Credit, Collections & Insolvency News
Ofgem has announced a £150 cap on charges for installing pre-payment meters under warrant for customers in debt, and banned charges for the most vulnerable. Suppliers can apply to the court and install a prepayment meter under warrant, as a last resort when customers fall into debt. Under current rules, suppliers can charge warrant costs…
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The number of mortgages in arrears of 2.5 percent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from a historically low level according to new figures released by UK Finance. At 88,300, the number of loans in arrears was two per cent lower…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreArrow Global Group has announced its results for the nine months ended 30 September 2017 (Q3 2017). Commenting on the results Lee Rochford, Group Chief Executive Officer, said “In the first nine months of the year, Arrow continued to grow strongly and profitably. Portfolio purchases in the period increased by 30%, and we are on track…
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Hoist Finance has appointed Klaus-Anders Nysteen as new CEO. Nysteen has a long and broad experience from the financial industry in companies such as Storebrand Bank, where he was CEO for four years, and most recently as CEO of Lindorff Group. Adding to that Nysteenhas a proven track record as a leader and vast experience…
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Collections consultancy, Arum Systems has been acquired a new investment team. The deal was completed a month after Arum released its annual financials. No significant changes are planned for Arum or its management team. Jamie Waller, former CEO of JBW and Hito and the lead investor on the deal said “Arum has a great reputation in the industry…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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Cabot Credit Management has announced its latest financial results for nine months ended 30 September 2017. Highlights include: Collections growth of 16% and revenue growth of 13% vs year to date Q3 2016 driven by liquidation initiatives Adjusted EBITDA growth of 19% on a year to date basis from cost efficiency measures and scale benefits…
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Debt purchaser Intrum has entered into an agreement with Lowell to sell Lindorff’s businesses in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway. The sale agreement was specified by the European Commission as a condition of the combination of the Intrum Justitia and Intrum companies earlier this year. The transaction value of…
Read moreThe Credit Services Association (CSA) has urged members to start preparing for the government’s decision to ban additional charges for certain future card payments. From 13 January next year, businesses, including CSA Members, will no longer be able to charge surcharges for certain card transactions, but will still face the costs for processing card payments.…
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The Link Financial Group has announced that it has bought a specialist loan servicing platform, Aiqon Capital Espana. Based in Madrid, the one hundred and ten people strong team will add further capacity to Link’s existing Spanish business, Link Finanzas. The team will continue to service the €6 billion portfolio of loans bought by the Group’s…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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Debt purchaser Cabot Credit Management has confirmed its intention to proceed with an initial public offering (the “IPO” or the “Offer”) on the London Stock Exchange. Ken Stannard, Chief Executive Officer of Cabot Credit Management Limited said: “This is a very exciting episode in Cabot’s continued growth and development. Having built strong and entrusted Credit…
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