Credit, Collections & Insolvency News
Barratt Smith and Brown have announced they have been appointed by the FRP Advisory as the debt recovery partner for Together Energy’s administration. Together Energy will be the 22 energy administrations for which Barratt Smith and Brown have been appointed to manage the recoveries. Barratt Smith and Brown says its extensive experience in the energy…
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Webio has announced the launch of DebtChat, a webchat solution that has the power to automate, understand and respond to all types of debt related conversations, The new launch blends automation with agents when needed and identifies the conversation outcomes one example of this highlighting possible vulnerable customers from their message interactions. Cormac O’Neill, CEO of…
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Latest research from Hargreaves Lansdown has found that one in five say their monthly mortgage payments have already risen more than £200 in the past 18 months. Two in five people with a mortgage say their payments haven’t gone up since interest rates started rising – because so many are on fixed rate deals with…
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Debt charity, StepChange’s latest client data for April 2023 has revealed over a quarter of new clients (27%) cite the cost of living as their main reason for debt, up from 15% a year ago (April 2022). The new StepChange client data shows that after a year of inflated prices for gas and electricity, more…
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The Financial Conduct Authority (FCA) has announced a ban on referral fees for debt packager firms. The ban applies to all new debt packager firms and will come into play for existing firms in October 2023, and follows a review that found evidence of debt packagers appearing to manipulate customers’ details so that they meet…
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European credit management services specialist, Lowell has announced its quarterly results for the 3 months ended 31st March 2023. Collection performance in line with forecast at 100% of Dec-22 static pool. Record £661m LTM Cash EBTIDA delivering 24% LTM growth. Cash EBTIDA growth of £128m YoY with collections in the quarter delivered in line with our…
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Credit management services company Intrum has completed the acquisition of the Capquest and Mars UK servicing platforms from European fund manager Arrow Global. The deal also includes a portfolio investment of 50 per cent of Arrow’s UK unsecured consumer back book portfolio, for a cash consideration of £92 million. The purchase means Intrum has taken…
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Research from Freedom Finance has revealed that the growing demand for consumer credit is being underpinned by a move for consumers to consolidate debt. The analysis found that forty-one percent (41%) of all people who searched for a loan through Freedom Finance’s platform in April 2023 were looking to consolidate debt. The second most common reason…
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Leading anti-poverty charities publish research showing that ending poverty is not just morally right – it’s also an economic imperative Scotland’s economy is missing out on up to £2.4 billion a year due to the UK and Scottish government’s failure to eradicate poverty – with billions more being spent tackling the consequences of poverty which…
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According to the latest study from Aviva, two thirds (67%) of consumers admit to having debt that’s weighing them down. Almost one in ten (9%), or the equivalent of just over 5 million adults in the UK, ‘haven’t got a clue’ how much they owe in outstanding debts and worryingly this figure rises to more…
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Ofwat’s latest cost of living research has revealed that not only that many customers are still struggling financially but also that the percentage of customers aware that financial help is available from water companies has hovered around 30% over the last year. This third wave of cost of living research reveals that the percentage of…
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Lenders are being urged to help their customers who are facing financial difficulty to take a proactive approach to the cost-of-living crisis to help prevent unmanageable debt and a deepening of stress-induced mental health crises, before they occur. TDX and Equifax’s say that it’s recommendations are supported by partners including UK Mortgages and the Centre…
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Energy bills will still be far higher than they were pre-crisis despite Ofgem’s announcement that the energy price cap will fall to £2,074 on 1st July according to the Resolution Foundation analysis. The Foundation notes that falling energy bills are projected to bring inflation down by 2.7 percentage points by July compared to the start…
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