Credit, Collections & Insolvency News
Debt purchaser, Lowell has announced the appointment of John Pears, to the new role of UK Managing Director. Pears will join the business later this year, subject to formal approval from the Financial Conduct Authority. Pears will join Lowell’s UK and Group Executive teams and report to Group CEO, James Cornell. He will take charge…
Read moreSoftware development company, Intelligent Environments (IE) has announced it has launched the latest iteration of Interact® Collect – a solution that finally rewires the debt recovery and reconciliation process for the digital world. Simon Cadbury, Director of Strategy at Intelligent Environments. said “Intelligent Environments continues to reduce the friction of managing debt, taking the collections…
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Mann Island Finance has announced that Head of Sales John Hughes has been appointed as Managing Director of the business. Hughes replaces Jo Jenner who has now moved to a new role at parent Investec. Hughes has been part of the team that sold the business to Investec in 2014,and will be taking the lead…
Read moreA new app that can help users save hundreds of pounds every year by managing their recurring payments has become the first of its kind to be regulated in the UK. Bean (usebean.com) connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities…
Read moreHome collected credit provider Morses Club has announced its trading update for the 52-week period to 24 February 2018. Trading performance for the period has been strong and is in line with the Board’s expectations. Total credit issued was up 21% to £174.3m compared to the prior year (FY 2017: £144.1m) with a strong increase in the Company’s gross…
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Debt purchaser, Arrow Global has announced that it has agreed terms for two acquisitions which strengthen the Group’s investment and asset management capabilities and reinforce its growing presence in Italy. The first acquisition is for Europa Investimenti S.p.A., a leading originator and manager of Italian distressed debt investments, for an equity value of €62 million.…
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The Board of Holmesdale Building Society today announces it has agreed on on terms to merge with Skipton, the UK’s fourth largest building society. Subject to approval by its members and confirmation by the Prudential Regulation Authority (PRA), the merger is expected to become effective on in October 2018. Full details of the proposed merger…
Read moreProvident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA investigations into its credit card and car finance arms. As part of its latest company results Provident said its Moneybarn division continues to cooperate with the FCA in its ongoing investigation into affordability,…
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Specialist debt collection ARC (Europe), has become an Affiliate Member of the Consumer Finance Association (CFA), the principal trade association representing the short-term lending sector in the UK. Dewi Fox, Managing Director of ARC (Europe), sees clear benefits in a closer alliance with the Association and what it is trying to achieve: “We work closely…
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The private sector outsourcing market soared to a three-year high in 2017 as businesses signed contracts worth £4.93 billion, according to the Arvato UK Outsourcing Index. The research, compiled by business outsourcing partner Arvato and industry analyst NelsonHall, found that the total value of contracts signed by UK companies rose 36 per cent year-on-year, from…
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The Northview Group has appointed Mark Arnold as its new Chief Executive. Former Chief Executive Amany Attia stood down from the role last year. Northview includes the Kensington, New Street and Acenden brands. Arnold will officially join on 10th April. Northview Group executive chairman Tim Breedon says: “Mark has extensive experience and knowledge across financial…
Read moreThe Financial Conduct Authority (FCA) has announced that it has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed…
Read moreA one percent interest rate rise would add £10billion to the UK’s mortgage bill, ultimately adding £930 a year to the cost of servicing the average mortgage, according to new analysis from international property adviser, Savills. Four in 10 borrowers on variable rate mortgages would be first to feel the pain. Their annual mortgage bill would…
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