Credit, Collections & Insolvency News
Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts. The Bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of £3.7billion. Gerry…
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Debt purchaser, Cabot Credit Management has announced its latest financial results for three months ending 31st March 2019. Cabot’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) show a 13% improvement whilst collections is performing at 101% of prior ERC forecasts. Ken Stannard, Chief Executive Officer, Cabot Credit Management, said “Cabot has continued to…
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Debt purchaser Arrow Global has announced its results for the three months ended 31st March 2019 which indicate Arrow’s income grew to £86.6m in the first quarter, up from £77.1m in the corresponding period in 2018. Whilst Core collections increased by 22.7% to £105.5 million (Q1 2018: £86.0 million) Commenting on the results, Lee Rochford,…
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The Fairness Group has issued a joint public statement as it sets out how the government will work with the advice sector to support vulnerable people and those in financial hardship. The Fairness principles are aligned to Financial Conduct Authorities (FCA) guidelines on Treating Customers Fairly. These Principles are embedded in the Cross Government Debt…
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Dept Purchaser, Lantern Debt Recovery Services has announced that it has raised £15 million in a committed senior revolving credit facility from a syndicate of lenders. The lenders consisted of Shawbrook Bank and Paragon Bank. The funding will be used to support the purchase of further non-performing consumer debt portfolios. The facility also has a…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has launched a new event website for its award-winning annual conference, the UK Credit and Collections Conference (UKCCC), to be held on Thursday 12th September 2019. For the first time in the event’s history, the website will offer a…
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Debt Purchaser has announced that is l building ‘next-generation’ data science capabilities with the launch of Lowell Labs Amsterdam Based in Amsterdam, Lowell Labs is a data science centre of excellence focused on creating new insights about consumer credit data, segmentation, and financial behaviour. Its work will serve Lowell’s three core geographies (the UK, DACH,…
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European debt purchase specialist Intrum has announced that it has completed the finalisation of regulatory approvals to finalise the acquisition of Solvia Servicios Inmobiliarios (Solvia) from Banco Sabadell following the initial announcement in December 2018. The agreement means that Intrum will acquire an 80 per cent share in Solvia, whilst Banco Sabadell, one of the…
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The Credit Services Association (CSA), has responded to the ongoing debate around future funding of the debt advice sector which will see some £172 million of funding provided to providers in 2019. The CSA says that it is right that Financial Services firms should be a significant contributor to debt advice funding, but they should…
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European credit management specialist Lowell has announced a change of leadership. Effective from 10th June 2019, Colin Storrar, Chief Financial Officer (CFO) of Lowell since 2013, will succeed James Cornell as Chief Executive Officer (CEO). Storrar has worked closely with Cornell to lead Lowell’s successful transformation from a primarily British player to a leading European…
Read moreThe Financial Conduct Authority (FCA) has issued a reminder to authorised firms that they need to start preparing today for the Senior Managers and Certification Regime (SM&CR) to be ready for the new regulation coming into effect on 9th December 2019. The FCA has already rolled out the SM&CR to banks and insurance firms, and…
Read moreEuropean debt purchaser leader in credit management services, Lowell, a has announced its full-year results (ending 31st December 2018). The results report says that this was another transformational year for Lowell, with focus on growth, diversification, innovation and our customers. The Group has seen strong growth across each of its key metrics: Cash EBITDA up…
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Azzurro Associates has announced it has appointed Karen Savage as Chief Operating Officer. In her new role Savage will oversee the company’s business operations. She will also assist the company’s CEO in accelerating the company’s external partnerships and origination opportunities, ensuring the alignment of progress towards fulfilling Azzurros strategic objectives. Prior to joining Azzurro in…
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