The Money Advice Liaison Group (MALG) is celebrating its 30th anniversary. MALG was established in 1987 as a forum for shared best practice and communication in the debt and money advice sector in the UK. MALG has recently re-branded, re-launched and introduced a new membership structure aimed at widening participation across the advice, credit, collection, enforcement,…
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A new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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The European Commission has approved the combination of Intrum Justitia and Lindorff. The Commission’s decision is conditional upon the divestment of Lindorff’s business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway (see press release dated May 18, 2017 for more information). The combined company will, through its scale and…
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The Financial Ombudsman Service (FOS) has published it’s annual Complaints report which indicates a continued rise in complaints about payday loan companies. FOS said there were 10,529 complaints about payday loan companies in 2016/17. This is more than a three-fold increase since the 3,216 complaints in 2015/16. Complaints about consumer credit rose by 89%. 25,984 complaints…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 19% by value and 28% by volume in April, compared with the same month in 2016. This mirrored a reduction in private new car sales in April which…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in April, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with April 2016, while retail store and online credit new business fell by 4%.…
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Intrum Justitia AB has announced that Mikael Ericson will be the Chief Executive Officer (CEO) and President of the combined company once the transaction is completed. Erik Forsberg, the current Chief Financial Officer of Intrum Justitia, will continue as the CFO of the combined company. In November 2016 Nordic Capital Fund VIII, currently, the indirect majority…
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Arvato Financial Solutions has appointed a new Commercial Director in the UK & Ireland as it targets growth in the Finance & Accounting Business Process Outsourcing (F&A BPO) and debt collection space. Debbie Nolan, who has spent the last four years as Business Development Director in Arvato’s Customer Services business, will move on to its…
Read moreCredit Services Association (CSA) President John Ricketts has joined Ardent Credit Services as its new Managing Director (MD). The appointment sees the former iQor chief take the reins at the Debt Collection Agency (DCA) in its twentieth anniversary year. Existing Managing Director and founder, Steve Murray, will now take on the role of Cheif Executive…
Read moreMetro Bank has announced that it has completed the purchase of a portfolio of UK mortgages from Cerberus European Residential Holdings for £596.7 million. All lending in the Portfolio is secured on property, well diversified across the UK, and has a similar credit risk profile to Metro Bank’s current mortgage book. The Portfolio consists of…
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The importance of addressing the priority digital collections needs within your business “New and improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” overhyped in grocery products lead to consumer distrust, technology-solution claims deserve a similar sceptical reaction. Consumers and collectors alike would benefit from taking…
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Latest Bank of England figures show that the annual growth of consumer credit (which includes credit cards, personal loans and overdrafts) was up 10.3% in April, up from the 10.2% recorded in March, but lower than February’s 10.5% rise. There were 64,645 home loans approved in April, the lowest number since September last year. The…
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