Credit, Collections & Insolvency News
Moore Stephens says that women accounted for 65% of personal insolvencies amongst the under 25s in the last year. Women also accounted for 53% of all personal insolvencies amongst 25 to 34 year olds. Moore Stephens says that the gender pay gap may be partially to blame. Women earn, on average, 18% less than their male…
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Hoist Finance has acquired an SME portfolio from Banco Popolare, Italy. The portfolio consists of approximately 9000 claims with a nominal value of approximately €600 million. The 10-year Estimated Remaining Collections is €53 million. Charly De Munter, Regional Director Mid Europe, Hoist Finance, describes the acquisition as an additional milestone in Hoist Finance strategic expansion in…
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GBG have announced the appointment of Chris Clark as its new Chief Executive Officer, replacing Richard Law who is retiring from the Board after 14 years as CEO. It is anticipated that Chris will join GBG on 1 April 2017. Chris Clark is a highly experienced, successful and well-regarded business leader who, since early 2012, has gained…
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According to the Centre for Retail Research, over 9 million people will pay for Christmas on a credit card. 70% of people admit they haven’t started saving for Christmas, meaning millions of others will have to play catch up with their finances in the short run up to Christmas. The research also found that the average household…
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Here is an overview of The Money Charity’s latest statistics for October 2016: Personal debt in the UK People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult. The average total debt per household…
Read moreThe Financial Conduct Authority (FCA) has banned Andrew Barry Hart, the sole director, controller and ultimate owner of Wage Payment and Payday Loans Limited (WPPL), from performing any role in regulated financial services. The FCA has also cancelled WPPL’s interim permission and refused its applications for WPPL to be authorised to carry out regulated activities…
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The latest Financial Fraud Action (FFA) UK report, published today, reveals a 25% year-on-year increase in financial fraud losses for the first half of 2016 to £399.5 million. John Marsden, Head of ID and Fraud at Equifax said “Cyber and ID fraud dominate the fraud landscape, and online scams and attacks continue to rise. E-commerce…
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The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…
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Glasgow-based independent law firm Yuill & Kyle Limited has secured full authorisation from the Financial Conduct Authority. Yuill + Kyle managing partner Stephen Cowan said: “Quite often as part of an audit process a creditor may take the view that they will not deal with a legal firm unless they have the FCA consent. Because Y+K…
Read moreThe Money Charity has released statistics indicating that after years of steady falls, cases of mortgage arrears have risen for the second quarter in a row. According to the Financial Conduct Authority, at the end of Q2 2016 there were 218,279 mortgage loan accounts with arrears of more than 1.5% of the current loan balance. This…
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Spiralling charges on unarranged overdrafts are adding millions of pounds to problem debt and they must be capped by the FCA, says StepChange Debt Charity. New figures from the charity, suggest that almost two thirds of people seeking its help with overdraft debts have regularly exceeded their limit and faced charges of £45 each time…
Read moreTarget Group has today announced the appointment of Jeremy Edwards as the company’s Chief Client Officer (CCO). Having held senior leadership positions at Accenture, Firstsource Solutions and Hinduja Global Services, Jeremy brings with him a wealth of experience in financial services, business process outsourcing (BPO) and client services. The new role brings together business development, client…
Read moreUlster Bank has sold off £2 billion tranche of loans to Cerberus. The portfolio consists 900 mortgages, across Ireland. Around 14% of the debt is based in Northern Ireland. A spokesman for Ulster Bank said: “Ulster Bank has confirmed the completion of a sale of significantly impaired loan portfolio, predominantly in the Republic of Ireland, enabling…
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