Credit, Collections & Insolvency News
UK Asset Resolution (UKAR), has confirmed that it has agreed to sell two separate portfolios of residential owner-occupied mortgages and unsecured loans to Citi for a total of £4.9 billion. The majority of financing for the transaction is being provided by PIMCO. Financial completion is expected within the next few weeks and will enable UKAR…
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Cabot Credit Management has won the Employee Engagement Strategy of the Year Award at the Institute of Customer Service UK Satisfaction Awards. In the Awards category Cabot had to demonstrate an employee engagement strategy that has led to an improvement in performance and customer satisfaction. The judges were looking for improved staff retention, reduced sick…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industries, has announced that it has appointed Chris Gardner as its new Complaint and Compliance Administrator. Gardner will act as a first line complaint handler, providing a high level of customer service to consumers and members alike. He will ensure that…
Read moreThe Financial Conduct Authority (FCA) has announced the final rules on the Directory – a new public register that enables consumers, firms and other stakeholders to find information on key individuals working in financial services. Publishing this information on a regular basis will empower customers to make sure they only deal with individuals whom an…
Read moreWith established markets in Italy, Spain and Greece still at the at the forefront of investor’s attention for Non-Perfoming Loans (NPL) investment, there is increased appetite to seek out new markets according to a new research report from law firm Ashurst. The report, A Global NPL Perspective, compiled the views of senior executives across the…
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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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Brexit is the main macroeconomic factor likely to drive a European restructuring wave in 2019, according to Debtwire’s 15th European Distressed Debt Market Outlook. In partnership with law firm, Orrick, and financial consultants, THM Partners, the study canvassed the opinion of 80 distressed investors and 50 private equity funds and provides insight into their expectations…
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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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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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Phillips & Cohen Associates, the international deceased account management specialist, servicing creditors in the US, Canada, UK, Ireland, Australia, Spain and New Zealand has reaffirmed its commitment to the importance of data and information analysis with the appointment of Dani Shi as Senior Vice President of Global Data Systems & Analytics. In this newly created…
Read moreShard Credit Partners has announced the completion of the management buy-outs (MBO’s) of both BW Legal Services and PRAC Financial by Rachael Withers, COO and co-founder of both businesses. Shard Credit Partners acted as exclusive financing provider, underwriting £13.5 million of committed senior secured unitranche facilities to complete the two deals. The innovative financing structure…
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The Credit Service Association (CSA) has responded to last week’s Financial Ombudsman’s figures on debt collection. In a statement the CSA said “Recent media reports using figures from the Financial Ombudsman Service (FOS) fail to mention that the total number of complaints relating to debt collection activities has in fact fallen year-on-year, is significantly lower…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has further strengthened its Board of Directors with the appointment of four new senior industry executives. Frank Horvath has more than 30 years’ experience in financial services, including 27 years as a lender, debt seller and debt placer. His…
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