Credit, Collections & Insolvency News
Cabot Credit Management (CCM), has announced the financial results for twelve months ending December 2016. Chief Executive Officer Ken Stannard said “This year has been another strong and profitable year for Cabot. We have delivered an adjusted EBITDA of £248 million, an increase of 26% over 2015, whilst simultaneously reducing leverage. These results have been driven…
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London fintech startup TransferWise has teamed up with UK-based, digital-only Starling Bank in a partnership aimed at providing easier and cheaper international money transfers. Launching in the UK this summer, the service will enable customers to make transfers from the UK across the 35 currencies available in the TransferWise app, including the euro, US dollars,…
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West Lothian Council has launched a self-help guide for people who are at risk of repossession or facing eviction from their home. The West Lothian Court Advice Project is available to help anyone who, potentially, may face eviction as a result of non-payment of debts and is about to go to court. The Scottish Legal…
Read moreThe UK Card Payments Association has releases the latest card expenditure statistics for January 2017. Highlights include: Payment card spending in January 2017 was £57.1 billion, up by £0.5 billion (0.8 per cent) on December pending was up by £5 billion year on year The number of purchases reached a new monthly record of 1.3 billion…
Read moreCabot Credit Management (CCM),has won a customer service award at the seventh UK Customer Satisfaction Awards ceremony. CCM won the Customer Feedback Strategy award, ahead of nine other finalists including EDF Energy, HM Passport Office, Virgin Money and RSA Insurance. This award is centred around how easy it is for customers to give feedback and how…
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The House of Lords EU Justice Sub-Committee has published a report on Brexit which looks at justice for families, individuals and businesses. The report has found that : The current system for civil justice cooperation across the EU member states – in the development of which UK expertise has been prominent – works well. Disputes that…
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Real consumer spending growth will moderate from around 3% in 2016 to around 2% in 2017 and 1.7% in 2018, according to PwC which summarises that the impact of Brexit on consumers will also vary by category of spending. In an extract from the UK Economic Outlook, which launches in full on 21st March 2017,…
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The UK government is setting up a new body that will tackle money laundering and criminal financing. The Office for Professional Body Anti Money Laundering Supervision (OPBAS) will deal with potential weaknesses in the supervisory system and aim to improve its standards. It will also ensure supervisors and law enforcement work together more effectively, the…
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Despite the rising importance of affordability assessments’ for UK organisations, less than half (40%) of risk leaders rate themselves as very effective at identifying customers who are financially vulnerable, according to a new study from Callcredit Information Group. The New Affordability study of UK risk and customer experience managers finds that organisations increasingly see it…
Read moreEuropean Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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The Department for Work and Pensions (DWP) has published the latest official statistics on household incomes, covering the financial year 2015–16. IFS researchers have summarised the headline trends observed in the new data and placed them in historical context in order to understand better changes in living standards in recent years. Key findings include: Average household…
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The Department for Work & Pensions (DWP) has downplayed the impact of the problems in the roll out of Universal Credit on claimants and local councils, claiming that rent arrears associated with Universal Credit “are likely to be of a short duration” and “should not present an insurmountable obstacle to landlords”. This is despite its…
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In 2016, the UK lost £2 million each day as a result of financial fraud, according to official figures released by Financial Fraud Action UK (FFA UK). The figures show the overall scale of financial fraud was £768.8 million, an increase on the £755 million lost in 2015. The figures are published as all major…
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