Credit, Collections & Insolvency News
Londoners are more likely to be struggling with debt than the rest of the UK costing the city £1.4 billion a year according to a new report from StepChange Debt Charity. The report shows that the charity’s clients living in the capital owe more on credit cards and loans, have higher arrears on bills meaning that they…
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A data survey by the Association of Short Lenders (ASTL) has found that Bridging Loan applications have increased by 61% to £3.5 billion in the quarter ended 30 June 2016. The value of loans written increased by 6% quarter-on-quarter, while the total value of members’ loan books increased by 39% over Q1 this year. ASTL members wrote £2.85bn…
Read moreEnergy Provider E.on will refund it’s customers after it spotted a flaw in the way some meters are being read. Around 600 of its customers – both homes and businesses – are affected. Energy regulator Ofgem commented “Ofgem is aware that a very small number of gas customers are being incorrectly charged for their energy use and…
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Mondo has become the latest company to gain a banking licence from the Financial Conduct Authority (FCA). The bank will be available as a mobile phone app, will focus on digital current account services. Mondo was founded by Tom Blomfield, who has raised £1 million from a crowdfunding platform. The bank has also had about £7 million support…
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Lowell GFKL Group has announced that it has acquired Tesch Inkasso, a German third party collections company. Lowell GFKL Group, backed by the Permira Funds and Ontario Teachers’ Pension Plan, has entered into an agreement to acquire Tesch Inkasso Group from Avedon Capital Partners and the other existing shareholders. Closing is subject to certain regulatory…
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Lowell GFKL Group has announced its second quarter results ending 30th June 2016. The results highlighted that Non Preforming Loan (NPL) portfolio acquisitions were up 27% to £247millions in the last 12 months and than an excess of £175 million of portfolio acquisitions have already closed and are contractually committed for 2016. Commenting on the results, Colin Storrar…
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Alex Hilton-Baird, Chief Executive Officer and founder of Hilton Baird took part in the Thames Marathon Bridge to Bridge 14km swim in support of Wessex Cancer Trust last weekend raising over £1,300. Hilton-Baird’s father was diagnosed with bowel cancer in 2013 – completed the 14km stretch of the River Thames between Henley and Marlow in four…
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Noble Systems has been announced as a winner at the 2016 Tech Culture Awards winner by TMCnet. The Award honours technology organisations who have developed a positive, productive and performance-driven culture and fostered a creative, collaborative workplace environment. To receive the award, Noble Systems demonstrated its commitment to growth through providing a truly distinct and upbeat environment.…
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A report from the Council of Mortgage Lenders (CML) has outlined statistics indicating that the number of mortgages in arrears continued to fall in the second quarter of this year and are now at its lowest level since records began more than 20 years ago. The CML data shows that at the end of June there were 92,500…
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Here is an overview of The Money Charity’s latest statistics for August 2016: Personal debt in the UK People in the UK owed £1.484 trillion at the end of June 2016. This is up from £1.444 trillion at the end of June 2015 – an extra £777.90 per UK adult. Per adult in the UK…
Read moreLatest statistics from The Money Charity have revealed that English students owe more than ever before. The average debt for the graduates who entered repayment this year was £24,640, up from £21,170 in 2015. Due to incremental rises to tuition fees and maintenance loans, the sum owed by students has risen steadily for the past decade,…
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The study by Shelter and YouGov found that one in three families have little or no personal savings to fall back meaning that a staggering three million working families could be just one pay cheque away from losing their home. The research also revealed that a fifth of working parents face the prospect of being immediately unable to…
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A report by the Competition and Markets Authority (CMA) has suggested a number of measures to ensure banks work harder for customers and the benefits of new technology are fully exploited. The report main highlights includes: Banks make £1.2 billion a year from unarranged overdraft charges. Banks will be required to send alerts to customers going…
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