Credit, Collections & Insolvency News
New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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Ireland’s The National Asset Management Agency (NAMA) has announced that it has repaid its remainder of its €1.064 billion of outstanding debt. The final transaction will complete the redemption of the €1.593 billion of subordinated debt originally issued by NAMA during 2010 and 2011. This subordinated debt accounted for 5% of the total amount of…
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Council tax debt is growing in Scotland, with Citizens Advice Scotland (CAS) finding that its clients are almost £7 million in arrears. Figures from the charity’s network also suggest that the average debt (£3,102.46) is now almost three times that of the average bill (£1,147). Following up on the findings, CAS is now launching a…
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G3 Remarketing has announced that Oodle Car Finance will join the growing number of finance vendors to utilise their auction lanes to dispose of vehicles in 2020. Established in 2015, Oodle Car Finance have funded over £660million of car finance to more than 50,000 UK customers. Oodle have grown significantly over the last 12 months…
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The average insolvency rate amongst individuals in ‘red wall’ constituencies is 27% higher than the UK average, according to research by UHY Hacker Young. ‘Red Wall’ constituencies are areas in the midlands and northern England which have historically supported the Labour Party but voted for the Conservatives in the 2019 General Election. The average insolvency…
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The use of “buy now, pay later” products in the UK set to more than double by 2023, according to a new report by Worldpay. The newly released Worldpay from FIS 2020 Global Payments Report has found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13…
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Collections specialist CRS has announced the launch of a brand-new event called ‘Collections in the Digital Age.’ The event will take place at the Marriott Hotel in Leeds on the 5th of March 2020. The event is looking to break the mould of traditional ‘collections industry’ gatherings by directing the day away from what has…
Read moreHere is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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Bluestone Group’s expansion in the UK and Irish finance and technology markets has received a substantial boost from alternative asset manager, Pollen Street Capital (“PSC”). The parties have agreed terms on a £15 million capital raising in the form of a 3-year debt facility. Bluestone will use the capital to support the continued growth of…
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New research from Citizens Advice finds that many people in council tax arrears can’t afford to pay their debts, and have an average of just £7 left at the end of the month after covering their living costs. Some four in ten have no money left at all. The overwhelming majority – nine in ten…
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A new report has highlighted the gap in responsible lending, highlighting that affordable credit providers make just £250 million of loans, while over the same period, high-cost short-term credit providers lend £3 billion – more than ten times as much. The report titled ‘Transforming affordable credit in the UK’ identifies affordable lenders who operate with…
Read moreCredit management company, Lowell has appointed Jamie Wilson as Group Chief Financial Officer (CFO). Wilson will join Lowell’s Group Executive team and become a member of the Investor Board. He will take up his new role with effect from 2nd March. Most recently Wilson was EVP and CFO of Avon Products Inc,; prior to that,…
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Tackling the root causes of complaints about bills and debt could help transform consumers’ views of the water industry, according to a new report. CCW – the voice for water consumers – is launching a fresh bid to help the industry get to grips with billing complaints, which continue to cause enormous frustration for thousands…
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