Credit, Collections & Insolvency News
Quint Group has reported a record year of growth with a 64 per cent increase in revenue to almost £32m by March 2017. Quint saw its turnover rise from £19.5m to £31.9m in 2016/17, along with an increase in underlying profits of over 250 per cent from £1.6m to £5.9m. Growth has been driven by…
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Private Equity Investor Endless LLP has acquired PRAC Financial Limited (“PRAC”) from its private owners. PRAC is a niche debt purchasing business, specialising in acquiring regulated and non-regulated, consumer and commercial debt portfolios. Endless investment has supported PRAC with the purchase of two consumer debt portfolios to date. For both of these acquisitions, PRAC has…
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John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018. Griffith-Jones commented “I committed to a five year fixed term to chair the FCA and, in so doing, to help…
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Alternative secured specialist lender Borro, has announced that Chief Executive Officer and Founder Paul Aitken is to leave the company. Aitken, who founded the company in 2008, led Aitken, who founded the company in 2008, led Borro through its early growth stages online, expansion into the American market, and the launch of property lending in…
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Selwyn Cooper has been appointed Head of Financial Services of Volvo Car UK. The new role will see Cooper heading up the Volvo Car Financial Services division, with responsibility for the management and delivery of the expanding range of finance and insurance products offered by Volvo in the UK. Cooper has worked at Volvo for…
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Plough & Share Credit Union has closed after it was revealed it was in default and could not repay deposits to its 2,550 members. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Credit Union. The FSCS will compensate the vast majority of members within seven days. The scheme will use…
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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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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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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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Callcredit is partnering with specialist business consultancy, Ctrl-Shift, to interrogate the shifting dynamics in the personal information economy. The collaboration will look to combine Ctrl-Shift’s proven experience and knowledge base with Callcredit’s pedigree in innovation in data application, to explore and highlight practical ways businesses can thrive in a rapidly changing data economy. The announcement…
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Secured and unsecured loans lender provider, The Darwin Group (owner of the Evolution and Progressive Money and brands) has announced a new funding facility of in excess of £75m which supports the Groups objective of becoming a leading consumer finance brand in the UK. Evolution and its sister company Progressive Money, have built up a substantial…
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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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PayPlan has announced the announcement of a New Head of Policy & Partnership. Alistair Chisholm joins the free debt advice provider as Head of Advice Sector Policy & Partnership. The role will see Alistair working alongside the wider PayPlan team and with external partners to enhance current practices to offer even more support to those in…
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