Credit, Collections & Insolvency News
Bailiffs are still not being held to account and will continue to inflict stress, anxiety and further financial hardship until the Ministry of Justice (MOJ) introduces independent regulation according to research by debt charities. The 11 debt and mental health organisations that make up the ‘Taking Control’ campaign on bailiff reform are calling on the…
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New figures released by the Finance Leasing Association (FLA) have shown that the number of second charge repossessions in 2018 was 147, 8.1% higher than in 2017. In the final quarter of 2018, the number of repossessions was 28, down by 26.3% compared to the same period in 2017. The number of properties repossessed during…
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UK Finance has published its Mortgage Arrears and Possessions Update for the fourth quarter of 2018, which saw 4580 homeowner possessions in 2018, the lowest level since 1980 when there were 3480 possessions. During this period, there were 6.2 million outstanding homeowner mortgages, compared to 9 million at the end of December 2018. The data…
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Lenders could find it much harder to enforce cross border debts in the event of a no deal Brexit, RSM has warned. Currently, European regulations facilitate the collection of cross border debts within the EU, notably through the use of European Enforcement Orders. These allow a judgment in one member state to be enforced in…
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Online peer to peer finance company Zopa, has announced it has appointed Gordon McCallum as its new Chair, moving forward its plans to take on Britain’s largest banks. McCallum joins Zopa with over four decades’ worth of professional, executive, and non-executive experience. He served as Chief Executive Officer (CEO) of Virgin’s UK management company and…
Read moreMost finance teams and professionals are not evolving their skills fast enough to account for the impact of artificial intelligence, robotic process automation and other technologies according to a new research study released by the Chartered Institute of Management Accountants (CIMA). The majority (over 50 percent) of finance leaders globally say the competencies of their…
Read moreAire and Experian have agreed on a new service which will allow Experian to sell Aire’s credit insight combined with their bureau and decisioning services. Experian and Aire are already working on integrating Aire’s credit insights directly into Experian’s PowerCurve credit decisioning platform for N Brown. This follows an initial proof of concept (POC) with Aire, which…
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Phillips & Cohen Associates, the international deceased account management specialist, servicing creditors in the US, Canada, UK, Ireland, Australia, Spain and New Zealand has reaffirmed its commitment to the importance of data and information analysis with the appointment of Dani Shi as Senior Vice President of Global Data Systems & Analytics. In this newly created…
Read moreEarly findings from major new research by StepChange Debt Charity, released as part of the charity’s Debt Awareness Week, show what variations in progress typically arise among different groups of clients as they embark on resolving their difficulties after taking debt advice. Some of these confound expectations. The new research tracks groups of clients three…
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Shard Credit Partners has announced the completion of the management buy-outs (MBO’s) of both BW Legal Services and PRAC Financial by Rachael Withers, COO and co-founder of both businesses. Shard Credit Partners acted as exclusive financing provider, underwriting £13.5 million of committed senior secured unitranche facilities to complete the two deals. The innovative financing structure…
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Enforcement specialist, Court Enforcement Services has announced high-level executive changes to its board within its high court enforcement and compliance management teams. At board level, Alan Smith has been formally appointed to the board. Simon Williamson has resigned as Director to concentrate on other interests, but he remains a shareholder of the business. This means that…
Read moreOnline vehicle technology specialist Ivendi has announced it has made five major new appointments. Three of the new roles are Vice President (VP) appointments. Internally promoted, former Head of Finance Craig Mossis now VP of Finance while Russell White has moved from head of sales to become VP of Sales. Meanwhile, Luke Cowell has been…
Read moreCash points are closing at a rate of 16 per day, the fastest ever recorded, according to consumer group Which? showing that cash machines disappeared at a rate of 488 per month between June and December last year. Over the six months, 2,962 cash points were taken out of service, representing a 4.6% decline in…
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