Credit, Collections & Insolvency News
Debt purchase and management business Arrow Global has announced its latest results posting a rise in both income and profits. For the year to 31 December 2018, the company reported total income of £361.8m compared to £319m the prior period. Commenting on the results, Lee Rochford, Group Chief Executive Officer of Arrow said “2018 was…
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Brexit is the main macroeconomic factor likely to drive a European restructuring wave in 2019, according to Debtwire’s 15th European Distressed Debt Market Outlook. In partnership with law firm, Orrick, and financial consultants, THM Partners, the study canvassed the opinion of 80 distressed investors and 50 private equity funds and provides insight into their expectations…
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European debt purchaser and credit management specialist Cabot Credit Management has announced its latest Financial Results for Year ended 31st December 2018. Servicing revenue rise 104 percent from £40.2m to £82m. Adjusted earnings EBITDA rose 18 percent from £295.2m to £349.8m over the same period. Estimated remaining collections rose 13 percent from £2.4bn to £2.7bn,…
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Credit provider, Morses Club has released it latest trading results for the last financial year. The company revealed that total credit issued increased by 2.4% to £178.5m compared with the prior year and that its gross loan book grew by over 7%, comprising a 5% increase in the core book and a 2% rise as…
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Nearly 700,000 households will be automatically switched onto expensive ‘default’ tariffs in the first quarter of 2019 if people choose not to act. In January, February and March 2019, there are 140 fixed energy tariffs coming to an end, according to new research by comparethemarket.com, with a total cost of £143 million hitting those households affected.…
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Debt recovery firm DSL has launched a specialist service to help local authorities collect sundry debt after a recent pilot for a single Inner London council delivered a 54% success rate. Sundry debt covers a range of commercial invoices, from bin collections and licensing fees to nursing home overpayments, service charge arrears and planning fees.…
Read moreResearch carried out as part of BDO LLP’s annual FraudTrack report has found that the total value of fraud in the UK more than halved in 2018, following a record 15-year high in 2017, down from £2.1bn to £746.3m. The analysis, which examines reported fraud cases over £50,000 in the UK, reveals that despite the…
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A major package of proposals to bolster competition and put consumers even more directly at the heart of the Competition and Markets Authority (CMA) has been published. Business Secretary, Greg Clark, attended an event hosted by Lord Tyrie, the Chairman of the Competition and Markets Authority (CMA), at which the proposals were launched. These are…
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Insolvency and restructuring trade body R3 has responded to the publication of a Government consultation on plans to repay HMRC ahead of pension schemes, trade creditors, and lenders in insolvency procedures, Stuart Frith, President R3, said “The Government’s decision to push ahead with the return of ‘Crown Preference’ is frustrating and misguided. It’s a short-sighted…
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Lending platform Freedom Finance has launched its first Open Banking platform to a panel of lenders for secured loans. The announcement follows a Freedom Finance industry workshop, in partnership with AccountScore and Equifax. This brought together both large and challenger banks to discuss a common Open Banking goal – to provide customers with better-informed options…
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Experian has announced that it has abandoned the £275 million acquisition of ClearScore. In a statement Experian said “Further to the Provisional Findings published by the UK Competition and Markets Authority (CMA) on 28 November 2018 and taking into account subsequent interaction with the CMA, Experian does not believe that the CMA will approve the…
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UK Finance has released its latest Household Finance update for January 2019 The figures indicate that £10.8 billion was spent on credit cards in January 2019, this was 4.4% higher than the same month the previous year. The outstanding level of credit card borrowing also grew by 4.4% in the twelve months to January. Personal…
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M&S Bank has become one of the first mortgage providers to enable open banking assisted mortgage applications. The open banking enabled mortgage journey means most customers will no longer need to source and supply copies of bank statements to support their mortgage application. Using the open banking assisted journey, this documentation will be immediately and…
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