Credit, Collections & Insolvency News
New research from Echo Managed Services has found that one in four people want businesses to contact them via digital channels in order to settle their debts. 25% of the 1,500 consumers questioned said digital means, such as SMS or email (particularly when these are linked to an online payment portal) would likely lead to payment of a debt. 40%…
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Leeds Building Society has appointed Richard Dew as it’s new Head of IT Risk and Governance.
Read moreNew research from Equifax has found that 32% of people in the UK have had to borrow money from friends or family. The online survey, conducted by YouGov, found 31% of these loans were to pay for household essentials such as food, 23% to pay for car repairs and 18% to pay for utility bills…
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Arrow Global Group PLC has announced its interim results for the six months to 30 June 2016. Commenting on the results, Tom Drury, Group chief executive officer of Arrow Global said: “Arrow Global has been pursuing a consistent and proven strategy over many years. This has seen us deliver profitable growth in the UK, while continuing…
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New research by the National Debtline has found that 37% of 18 to 24 year olds are already in debt, owing an average of nearly £3,000 (excluding student loans and mortgages). Young people are building up debt and worrying about money in their first few years of adult life, but far too few are seeking advice…
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Callcredit Information Group has appointed Peter Simpson as Head of Partnerships and Steve Wishart as Head of Lending. Commenting on the appointments Eamonn Tierney, managing director, Credit Solutions, Callcredit Information Group said: “I am delighted to welcome Peter and Steve into their new roles which will play a part in the next chapter of our Credit…
Read moreNew research from leading recruitment consultancy Robert Half Financial Services reveals over half (54%) of traditional financial services firms, such as banks and investment houses, are increasing their spend on disruptive and innovative technologies in the next 12 months. The impact of the dramatic rise of digital ‘challenger’ business models throughout the financial services sector has…
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Citizen Advice research has discovered that some payday lenders are still failing to carry out basic checks to make sure borrowers can afford to pay back their loans. Over a quarter of payday loan borrowers (27%) who responded to a survey by Citizens Advice said they were not, or could not remember being asked any questions…
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The Council of Mortgage Lenders (CML) has announced that gross lending as static in July at £21.4 billion. The figure is down 0.4 per cent from June’s £21.5 billion and down 1 per cent year-on-year from £21.6 billion. CML Chief Economist Bob Pannell says: “Indicators are likely to provide truer readings of market conditions the further…
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Motormile Finance (MMF) has achieved full authorisation by the Financial Conduct Authority (FCA). Denise Crossley Chief Executive Officer of Motormile Finance UK, said: “I am very proud to be able to announce that we have been authorised by the FCA. We have worked extremely hard to get to this point and all credit has to…
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Cabot Credit Management (CCM)) has announced its financial results for the past 6 months (period ending June 2016. The statement said that Debt purchase collections increased 24% from £141.6million to £175.9 million compared with the same period in 2015. 120-month Estimated Remaining Collections increased to £2.07 billion from £1.92 billion for the same period in 2015 and…
Read moreThe UK Cards Association has released figures showing that spending on contactless cards has grown in the first half of 2016,and has already outstripped contactless spending for the whole of 2015. £9.27 billion was spent using contactless methods between January and June of this year, this is more than the total 2015 contactless spend of…
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Tech Mahindra’s acquisition of Target Group has been formally approved by the Financial Conduct Authority (FCA). Ian Larkin and Bill Alley, co-group Chief Executive Officers stated: “We would like to thank Pollen Street Capital for its four years of support and assistance in moving the business forward. Our focus now will be on accelerating the next…
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