KBC Bank Ireland confirms debt sale to Bank of Ireland

25th October 2021 Consumer Collections |

KBC Bank Ireland has confirmed the sale of all of its performing loan assets and liabilities to Bank of Ireland Group. Bank of Ireland has agreed to buy practically all of KBC’s performing assets after the Belgian financial group confirmed it would leave the Irish market. KBC Bank Ireland had entered into a Memorandum of Understanding…

Read more

Lantern acquires Sonex Financial

25th October 2021 Arrears and Recoveries |

Debt Purchaser, Lantern has agreed terms to acquire Sonex Financial. Based in Llanelli, West Wales, debt collection agency, Sonex is a longstanding operator with a particular specialism working with vulnerable customers. Its clients include several of the Big Six energy companies in the UK, to which Sonex provides vulnerable customer-focused engagement and management services. Following…

Read more

Arrow Global announces new CEO appointment

15th October 2021 Appointments | #appointments

Arrow Global has announced that, following the completion of the takeover by TDR Capital, Lee Rochford has decided to step down as Group Chief Executive Officer (CEO). Rochford will be succeeded by Zach Lewy, Founder, Group Chief Investment Officer and CEO of Arrow’s Fund Management and Investment (FIM) business. The change takes effect immediately, Rochford…

Read more

Lowell announces latest results

4th August 2021 Arrears and Recoveries |

European credit management services company Lowell has announced its latest quarterly results for the three months ending 30 June 2021. The results showed that collection performance continued to outperform forecasts across all three regions, performing at 111% for the six months to June 20 21. The company highlighted: • LTM Cash EBITDA margin increase of…

Read more

Lowell announces strong collection performance in latest results

17th May 2021 Arrears and Recoveries |

European credit management services specialist Lowell has announced strong collection performance and improving margins in its latest company results for the 3 months ending 31st March 2021. The company said collection performance has been very strong in the first quarter, performing at 112%. Cash flow continued to strengthen in the quarter with £121 million generated…

Read more

Arrow Global’s outlook remains ‘positive’ for 2021 despite loss

24th March 2021 Arrears and Recoveries |

Debt purchaser Arrow Global has announced pre-tax losses of £114.8 million for 2020 loss as lockdown restrictions across the UK and Europe affected cash collections and portfolio acquisitions. The pre-tax loss for the year to 31 December 2020, is down from a £51.3 million profit in 2019. The group said the loss was driven by…

Read more

Lowell announces 2020 results

19th March 2021 Arrears and Recoveries |

Debt purchaser Lowell has announced its full-year results for 2020 results which indicate that collections have continued to demonstrate resilience with cumulative performance against its December 19 static pool forecast improving to 94% in December 2020, up from 93% in September 2020. The results demonstrated that its cash EBITDA stayed at just under £500 million,…

Read more

Government completes sale of financial crisis ‘bad bank’

1st March 2021 Arrears and Recoveries |

The Government has announced that it has completed the £5 billion pound sale of the final chunk of its ‘bad bank’ comprising failed lenders Bradford & Bingley (B&B) and Northern Rock (NRAM0. The Government says that the final sale constitutes a significant milestone in the work to achieve the government’s objective of returning the institutions…

Read more

Lords to debate ‘fair debt write-down’ amendment to Financial Services Bill

23rd February 2021 Arrears and Recoveries |

The House of Lords will this week debate an amendment to the Financial Services Bill to ensure a ‘fair debt-write down’ is incorporated within Government’s plans for a Statutory Debt Repayment Plan. The amendment, which has been tabled by former Green Party Leader Baroness Bennett and the Bishop of St Albans, seeks to make it…

Read more

Intrum achieves seventh consecutive top customer service rating

4th February 2021 Arrears and Recoveries |

Credit management firm Intrum has achieved gold rating in an independent customer experience assessment for the seventh consecutive year by Investor in Customers (IIC). IIC has again given the business its highest gold standard for delivering ‘exceptional’ customer service, making Intrum the only business ever to achieve gold on first IIC assessment and maintain that…

Read more

Metro Bank acquires RateSetter loans portfolio

3rd February 2021 Alternative Consumer Lending |

Metro Bank is to purchase £384 million in loans from peer-to-peer investors through the RateSetter platform. All RateSettter peer-to-peer investors are to have their money repaid after the platform with Metro Bank is purchasing its remaining loan portfolio. The bank has been funding all new consumer lending on the platform following its acquisition of RateSetter…

Read more

Two-fifths concerned of ability to repay buy now pay later schemes

3rd February 2021 Alternative Consumer Lending |

Over two-fifths (44%) of UK adults who used a Buy Now Pay Later scheme (BNPL) to fund their Christmas shopping are now concerned about their ability to repay, according to the latest findings by comparethemarket.com. Worryingly, one-fifth (20%) are unable to meet these repayments without having to take on more debt, reflecting the concern that these…

Read more

Pandemic causes four-year low in European NPL sales

22nd January 2021 Arrears and Recoveries |

Sales of non-performing loans (NPLs) hit a four-year low last year with €67.7bn sold, according to the Debtwire European NPLs FY20 Report. The Government supported disposals accounted for 60% of the total, the report found. The Cobid-19 crisis delayed portfolio sales as Europe went into lockdown, while agreements fell apart as the economic outlook deteriorated.…

Read more