Credit, Collections & Insolvency News
Debt purchase and management business Arrow Global has announced its latest results posting a rise in both income and profits. For the year to 31 December 2018, the company reported total income of £361.8m compared to £319m the prior period. Commenting on the results, Lee Rochford, Group Chief Executive Officer of Arrow said “2018 was…
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European debt purchaser and credit management specialist Cabot Credit Management has announced its latest Financial Results for Year ended 31st December 2018. Servicing revenue rise 104 percent from £40.2m to £82m. Adjusted earnings EBITDA rose 18 percent from £295.2m to £349.8m over the same period. Estimated remaining collections rose 13 percent from £2.4bn to £2.7bn,…
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Credit provider, Morses Club has released it latest trading results for the last financial year. The company revealed that total credit issued increased by 2.4% to £178.5m compared with the prior year and that its gross loan book grew by over 7%, comprising a 5% increase in the core book and a 2% rise as…
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Debt recovery firm DSL has launched a specialist service to help local authorities collect sundry debt after a recent pilot for a single Inner London council delivered a 54% success rate. Sundry debt covers a range of commercial invoices, from bin collections and licensing fees to nursing home overpayments, service charge arrears and planning fees.…
Read moreLending platform Freedom Finance has launched its first Open Banking platform to a panel of lenders for secured loans. The announcement follows a Freedom Finance industry workshop, in partnership with AccountScore and Equifax. This brought together both large and challenger banks to discuss a common Open Banking goal – to provide customers with better-informed options…
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Experian has announced that it has abandoned the £275 million acquisition of ClearScore. In a statement Experian said “Further to the Provisional Findings published by the UK Competition and Markets Authority (CMA) on 28 November 2018 and taking into account subsequent interaction with the CMA, Experian does not believe that the CMA will approve the…
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M&S Bank has become one of the first mortgage providers to enable open banking assisted mortgage applications. The open banking enabled mortgage journey means most customers will no longer need to source and supply copies of bank statements to support their mortgage application. Using the open banking assisted journey, this documentation will be immediately and…
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TriLine GRC, a provider of Governance, Risk and Compliance (GRC) software solutions to enterprises around the world, has announced that has appointed Ian Wilson, recently Business Development Director at Arctick and Hitec, as Director Sales (UK & Europe). Donald Halley, Director Business Development TriLine GRC said: “We are very excited that Ian is joining us.…
Read moreLoans specialist 1st Stop Group has joined the London Stock Exchange Group’s international business support and capital raising ecosystem platform called ELITE. 1st Stop Group offers car finance loans, secured second charge mortgages and unsecured personal loans to UK customers, serving customers who are not able or not wishing to borrow from high street lenders.…
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LendingMetrics has announced it has signed a record number of contracts with new lenders during the first seven weeks of the year. Between January 1 and February 19, the auto-decisioning specialist gained 26 additional UK customers. The companies will be using either LendingMetrics’ Open Banking platform, OpenBankVison, or its automated-underwriting software, ADP, both of which…
Read moreThe Financial Conduct Authority (FCA) has announced the appointment of Wanda Goldwag as the new Chair of the independent Financial Services Consumer Panel. The appointment, effective from 1 March 2019 for an initial three-year term, has been confirmed by HM Treasury. Wanda will be the public face of the panel, leading and giving strategic direction…
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Bailiffs are still not being held to account and will continue to inflict stress, anxiety and further financial hardship until the Ministry of Justice (MOJ) introduces independent regulation according to research by debt charities. The 11 debt and mental health organisations that make up the ‘Taking Control’ campaign on bailiff reform are calling on the…
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Online peer to peer finance company Zopa, has announced it has appointed Gordon McCallum as its new Chair, moving forward its plans to take on Britain’s largest banks. McCallum joins Zopa with over four decades’ worth of professional, executive, and non-executive experience. He served as Chief Executive Officer (CEO) of Virgin’s UK management company and…
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