Credit, Collections & Insolvency News
MMF has announced the acquisition of a majority interest in Motormile Finance (MMF) by Copper Street One (an entity of Copper Street Capital LLP, a UK based specialist financial services investment firm). In a statement, MMF said that the acquisition marks a significant moment in the company’s history and validates the success it has…
Read moreOfgem has announced that around one million households will save £120 a year on average when it extends its prepayment safeguard tariff for more vulnerable people this winter. Ofgem will also work on extending price protection to at least a further 2 million vulnerable households for winter next year once the timing of the Government’s price cap…
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Intrum has entered into an agreement to acquire a non-performing loan portfolio from Eurobank, one of the four Greek banks considered as critical for the stability of the Greek economy, for a total investment of approximately SEK 0.4 bn. The portfolio consists of well diversified unsecured consumer loans. Servicing of the portfolio will be outsourced…
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The European Central Bank (ECB) plans to ask euro area banks to set aside more cash to cover bad loans, making it prohibitively expensive for lenders to keep sitting on them, a draft proposal seen by Reuters showed on Tuesday. Soured loans are clogging up bank balance sheets and holding back lending – a headache…
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The merger of Intrum Justitia and Lindorff was completed in June and following from the announcement the company has consolidated the two companies by introducing a new corporate identity and brand name: Intrum. Mikael Ericson CEO and President of Intrum said ”Intrum is the undisputed market leader. This presents new opportunities for growth through joined…
Read moreOfwat has called on water companies to do more to help customers in debt and to also support consumers at risk of being in debt, to help pay their bills. In a media statement, Ofwat said performance among water companies in dealing with bad debt varies, but the sector as a whole lags behind its…
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Citizens Advice Cymru has called on the Welsh Government to ban letting agent fees in Wales. New analysis from the charity reveals that renters in Wales pay at least £3 million a year in fees when they move into a privately rented home, with charges averaging £178. The total figure could be even higher as…
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The Credit Services Association (CSA, has welcomed efforts to remove the cost to the individual for the completion of the Debt and Mental Health Evidence Form (D&MHEF). At a meeting held recently at Number Ten Downing Street, CSA President John Ricketts and Chief Executive Peter Wallwork joined the Minister for Mental Health, Jackie Doyle-Price, and…
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The Paragon Group of Companie has announced a strategic reorganisation of the Group to accelerate its transformation into a diversified specialist banking institution. This reorganisation will increase operational and financial efficiency, enhancing engagement and delivery to customers and business partners and will increase the Group’s capacity to meet its ambitious growth plans. As part of…
Read moreOfcom has announced new reforms to protect consumers against bad practices at broadband and mobile providers. The regulator says the reform will focus on communication which includes poor billing service and debt collection exploiting vulnerable customers. The improvements to the rules will also include nuisance calls and complaints. The reforms include: ban providers from charging for caller display facilities,…
Read moreRising debt levels and the continued struggle to meet essential household bills are among the key findings from the latest statistical research released today by StepChange Debt Charity. The Statistics Mid-Year Book which examines the latest trends from the charity’s client data, highlights how increasing numbers of the under-40s, lone parents and people in rented…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
Read moreSwedish debt purchaser, DDM Debt AB has announced that it has entered into an agreement to acquire a portfolio of distressed assets from a leading bank in the Czech Republic. The total investment amounts to approximately €12 million. Andreas Tuczka, CEO of DDM, said “This investment is in line with our strategy to continue to…
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