Credit, Collections & Insolvency News
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone. Financial completion is expected within the…
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Restructuring and advisory work is an increasingly important focus for professionals who advise insolvent businesses, according to a survey by insolvency and restructuring trade body R3. A large majority (68%) of respondents said that demand for advisory work had increased in recent years, with over half saying this is because awareness of business rescue options has…
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Commenting on figures published by the ONS today (Friday), which shows that unsecured borrowing is at its highest level (as a share of household income) in 8 years, TUC General Secretary Frances O’Grady said: “Today’s figures should set alarm bells ringing. The last thing our economy needs right now is another consumer debt crisis. But…
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With the announcement that the new debt pre-action protocol (PAP) has been approved and the implementation date set for 1 October 2017, debt recovery specialists are examining what the changes will mean for creditors and debtors. The main departure from the previous regime is that sole traders are now to be considered an individual rather…
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Peer-to-Peer real estate lender Relendex has confirmed full authorisation from the Financial Conduct Authority (FCA). Law firm Howard Kennedy has advised Relendex on the process. The Howard Kennedy team was led by Daniel Tunkel, Partner and Head of Regulation, supported by Financial Regulation Associate David Gilinsky. Daniel Galinksy said: “Peer-to-peer lenders have generally struggled to secure full…
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Bibby Financial Services (BFS), has appointed Edward Winterton as UK Chief Executive Officer. Commenting on Winterton’s appointment, David Postings Global CEO at BFS, said: “I have worked with Edward for five years. His knowledge, experience and tenacity are a huge benefit to BFS and I am confident that under his leadership, our UK business will…
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John Charcol has announced the appointment of its new director of partnerships. Alan Young brings with him a track record of growth through the development of strategic partnerships and increased cross-sale revenue. Young joins John Charcol from GoTo Mortgages, where he worked as Managing Director. Speaking about Alan’s appointment, Simon Knight, CEO of John Charcol,…
Read moreThe Bank of England’s latest money and credit statistics show consumer borrowing increasing by 10.5% in the year to February to £196 billion. As the Bank and the Financial Conduct Authority launch reviews into lending practices, Citizens Advice says more must be done to make sure lenders across all consumer credit markets behave responsibly towards…
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Small businesses chasing payment for overdue invoices achieve significantly better results by sending solicitor’s letters, known as a letter before action (LBA), according to new research from fintech firm Ormsby Street. Two-thirds of LBAs sent will result in a small business being paid within seven days, while two-thirds of overdue invoices will remain unpaid after one…
Read moreThe UK government is to make households that are made homeless exempt from Universal Credit following reports that the new benefits system has led to an increase in rent arrears. According to The Guardian, local authorities in London have said that rent collection levels for homeless tenants placed in emergency accommodation have collapsed following the introduction…
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LendInvest and Pepper UK, have agreed to form what is believed to be the industry’s first partnership between a UK online property finance marketplace and an outsourced loan servicing business. Under the terms of the partnership, Pepper UK will take responsibility for servicing all new loans originated by the LendInvest team. The LendInvest team will…
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One in every five business energy bills contains errors according to a research report by Inenco. The report also believes that businesses could be sitting on half a billion pounds in inaccurate charges and miscalculated utility bills. Energy bills mistakes include incorrect rates, human error, complex data flows and meter reading errors. Collectively, these inaccuracies…
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Nucleus Commercial Finance has reached £500million of lending and plans to double this to £1bn in the next 12 months. Lending is up by 100% since April 2016 as more SMEs look for flexible finance solutions to fund their future growth. Since launch in 2011 Nucleus has lent to UK businesses ranging from start-ups to…
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