Credit, Collections & Insolvency News
Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR. The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business. KKR will enter into a multi- year forward flow agreement with the NewDay Operating Group in respect of its…
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The Credit Services Association (CSA) has announced the shortlist for the 2025 CSA Awards to be held as part of its UK Credit and Collections Conference (UKCCC) on Thursday 11th September in Manchester. The awards recognise the professionalism and commitment of firms and individuals working within the debt collection and purchase industry. The CSA Awards…
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Firstsource Solutions, a global provider of specialist domain-led Business Process Services (BPS) and an RP-Sanjiv Goenka Group company, has announced that it has signed an agreement to acquire Pastdue Credit Solutions, a prominent UK-headquartered debt-collection business serving finance companies, including banks, utility firms, telecoms companies, and government bodies. The acquisition is subject to Financial Conduct…
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Full-service credit management firm, Perch Group has announced the successful completion of a £300 million amendment to its existing funding arrangements, improving terms, extending maturity, and enhancing financial flexibility. The expanded package brings Lloyds into an already robust banking syndicate led by NatWest Group PLC, alongside Shawbrook Bank Limited, Paragon Bank PLC, Hampshire Trust…
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The Credit Services Association (CSA), the trade body for the debt collection and purchase industry, has released a comprehensive report highlighting the urgent need for reform of the Financial Ombudsman Service (FOS). In a new report, it recommends the option of folding FOS into the Financial Conduct Authority, saving significant costs and efficiencies and…
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Hoist Finance has announced that it has appointed of Sam Joshi as Commercial Director. Joshi will support the business to grow as it refocuses its operations in the UK to concentrate solely on becoming the country’s premier acquirer of consumer debt portfolios from the banking- and wider lending community. Joshi has a career that spans…
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The Credit Service Association (CSA), the UK trade body for the debt collection and purchase industry, has appointed Desmond Hudson as its new independent Chair. Hudson’s career spans several high-profile positions, including Chief Executive of the Law Society of England & Wales and the Institute of Chartered Accountants of Scotland. His tenure in these roles…
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Personal insolvency provider Carrington Dean has announced that has acquired personal insolvency business, Cleanslate from Interpath. Cleanslate is part of Interpath, an international advisory firm which specialises in the provision of advisory and restructuring services to businesses, their investors and their stakeholders. Carrington Dean is based in Scotland and is part of the Creditfix Group.…
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Accountancy firm, Wbg has announced that it has acquired the Scottish personal insolvency ‘book’ of accountants and business advisors Azets for an undisclosed sum. Donald McKinnon, Wbg COO, said the deal showcased the firm’s long-standing involvement in the personal insolvency market and commitment to it as a vital part of its rapidly-expanding business. “We’re delighted…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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Debt purchase, collections, litigation and reconnection specialist, Perch Group has announced that it has completed a £210 million funding package to support its next stage of growth. This package comprises £105 million of initial commitments with the ability to scale as the Group continues its growth journey. The transaction sees Shawbrook Bank and Paragon Bank…
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Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…
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Debt purchase, collections, litigation and reconnection specialist, Perch Group has announced that it has successfully completed on two facilities with a combined value of £90 million to enable the next stage of its ambitious growth plans. The fresh new capital comprises of a new NatWest-led banking syndicate, which includes Hampshire Trust Bank, and a material…
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