Credit, Collections & Insolvency News
Debt Purchaser, Arrow Global Group has agreed term with the potential acquisition of Mars Capital UK and Ireland, a leading UK and Irish mortgage servicing businesses, for an enterprise value of £15.5 million. The acquisition further strengthens Arrow Global’s asset management capabilities, while providing a strategic entry into Ireland, a new market for the Group…
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The growth in borrowing by consumers appears to be slowing amid a squeeze on households according to the Bank of England’s latest consumer statistics. The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans decreased to 9.8% in July, the lowest rate of expansion since April 2016. The growth rate…
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UK debt purchaser, 1st Credit has achieved gold standard from Investor in Customers (IIC) for ‘exceptional’ customer service for the fourth year running. 1st Credit, part of Intrum Justitia Group, increased its scores across the board – from customers, staff, management and independent assessor IIC. The company achieved an overall score of 8.86 out of…
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Business process outsourcing and operational transformation provider Target Group has announced the appointment of Richard Gregory as the company’s Chief Data Officer (CDO). Gregory’s role will be to lead the further development and delivery of Target Group’s overall data strategy. The move continues to drive forward its position as a leading global insight led business. Having…
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Research by Citizens Advice has found that nearly 1 in 5 people struggling with debts have had their credit card limit raised without them requesting it, a practice the charity would like to see banned. After the Bank of England issued a warning to lenders about how they are granting credit to consumers, Citizens Advice…
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Cabot Credit Management (CCM), a market leader in European credit management services has announced the financial results for the six months ended 30 June 2017. Ken Stannard, Chief Executive Officer, CCM said “Cabot continued to deliver on its track record of consistent growth with a strong start to 2017. Our Adjusted EBITDA for the first…
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Debt Purchaser, Cabot Credit Management has entered into an agreement to acquire FCA-authorised Wescot, a leading UK contingency debt collection and business process outsourcing (BPO) services business. The acquisition is Cabot’s second this year, in the UK following the investment in Orbit Services, a specialist in the public utilities debt servicing market. In total Cabot has…
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Hoist Finance has announced that Najib Nathoo, Regional Director West Europe, will leave. Nathoo has worked with the company since 2012 and been a member of Hoist Finance Executive Management Team since 2015. Jörgen Olsson, CEO Hoist Finance said “Najib has played an important role in the evolution of Hoist Finance over the years, from…
Read moreNew figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall. Credit card and personal loan new business together grew by 10% compared with June 2016, while…
Read moreThe number of mortgages in arrears of 2.5% or more of the outstanding balance declined to 88,200 in the second quarter of this year, the lowest level since at least 1994 when this run of data began. The total was 5% lower than in the first quarter (92,600) and amounted to 0.8% of the more…
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Lowell has announced that it has delivered a quarter of strong growth in the Q2 period, 1 April to 30 June 2017. Lowell says operationally, these results have been underpinned by the continued commitment to people, strong governance, process improvement and extensive data capabilities. Financial Highlights 28% y-o-y increase in Cash Income to £143m 18%…
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Figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2017 was 36, 10% 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 Q2 2017 was 0.06%,…
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There was a small increase in the numbers of decrees for debt against Scottish consumers during the first half of 2017, according to figures released by Registry Trust. In the first six months of 2017, 10,967 debt decrees were registered against consumers in Scotland, a four percent increase on the same period last year. The…
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