Credit, collections & insolvency news
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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The Co-operative Bank has announced that it has purchased the mortgage portfolio of Sainsbury’s Bank for £464 million. The sale marks Sainsbury’s Bank’s formal exit from the UK mortgage market, with it having ceased new lending in 2019. The portfolio contains around 3,500 customers and is worth nearly £480 million. Sainsbury’s Bank will transfer its mortgage customers to Co-op…
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European credit management service provider, Intrum has announced a partnership with Aryza Group to leverage its software solution in the Netherlands. The credit management specialist has implemented Aryza Control software which will enable Intrum to distinguish between individuals who are genuinely unable to pay and those who are unwilling to fulfil their obligations, enabling them…
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Specialist debt purchasing and customer management services provider, Lantern has announced that it has raised a syndicate financing facility with specialist banks Hampshire Trust Bank, Paragon and Shawbrook and alternative investment firm, BCI Capital The EY FS Corporate Finance team has recently advised Lantern on the completion of a £97.5 million amendment, refinance and extension…
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Debt purchase, collections and litigation specialist, Perch Group has announced the appointment of Rob Oxley as Origination Director and Bronia O’Regan as Lead Implementation Manager. Oxley brings 13 years’ experience in senior client facing roles within the credit risk and collections industry to Perch Group. Four of those years were spent at TransUnion and six…
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European credit management services specialist, Lowell has announced its full-year results for the 12 months ended 31st December 2022. The company showed that cash income and cash EBITDA growth of 8% and 7% respectively YoY with Cash EBTIDA margin held flat at 59% YoY as guided. Lowell also showed a strong collection performance at 101%…
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European asset manager Arrow Global has announced it has reached hard cap of its flagship strategy Arrow Credit Opportunities II (ACO II) fund at approximately €2.75 billion including a General Partner commitment of €275 million. ACO II received extensive investor demand from both new and existing partnerships, which significantly exceeded its fundraising target of €2.5…
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Consumer champion specialist, Which? is calling on telecoms firms to let customers leave without penalty if prices are hiked mid-contract, as new research shows that many broadband customers are trapped in a lose-lose situation where they either have to accept exorbitant mid-contract price increases or pay exit fees of over £200. Many broadband firms –…
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Credit management services company Intrum has agreed to a £36.5 million deal to buy the Capquest and Mars UK servicing platforms from European fund manager Arrow Global, along with a £121.25 million investment for 50% of Arrow’s UK back book consumer portfolios. The purchase includes outsourcing contracts with major financial institutions as well as the…
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European credit management services provider, Lowell Group has announced that it has completed the acquisition of Hoist Finance UK following receipt of regulatory approval. The transaction includes the operations of Hoist Finance UK and its entire unsecured non-performing loan portfolio, comprising of over 2 million consumer accounts, which had approximately £585m 180-month Estimated Remaining Collections…
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Chris Leslie, Chief Executive of the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has been elected to the board of the Federation of European National Collections Association (FENCA) today at the Associations Annual General Meeting (AGM) in Berlin. FENCA represents the interests of the European credit management, debt…
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The Credit Services Association, the trade association for the debt collection & purchase sector, has launched its annual Membership Awards which is part of the Association’s annual conference – the UK Credit and Collections Conference (UKCCC). The awards are being held on Thursday 15th September at Radisson Blu, Manchester Airport, and will celebrate the outstanding…
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