Credit, Collections & Insolvency News
How cloud technology can improve collections performance In today’s world, few consumers are immune to the risk of personal debt. The uncertain nature of the global economy is creating a new breed of debtor, in the form of a consumer who has temporarily fallen on hard times, after living their whole lives as reliable bill-payers.…
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Welcom and guarantor loans provider Buddy Loans has announced a partnership with Buddy to use Welcom’s Financier platform. Buddy Loans has recently secured institutional investment to allow it to increase its lending and has also received full FCA authorisation. Launched in 2013, Buddy Loans specialises in loans which give credit to consumers who have been refused loans…
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Latest UK Finance data shows that lending for house purchase was higher in August 2017 than in both the preceding month and a year earlier. Latest highlights include: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding…
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Research data by Aviva has shown that credit card debt among the over-55s has reached a six year high of £1,052, up 9% since last year and the highest level since Aviva began collecting the data in 2011. The findings come from its latest Real Retirement Report series, which suggests that both secured and unsecured debts are…
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Swedish debt purchaser DDM Debt AB has announced that it has finalised the previously announced acquisition of a distressed asset portfolio containing secured corporate receivables in Croatia from a leading international bank. DDM has received the approval from the Croatian National Bank and has now finalised the acquisition. The investment amounts to approximately€21 million. The…
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Stafford Railway Building Society has announced the appointment of Michael Smith as its new Chief Executive. Smith is a highly-experienced professional from the banking sector. For the last 13 years, he has worked for the highly successful Swedish Bank Handelsbanken, contributing to the growth of their branch network in the local area. This built on…
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A research report from Equiniti Credit Services depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%). The report has also identified a stark age group difference in attitudes to technology with…
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The Money Advice Service (MAS) has announced a number of roundtable dates whereby they are looking to bring together local authorities and debt advice providers to achieve greater collaboration, drive efficiency gains and help more people in problem debt. Many local authorities have strategies in place to support people in financial difficulty, which includes established partnerships…
Read moreKPMG has announced that Justin Benson has been appointed as the firm’s UK Head of Automotive. Benson joined KPMG in 2000 and he is a Director within the firm. He has worked in the automotive sector for over a decade. Having led and worked on a wide range of projects, Justin has a wealth of experience…
Read moreAutomotive technology specialist, Ivendi has appointed Brett Ward to the newly-created position of Head of Online Retailing at iVendi. Ward joins Harwoods Group, where he was Group Marketing Manager. Before this, his roles included regional digital Account Manager at Manheim, and has held positions with several other motor retailers.
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MMF has announced the acquisition of a majority interest in Motormile Finance (MMF) by Copper Street One (an entity of Copper Street Capital LLP, a UK based specialist financial services investment firm). In a statement, MMF said that the acquisition marks a significant moment in the company’s history and validates the success it has…
Read moreVanquis Bank is among the latest firms to be fined by the Information Commissioner’s Office (ICO) for sending illegal marketing texts and emails. Vanquis Bank based in Bradford, instigated a campaign to send 870,849 spam text messages and 620,000 spam emails to promote its credit cards. Both the emails and texts broke the law because…
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Ofgem has announced that around one million households will save £120 a year on average when it extends its prepayment safeguard tariff for more vulnerable people this winter. Ofgem will also work on extending price protection to at least a further 2 million vulnerable households for winter next year once the timing of the Government’s price cap…
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