Credit, Collections & Insolvency News
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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The Credit Services Association (CSA, has welcomed efforts to remove the cost to the individual for the completion of the Debt and Mental Health Evidence Form (D&MHEF). At a meeting held recently at Number Ten Downing Street, CSA President John Ricketts and Chief Executive Peter Wallwork joined the Minister for Mental Health, Jackie Doyle-Price, and…
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Mounting debt is causing six in ten (59%) ‘Middle Britain’ families to fall short of the recommended level of savings to be financially resilient – leaving them at risk of being hit hard if they were to lose their income, according to new research by leading insurer, LV=. In the final instalment of its ‘Income…
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Staffordshire Credit Union has gone into administration. The Union has more than a thousand members across the country declared it was now in default and cannot repay deposits to its members. A statement on the company website said: “Unfortunately the Staffordshire Credit Union went into administration on September 18 and has now permanently closed. “The…
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Ofcom has announced new reforms to protect consumers against bad practices at broadband and mobile providers. The regulator says the reform will focus on communication which includes poor billing service and debt collection exploiting vulnerable customers. The improvements to the rules will also include nuisance calls and complaints. The reforms include: ban providers from charging for caller display facilities,…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
Read moreThe Money Advice Service has announced its 2017 over-indebtedness figures for the UK. This year’s report by the Money Advice Service and CACI reveals that 8.3 million (15.9%) people in the UK are living with a debt problem – the figures show a moderate increase from figures released in 2016 (15.4%). The statistics from the…
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Business process outsourcing (BPO) Target Group, has announced several new senior appointments to its Board of Directors and within its leadership team. Andrew Doman and Vivek Agarwal have joined as Non-Executive Directors. Andrew is currently Chairman at Castle Trust and a Non-Executive Director at One Savings Bank. Dorman will help advise on Target’s business strategy…
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