Credit, Collections & Insolvency News
A new report from Christians Against Poverty (CAP) is highlighting the powerlessness of those facing multiple debt collections from local councils and the state. While the practices of private companies have become more customer-focused, a study shows the depths of suffering from people chased for debts like council tax and benefit overpayments. Now the charity wants…
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European Alternatives Investment Manage, LCM Partners has announced that it has acquired a substantial portfolio of secured, non-performing SME loans from Grupo Cooperativo Cajamar in Spain. The portfolio comprises approximately 1,200 loans, predominantly secured against granular residential real estate assets on the East and South coast of Spain. Adrian Cloake, Chief Investment Officer, LCM Partners said “Through our…
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Business process outsourcing specialist Target Group and digital engagement specialist Telrock have announced a collections solutions partnership agreement. As part of its broader business process outsourcing and transformation services, Target Group provides cost-effective and compliant outsourced collections services to a number of UK banks, utility companies and other credit providers. With growing demand for solutions…
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The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.…
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New research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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Ofwat has said that high levels of payments to bosses and investors by water companies have damaged customer trust. In a number of changes to Ofwat’s 2019 price review (PR19), a range of measures have been included that would see customers share the financial gains made by water companies which have high levels of debt.…
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Nearly a quarter of all credit card searches carried out through Experian are for credit builder cards, new analysis from its first Credit Search Barometer has revealed. These cards give those with “thin” credit files or those with low credit scores the chance to get on track and gradually improve their creditworthiness by showing they…
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At least 2.97 million families living in properties across the UK do not have life insurance cover to ensure that their mortgages are paid off should the policyholder pass away, according to new research by Compare The Market. The lack of life insurance protection is particularly concerning given the growing levels of mortgage debt and…
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Millions of Brits are ‘fed-up’ with ‘overly complicated’ web and phone security measures, a new study has found. Researchers who polled 2,000 UK adults found 77 per cent don’t see the need for what they consider ‘unnecessary’ procedures. Around half are sick of having to answer ‘endless’ security questions whenever they call customer service departments.…
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Greece’s largest lender Piraeus Bank said on Monday it agreed to sell a pool of unsecured non-performing loans (NPLs) to APS investments, confirming what banking sources told Reuters last month. The portfolio labelled Arctos, includes credit card and consumer loans and is part of effort to shrink the bank’s bad debt load. The sale of the…
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Law firm Walker Morris is providing support to its financial services clients in Scotland by taking office space in Lochrin Square, in Edinburgh’s financial district, as part of its strategy to provide a multi-jurisdictional service offering to lender clients. Banking Litigation partner, Rob Aberdein, will split his time between Edinburgh and Leeds, whilst still being…
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Latest research by the Joseph Rowntree Foundation (JFR) has revealed that low-income families need a third more disposable income than a decade ago to make ends meet and are facing bigger barriers to meet rising costs – despite tightening their belts and shopping around online for better deals and tariffs. The rising cost of transport,…
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The New Payment System Operator (NSPO) has taken over the oversight for running and managing the cheque paper and cheque image clearing systems with the Cheque and Credit Clearing becoming a subsidiary of the NPSO. All payments will continue to be processed as usual through the paper clearing system for cheques and the recently launched Image…
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