Credit, Collections & Insolvency News
Millions of pounds are owed to Dundee City Council by tenants in rent arrears according to a new report by the Evening Telegraph. Figures provided to the Telegraph show that more than £2 million of debt has been accrued by council tenants in the city who have defaulted on their payments to the local authority.…
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New data released by the Ministry of Justice indicates that the number of mortgage possession claims and orders made in county courts has increased in the last 6 months. Sellhousefast.uk, who help homeowners with the prospect of repossession, decided to investigate this issue, to determine which local authorities in England and Wales are most at…
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The Consumer Council for Water (CCWater) is warning against water companies being able to give to customers with one hand while taking from them with the other in the 2019 Price Review. The water watchdog has welcomed Ofwat’s tighter squeeze on companies’ financing costs which will help to keep bills down in the future. But…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 7% in October, compared with the same month in 2016, while the value of new business was up by 2% over the same period. The percentage of…
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Online research from Equifax, the consumer and business insights expert, reveals that 43% of British adults don’t have any personal savings set aside for unexpected financial events such as unemployment, illness or urgent repairs to their home. The survey, conducted by YouGov ahead of the recent Bank of England rate rise, found that nearly one…
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European Debt Purchaser, Lowell, has announced its latest quarterly results showing another positive quarter of growth for the period 1 July to 30 September 2017. Highlights from the results include: 21% y-o-y increase in Cash Income to £152m 12% y-o-y increase in Cash EBITDA to £78m 18% y-o-y increase in Estimated Remaining Collections (ERC) to…
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Hammersmith & Fulham Council (H&F Council) have announced that we will no longer use bailiffs to collect council tax debt from 1st April 2018. Further to the council’s announcement that it is working 1st Credit, earlier in the year, on a new, ethical-focused debt collection practice. The brief for the new project is to save…
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Since 2010, household debt in the UK has increased by 7% and there are growing concerns that this figure will continue to rise given the sharp uptick in borrowing on loans, overdrafts and credit cards. With the total consumer debt standing at £200 billion and growing at over 10% annually, an increasing number of households…
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People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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Cabot Credit Management has completed the acquisition of Wescot Credit Services , a leading UK contingency debt collection and business process outsourcing (BPO) services business. Ken Stannard, Chief Executive Officer, Cabot said “We are delighted to welcome Wescot to our company and we are excited this acquisition has coincided with winning a major outsourcing contract…
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Fife Council wrote off more than £2million in unpaid council tax last year. Latest figures show that Scotland’s third-largest local authority had written off £2,106,525 during 2016/17, up from £1,879,113 in 2015/16. Les Robertson, head of revenue and commercial services at Fife Council, said: “In Fife we have seen year-on-year improvements in the overall collection…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2017 was 23, 25.8% lower than in the same quarter in 2016. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2017 was…
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Italian debt purchaser MBCredit Solutions has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx €600million. The agreement consolidates the Mediobanca Group company’s leadership position in the retail unsecured NPE segment, with MBCredit Solutions now a leading player in the…
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