The Government has announced that it has completed the £5 billion pound sale of the final chunk of its ‘bad bank’ comprising failed lenders Bradford & Bingley (B&B) and Northern Rock (NRAM0. The Government says that the final sale constitutes a significant milestone in the work to achieve the government’s objective of returning the institutions…

Credit management firm Intrum has achieved gold rating in an independent customer experience assessment for the seventh consecutive year by Investor in Customers (IIC). IIC has again given the business its highest gold standard for delivering ‘exceptional’ customer service, making Intrum the only business ever to achieve gold on first IIC assessment and maintain that…

Metro Bank is to purchase £384 million in loans from peer-to-peer investors through the RateSetter platform. All RateSettter peer-to-peer investors are to have their money repaid after the platform with Metro Bank is purchasing its remaining loan portfolio. The bank has been funding all new consumer lending on the platform following its acquisition of RateSetter…

Over two-fifths (44%) of UK adults who used a Buy Now Pay Later scheme (BNPL) to fund their Christmas shopping are now concerned about their ability to repay, according to the latest findings by comparethemarket.com. Worryingly, one-fifth (20%) are unable to meet these repayments without having to take on more debt, reflecting the concern that these…

Sales of non-performing loans (NPLs) hit a four-year low last year with €67.7bn sold, according to the Debtwire European NPLs FY20 Report. The Government supported disposals accounted for 60% of the total, the report found. The Cobid-19 crisis delayed portfolio sales as Europe went into lockdown, while agreements fell apart as the economic outlook deteriorated.…

Credit Connect Media has confirmed the date for its second Collections Technology Think Tank which will take place on Thursday 18th March. The event will focus on technological and innovational developments and strategies within collections. The Think Tank is a multi-session event that includes a diverse range of speakers and is set up so that…

NatWest has that it has announced that it has entered into an agreement with Metro Bank to purchase its £3.1 billion mortgage portfolio in a deal that will see 13,000 customers transferred over to the lender. The £3.1 billion purchase price represents a 2.7% premium on the gross book value.   The portfolio consists of owner-occupied residential…

Shawbrook Bank, a specialist lender to UK SMEs, has announced that it has completed an acquisition of RateSetter’s peer-to-peer funded development finance business with facilities totalling £167 million. The addition of the RateSetter business including the associated loan portfolio will add more than 100 new active clients to Shawbrook’s existing Development Finance customer base. The…

The European Commission has today presented a strategy to prevent a future build-up of non-performing loans (NPLs) across the European Union, as a result of the pandemic crisis. The strategy aims to ensure that EU households and businesses continue to have access to the funding they need throughout the crisis. Banks have a crucial role…

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