Credit, Collections & Insolvency News
Millions of homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means energy providers are profiting from a whopping £1billion in overpaid bills. Homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means…
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Arrow Global Group has announced that it intends to enter the Italian market having agreed terms to acquire Zenith Service SpA (‘Zenith’), a leading servicing business in the Italian structured finance market, for an enterprise value of €17m. The transaction is subject to regulatory approval by the Bank of Italy. Zenith has a strong and…
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The Information Commissioner’s Office (ICO) has appointed Rob Luker as Deputy Commissioner (Policy). Luke will join the ICO on 30th January. He was previously British High Commissioner to Malta, and has also served overseas in Brazil and Paris as well as in policy roles at the Foreign & Commonwealth Office in London. Information Commissioner Elizabeth…
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Five million Britons suffer from money worries and stress in the run up to Christmas, and one in three adults are putting Christmas presents on credit this year, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online…
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Castle Trust Capital plc (CTC) has entered into an agreement to acquire Omni Capital Retail Finance Limited “Omni Capital). Completion of the transaction is expected during the first quarter of 2017 and is subject to the approval of the Financial Conduct Authority. Sean Oldfield, CTC’s chief executive officer, said: “The Omni Capital Retail Finance business…
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The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…
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National law firm Shoosmiths has appointed dispute resolution and asset finance expert David Farnell to the firm’s new office in Leeds as a partner in the firms recoveries services group (RSG). Joining from Addleshaw Goddard, Farnell has over 20 years’ experience as a finance litigator and works with a number of the UK’s leading banks…
Read morePayPlan and mental health charity SANE have come together to urge those in debt to give themselves the best gift they can by taking control of their finances in the run up to Christmas. Christmas is an exciting time of year but it can also bring a lot of anxiety and stress to people wanting to…
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More than 12 million* UK adults find themselves too time poor to effectively manage their personal finances, according to comparethemarket.com estimates. A poll of 2,000 adults found that 24 per cent feel that they don’t devote enough time to sorting out their finances. The biggest barrier to devoting more time is being “too busy with…
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Nearly half a million young people are struggling to cope with the cost of running their mobile phone, according to new research from National Debtline, run by the Money Advice Trust. Newly-published findings from the charity’s Borrowed Years research, based on a survey of 2,042 18 to 24 year olds conducted online by YouGov, reveal…
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Shoosmiths has announced its move in to the Northern Ireland legal market following its merger with Belfast firm, McManus Kearney. Founded in 1987, McManus Kearney has specialist expertise in debt and insolvency matters in Northern Ireland. The firm will be known as ‘Shoosmiths’ from today, and its two partners – Mary Frances Kearney, Jason Byrne…
Read moreNava Finance has announced its intention to launch as a new lender aimed at the near-prime consumer credit market in early 2017. Subject to completion of its regulatory approval process, Nava will draw upon sophisticated credit analytics to provide under-served consumer credit profiles with attractive loan pricing, while also addressing institutional investors’ search for yield…
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Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap – and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched…
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