Credit, Collections & Insolvency News
UK Asset Resolution (UKAR) the company behind Bradford and Bingley and Northern Rock Asset Management (NRAM) has paid back £6.3 billion in government loan repayments in the last six months. UKAR announced the figures as part its interim results for the six months ended 30 September 2018. Government loan repayments of £6.3bn, including the remaining…
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Debt Purchaser, Lowell, has announced its Q3 results, for the period ending 30 September 2018. James Cornell, Group CEO, said “Our performance again shows that this is a resilient business, managed effectively to deliver growth and returns. “We seek growth that increases scale and diversification, while remaining mindful of leverage. Capital is deployed rationally for attractive…
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New Irish association The Receivables Management Services Association (RMSA) has released the first review of the Irish collections industry. The Review looks at the size of the current market, the debt levels in the SME sector and the reasons why more businesses are not using the services of collections companies. The review (launched in partnership with…
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Debt Buying members of the Credit Services Association (CSA), the voice of the debt collection and debt purchase sectors, are on target to contribute at least £25.5 million in voluntary ‘Fair Share’ payments in 2018* to help fund free-to-customer debt advisers This is an increase on the 2017 total of £23 million which at the…
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2018 has probably been the busiest year for consumer asset sale in the UK since 2008. Speak to any major debt purchaser and they will advise you of the increase in assessing portfolios, pricing calculations and on-boarding customers. Many creditors have used asset sale as part of their process for a number of years. However,…
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Debt Purchaser, Lantern, has announced that it has achieved a Silver Award from Investor in Customer (IIC) having passed through their assessment process. Lantern, who were first assessed last year, gained an IIC Silver in 2017 and have maintained that standard. Danny Pickering, Director of Smile Customer Experience, who facilitated the assessment on behalf of…
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Debt Purchaser Arrow Global Group has published its latest results for the past nine months (ended 30 September 2018). Commenting on the results, Lee Rochford, Group Chief Executive Officer of Arrow Global, said “I am delighted that our successful diversification of the business continues to bear fruit. Our Investment Business continues to thrive, with growing volumes…
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The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2018. Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. This was a 10% increase compared with the previous 6-month period. 98%…
Read moreDilosk DAC, the parent of Ireland’s mortgage lender ICS Mortgages, announced that it is to acquire an interest in a €182 million portfolio of residential mortgages which were initially originated by Leeds Building Society, who have decided to exit the Irish market. The portfolio contains Irish Private Dwelling House Mortgages which are primarily performing and…
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More than a quarter of UK consumers would be happy for service providers to share their personal data with other suppliers or third parties, according to new research. The findings were reported in a study completed by outsourced customer contact specialist Echo Managed Services. The company surveyed 1,000 UK residents on their knowledge and attitudes to debt and asked…
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Investor in Customers (IIC) has awarded credit management firm Intrum UK its gold standard for ‘exceptional’ customer service for the fifth consecutive year. The company’s five-year run is unprecedented for businesses originally assessed as gold. IIC’s ratings are based on a survey of Intrum’s customers, employees and management – assessing how well the business understands…
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New statistics published by StepChange Debt Charity have laid bare the alarming scale and changing nature of problem debt in the UK. They show that 326,897 people contacted the charity for help with their debts in just the first six months of 2018. Of the 180,644 who received full debt advice and a recommended debt…
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UK Asset Resolution Limited (UKAR), the holding company for Bradford & Bingley (B&B) and NRAM, has concluded a competitive sales process for the sale of a £860m portfolio of equity release loans to Rothesay Life. The portfolio comprises equity release mortgages from the legacy books of NRAM, B&B and Mortgage Express (MX) and is secured…
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