European Union (EU) finance ministers on Tuesday called for speedier unloading of bad debt by EU banks and recommended more money be put aside by the banks to protect them from trouble. The decade-long financial crisis left European banks holding nearly 1 trillion euros of non-performing loans (NPLs), reducing their ability to lend and slowing…
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Lowell has announced two senior appointments to its UK executive team. Bill Flynn, joins as Group General Counsel & UK Chief Risk Officer from Wonga Group, where he was Group General Counsel. Flynn joined Wonga in 2015 where was responsible for steering the business through an intensive period of regulatory scrutiny. This culminated in the business…
Read moreCoventry City Council is owed more than £12.5million in council tax, according to a new report. Only six of 36 metropolitan councils in England had lower levels of council tax arrears relative to their collectable council tax at the end of March 2017. However, only four metropolitan local authorities collected more council tax arrears than Coventry in 2016/17.…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has revised and relaunched its Code of Practice to incorporate new Principles of Business. The new revised Code continues to promote best practice in terms of collections activity, and also details what the CSA expects of its members in terms…
Read moreAberdeenshire Council is owed more than £12 million in unpaid council tax for the last four financial years with the figure rising to more than £18 million including council tax owed from the financial year 2016/17. Since 1993, the local authority is owed almost £33.3m in unpaid council tax.cAn Aberdeenshire Council spokeswoman said: “We take…
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Capita has announced the sale of the Capita Asset Services businesses (CAS) to Link Administration Holdings (Link Group) for a cash free, debt free consideration of £888 million. Capita Asset Services offers a range of services including mortgage and loan servicing. Capita has previously entered the UK mortgage servicing Crown Mortgage Management and Vertex Mortgage…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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Hammersmith & Fulham Council and Debt Purchaser 1st Credit have launched a new joint venture: H&F Ethical Debt Collections, at the Local Government Association’s annual conference in Birmingham.The partnership changes the way public sector debts are handled, ending the two-tier treatment of customers in debt by applying Financial Conduct Authority (FCA) standards to public as…
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New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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A new toolkit to bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt has been launched by the Money Advice Service today. This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice…
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The creation of a Single Financial Guidance Body could help break down barriers stopping indebted individuals from receiving free and impartial advice, says insolvency trade body R3 ahead of a key parliamentary debate on the issue. On Wednesday (5th July), the House of Lords will debate the Government’s Financial Guidance and Claims Bill, which could…
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Three-quarters of students will never clear their debt with the average debt now standing at £50,000 according to the Institute for Fiscal Studies (IFS) report. Students in England graduate with average debts of £50,800, after interest rates are raised on student loans to 6.1%.Other key findings in the report include: Those from the poorest backgrounds…
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UK Asset Resolution Limited (UKAR) which incorporates Bradford & Bingley (‘B&B’) and NRAM has issued its results for the year ended 31 March 2017 (‘2016/17′). UKAR’s mission is to maximise value for the taxpayer, whilst serving our customers well and treating all our stakeholders fairly. Highlights from the results: Balance Sheet reduced by a further…
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