Credit, Collections & Insolvency News
Intrum Justitia AB has confirmed that it has entered into a strategic partnership with Italian bank Intesa Sanpaolo creating a servicing agreement for non-performing loans (NPL) in Italy. The deal has been accepted by the board of Directors of Intesa Sanpaolo and will see a merger of Intesa Sanpaolo’s NPL recovery operations and all of Intrum’s current Italian…
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A Cardiff-based fintech start-up has strengthened its team with the appointment a new board Director. James Snow is joining SamePage Group as a Board Director. Previously Group Sales Director at Target Group and CEO of the company’s Loan Servicing business, Snow has over 25 years of experience in the sector. With a background in B2B…
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Millions of consumers looking to apply for a mortgage, credit, a new mobile phone contract, or even a better utility deal, risk being rejected because of false errors on their credit reports according to research by Amigo Loans. The UK’s largest guarantor lender’s latest research has found that 42% of people who check their credit…
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The availability of consumer credit dropped “significantly” in the first quarter of 2018, according to a survey of credit conditions published by the Bank of England. The Credit Conditions Survey asks banks and building societies about the past three months and the next three months as part of the Bank’s role in maintaining financial stability. The Bank…
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Phoenix Asset Management (PAM), independent asset manager and special servicer focused on the management of secured and unsecured non-performing loans (NPL) and unlikely to pay (UTP) portfolios has announced an investment by funds managed by Pimco – as institutional investors. Following the deal, PAM together with the other founding partners will hold 40% of the…
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Target Group, the business process outsourcing and operational transformation provider, has today announced it has been selected by the BBC, following an EU procurement process, to deliver the ‘Simple Payment Plan’ (SPP). Target was awarded a two-year contract with an option to extend for up to a further two years. The Government introduced legislation in…
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EDF Energy has announced price rises to its standard variable electricity tariff. The rise will mean that electricity prices will increase by 2.7%, days after British Gas raised prices for 4.1 million of its customers. Béatrice Bigois, EDF Energy managing director of customers, said: “We know that price rises are not welcome and we have worked…
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Debt Purchaser Lowell has announced its latest results for its full year ended 31 December 2017. The results show double-digit growth across all key metrics. The addition of the Carve-out Business from Intrum as a new Nordic region, which successfully completed after the close of the period, brings further strategic diversification and growth opportunities for…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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Zopa has announced a governance restructure in advance of launching its next-generation bank. The re-structure will establish separate boards for the Zopa P2P business, proposed bank (subject to banking licence approval) and Group in order to facilitate the increasing scale of the business, ensure good corporate governance and protect the interests of its customers. The…
Read moreHarrington Brooks has announced on its website that it has that its Debt Management Plan (DMP) portfolio has been transferred to Gregory Pennington from HB Financial Solutions Limited (Harrington Brooks). In addition, IVA portfolios have been transferred to Freeman Jones Limited which were managed by One Advice Limited, trading as Harrington Brooks IVA. As part…
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Thousands of self-employed, agency and zero-hours contract workers will be potentially hundreds of pounds a year worse off under universal credit, according to research. Analysis by Citizens Advice claims that flaws in the new benefit mean self-employed workers whose earnings fluctuate monthly could receive far less over the course of a year than employees in…
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Two bosses have been disqualified for a combined total of 23 years after transferring more than half a million pounds from their own debt management companies. Andrew Brooke (45) and Gary Gregson (38) have been disqualified for 13 and 10 years respectively and are now prevented from acting, directly or indirectly, as directors of companies. Gary…
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