Local Authority Collections

Civil Servants Credit Union to launch

The Department for Work and Pensions (DWP) has launched a Credit Union for civil servants. The DWP has around 85,000 employees. The DWP has set up the scheme with 3 Credit Unions – Commsave, Hull & East Yorkshire and Voyager Alliance.

UK Asset Resolution (UKAR) agreed to sell a £13 billion asset portfolio

UK Asset Resolution (UKAR) agreed to sell a £13 billion asset portfolio from the legacy book of NRAM (including £12 billion of loans within the Granite securitisation vehicle, plus a further £1billion of non-Granite assets) to Cerberus Capital Management LP.

UK Asset Resolution (UKAR) announces the transfer of its mortgage servicing operations to Computershare

The Government has announced that it is proposing a three month moratorium from creditor action for insolvent or near-insolvent companies

Government proposals in the Digital Economy Bill

Government proposals in the Digital Economy Bill,  suggests switching mortgages in seven days maybe possible in the future.

In June, UK Asset Resolution’s (UKAR) staff will move to Computershare’s loan services business

In June, UK Asset Resolution’s (UKAR) staff will move to Computershare’s loan services business. The company claims it will service three out of every five outsourced UK mortgages (approximately 62%) totalling £73 billion