Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
Read moreLatest figures released by East Dunbartonshire Council suggest problems with the Universal Credit implementation as they indicate that 92% of its tenants receiving the new benefit have fallen behind with their rent payments. The Department for Work and Pensions (DWP) rolled out Universal Credit in East Dunbartonshire in December 2015. Since then, as The Kirkintilloch…
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Arrow Global has announced that Rob Memmott, who has been in the business for six years, has decided to step down as Group Chief Financial Officer (CFO). Paul Cooper, currently CFO of the international insurance business Sompo Canopius, will replace Rob as Group CFO and will join the Board when he starts on in January…
Read moreThe Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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Suppliers must do more to help those in debt, Ofgem has said, as new research shows that customers are building up on average over £600 in unpaid bills on their gas and electricity accounts before suppliers step in to help them manage paying it back. Ofgem has published its annual report on how suppliers treat…
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How cloud technology can improve collections performance In today’s world, few consumers are immune to the risk of personal debt. The uncertain nature of the global economy is creating a new breed of debtor, in the form of a consumer who has temporarily fallen on hard times, after living their whole lives as reliable bill-payers.…
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A research report from Equiniti Credit Services depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%). The report has also identified a stark age group difference in attitudes to technology with…
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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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Financial Conduct Authority (FCA) Chief Executive Officer Andrew Bailey said he does not view the shift to PCP based lending as ‘per se bad.’ In a speech, Bailey said: “It seems to me to recognise the nature of a car as an asset, that is, consumers are comfortable renting rather than owning the car.” “This…
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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 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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