, equity release lending and conveyancing. She will join founder Rob Aberdein and Head of Lender Services, Joseph Bowie, who between them helped Aberdein Considine to dominate the lender services niche in Scotland and grow into the rest of the UK.
Rob Aberdein said “Both ‘new’ and traditional lenders are between a rock and a hard place when it comes to finding a legal partner who will take a creative and innovative approach to delivering lender services.”
“Before the last recession there were perhaps 10-20 English firms in this space and around five-10 Scottish firms, but now there are only around three-four specialist firms with all the correct permissions, relevant specialist experience and appropriate regulatory frameworks in place across the entire UK.
“Under the leadership of Joe and Fallon, we aspire to shake up the sector which in recent years has suffered from a lack of new entrants combined with market consolidation.”
“We believe that our ‘tech first’ approach will offer online banks like Monzo, Revolut, Atom and Tandem something distinctly different. But we can also help traditional High Street institutions as they embark on their own digital journeys. I am confident that all progressive lenders will welcome our fresh thinking and digital disruption.”
“A healthy functioning banking system needs to recover debt. During Covid, banks and other lenders put off or delayed the panel tender process so many fresh appointments or reappointments are now overdue.”
“Lenders should now be looking at the suitability of contingency firms in the event of the failure of panel firms or their inability to cope with volumes. Lenders who fail to progress debt recovery cases in a timeous fashion risk adding unnecessary costs to defaulting assets or will see the asset value decrease. Our team of specialist litigators and paralegals are on hand to ensure that doesn’t happen and we have an ambitious strategic plan to establish Esson & Aberdeen as the go-to corporate debt recovery partner.”
“Rising interest rates, inflation, Brexit and the first European war in decades I believe will see the demand soar for regulatory-compliant, ‘oven ready’ debt recovery and conveyancing firms. Therefore, we take the view that it is the right time to bring our service proposition to market.”
