Credit, Collections & Insolvency News
European Debt Purchaser, Lowell, has announced its latest quarterly results showing another positive quarter of growth for the period 1 July to 30 September 2017. Highlights from the results include: 21% y-o-y increase in Cash Income to £152m 12% y-o-y increase in Cash EBITDA to £78m 18% y-o-y increase in Estimated Remaining Collections (ERC) to…
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BDO, liquidators of Irish Charleville Credit Union have put its premises and loan book up for sale, with half a dozen credit unions already eager to acquire the loans. The loan book is said to have a gross value of €14million. However, it is understood that only around €8m worth of loans are performing. Charleville…
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Hammersmith & Fulham Council (H&F Council) have announced that we will no longer use bailiffs to collect council tax debt from 1st April 2018. Further to the council’s announcement that it is working 1st Credit, earlier in the year, on a new, ethical-focused debt collection practice. The brief for the new project is to save…
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Recognising the recent concerns raised both in Parliament and by third sector organisations about universal credit, the Government have announced that they in the Autumn Budget that they will: Offer an interest-free advance of up to a month’s worth of universal credit within five days for those who need it and who have an underlying…
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Four directors of Secure My Money Limited (SMM) have been disqualified following an investigation by the Insolvency Service. The individuals disqualified are: Mark Robert Kennedy for 8 years; David John Carter Mullins for 8 years; Edward John Booth for 7 years; and Christopher Brotherton for 5 years. All four were the directors who had responsibility for…
Read moreSince 2010, household debt in the UK has increased by 7% and there are growing concerns that this figure will continue to rise given the sharp uptick in borrowing on loans, overdrafts and credit cards. With the total consumer debt standing at £200 billion and growing at over 10% annually, an increasing number of households…
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Latest figures released by the Building Society Association (BSA) show that building societies approved 29% of all new mortgages in Q3 2017, and savers deposited £1.3 billion in building society accounts. Highlights from the figures show: Mortgage lending Q3 2017 Building societies approved 114,793 new mortgage loans, up 4% on the 110,216 mortgage loans approved…
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The shortlist for Credit Connect’s inaugural Credit & Collections Technology Awards 2017 has been announced, with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of 10 judges has now compiled the shortlist for the sixteen categories. The Technology focused-Awards scheme seeks to champion innovation and best customer outcome solutions. The shortlist highlights…
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Debt advice provider, Payplan has called on the Chancellor to help those struggling to get on the housing ladder with the announcement of the budget this week. Jane Clack, Money Advisor at PayPlan said “In Wednesday’s announcement, I would like to see the Chancellor think more about how the budget can help people who are already…
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Citizens Advice has responded to the announcement that energy supplier British Gas (Centrica) will replace its standard variable tariff with a fixed term default tariff, as part of a package of new measures for its customers. Citizens Advice Chief Executive, Gillian Guy said: “Poor value default tariffs that take advantage of customer loyalty have no…
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Blockchains that transact with one another could replace central authorities such as banks, clearing-houses and lawyers, according to a new ICAEW’s report. Smart contracts that use blockchains could lead to widespread disruption of financial systems, according to the accountancy and finance body. With the ability to directly interact, the technology could save firms the cost…
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Three directors of Speed-e-Loans.com Limited (SEL) have been disqualified from acting as directors. The Secretary of State for Business, Energy, & Industrial Strategy, accepted disqualification undertakings from Philip Miller for nine years, Robert Alan Davies for six years and Daniel Jonathan Miller for five years – following an investigation by the Insolvency Service. At administration,…
Read moreSouth Lanarkshire Council has written off more than £6 million in unpaid revenue. Councillors at the local authority rubberstamped the move at a finance committee last week. Among that amount is over £4.5m in unpaid non-domestic rates. The sums relate to non-payment of rates from 2014 until this year. Debts totaling just over £2.541m from…
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