Credit, Collections & Insolvency News
Lowell GFKL Group, a European leader in credit management services, recorded strong results for its full year ended 31 December 2016, with a 20% increase in Group Cash EBITDA to £254m showing the continuing benefits of the combined business. Publishing the results today it has also announced that, following the successful merger of the Lowell Group…
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Intrum Justitia has entered into an agreement to acquire Top Factoring, one of the leading companies for purchased debt in Romania. The purchase price on a cash and debt free basis (enterprise value) is about EUR 25 million, attributable mainly to a diversified portfolio of receivables. Top Factoring has about 210 employees, primarily involved in…
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Research by IPPR, the progressive policy think tank, finds that Income Crisis is widespread in the UK. 946,656 households are unable to cover the cost of two or more of their essential bills, representing three per cent of all households in the UK. An Income Crisis is when a household is unable to pay two…
Read more‘Managing debt is consumers’ is a top priority when it comes to credit cards a new report from MoneySuperMarket today reveals. The report analysed two million inquiries from its Smart Search eligibility tool to reveal what Brits look for most when searching for a credit card. More than 100 credit cards were grouped into four…
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The Consumer Council for Water (CCWater) has announced that it has appointed Dr Mike Keil as its new Head of Policy and Research. Dr Keil, who is currently Business Leader for Asset Strategy at Severn Trent Water, will join the water watchdog on 8 May, replacing Deryck Hall who is retiring. In 2007 he joined water…
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Analysis from The Insolvency Exchange, part of TDX Group, reveals that volumes of personal insolvency in the UK are likely to see a significant spike in 2017. The company’s latest Insolvency Market Trends data highlights that new Individual Voluntary Arrangement (IVA) and Trust Deed (TD) applications continue to rise and volumes could increase by as much…
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In response to the FCA credit card market study consultation paper issued by the Financial Conduct Authority (FCA) Richard Koch, Head of Policy at The UK Cards Association, said: “We welcome the FCA’s considered proposals and support their view that the overall package is robust, and that the combined effect will address the concerns it…
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Four-fifths of the gains from tax and benefit changes coming into effect later this week (6 April) will go to the richest half of households, with the poorest third of households set to be £70 worse off on average, according to a new briefing note published by the Resolution Foundation. The analysis looks at the…
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New proposals by Ofgem to put a 12-month time limit on energy back bills will help protect consumers, says Citizens Advice. The national charity has been calling on Ofgem to make this a mandatory requirement in suppliers’ licences after the evidence showed suppliers weren’t always acting under the voluntary guidelines. Citizens Advice provided evidence from…
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OnePlusOne, the relationship research charity, is launching a Debt and Relationships project, funded by the Department for Work and Pensions, which highlights real-life stories in short animations to show the impact of debt on family relationships and the importance of sharing the burden with loved ones. The project aims to help people in relationships to start conversations…
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Suppliers will not be allowed to back-bill customers for energy used more than 12 months ago under new proposals from Ofgem. Back-bills mainly result from suppliers using estimated bills until they take an actual meter reading which may show that the customer’s consumption is higher than expected. Suppliers then send a ‘catch-up’ bill to recover the…
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More than three million people have been frozen out of credit in the past 12 months, despite mainstream lenders promising to increase access, according to new research. Almost one in five people who applied for credit in the last 12 months – either a credit card, personal loan or mortgage – had their applications refused,…
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The Central Bank of Ireland has announced the appointment of Bernard Sheridan, as Acting Deputy Governor (Financial Regulation) with effect from 8 April 2017. This interim appointment follows the resignation of Deputy Governor (Financial Regulation) Cyril Roux, who gave notice of his resignation on 28 February last. During this interim period, Bernard Sheridan will take…
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