Latest News
Debt Collector’s Revenues Fall in 2010
Intrum Justitia, a debt collectors firm based in Liverpool, saw its revenues fall in 2010. However, its management is determined that the company will be back on track this year thanks to a marketing push.The revenues of debt collectors fell to £363 million, which is 8.8% lower than in 2009. As for revenues from external clients from Western... Read more
Credit Solutions Acquired by Arvato for £10m
In the end of November, Credit Solutions, UK-based debt collection agency, has been acquired by Arvato, global outsourcing partner. The deal totaled to £10 million and was aimed at increase of Arvato's presence on the UK market.The company already owns firms that include outsourcing customer management, financial services, supply chain... Read more
Debt Collection Agency Warned by the OFT
Aktiv Kapital, a Norway-based debt collection agency, has been recently warned by the Office of Fair Trading (OFT) over pressure practices .The organisation imposed new requirements on the company, which is expected to improve its communication and debt collection methods. In case it does not comply with the OFT requirements, it will be fined for... Read more
UK Borrowers Repay Debt at Record Pace
The latest figures released by the Bank of England suggest that UK borrowers are paying out more debt than it was taken in new loans. As such, the outstanding mortgage debt has been reduced by £6.2 billion in the second quarter of this year.The financial organisation claims that this has been the 9th consecutive quarter, where UK consumers... Read more
HMRC to Employ Debt Collectors to Recover Tax
The British Government announced it plans to use the services of debt collectors' agencies to recover unpaid tax in an effort to receive £7 billion more in tax by the year of 2015.HM Revenue & Customs promises that debt collectors will be nice on debtors helping them spread payments to pay off debt. The need for third-party services has... Read more
Robinson Way Ltd. to Resume Debt Portfolio Purchases
A British debt collection company, Robinson Way Ltd, previously owned by London Scottish Bank, which collapsed lately, re-emerged on the UK market of debt collectors. According to the Credit Services Association, country’s body for debt recovery agencies, the major challenge Robinson Way Ltd. now faces is the availability of funds that the... Read more
Top 10 of UK Most Indebted Towns
The latest statistics suggests that Chester-le-Street in Durham and Camberley in Surrey have acquired the status of the most indebted towns in the United Kingdom with residents of Chester-le-Street and Camberley owing each £3,470.79 and £2,000 on various loans accordingly. The statistics came after the data, provided by the Finance and... Read more
Brixton is Fighting for Existence
On Friday, the indebted property firm Brixton was negotiating a possibility of merger with potential applicants. The company cherishes a hope to find out a white-knight who will gloriously settle accounts with constantly growing company’s debt. The direction of the company says that it is too early to talk about any results. To remind,... Read more
No Answer Comes
Economic recession affected the major part of households. No wonder that many of them appeal to independent advice of debt charities. No answer comes. Debt charities are so buried with calls that they can only answer half of them. For example, National Debtline has to turn away 25,000 calls a month. Every day the part Government-funded charity... Read more
New Rules for Debt Collectors
The Office of Fair Trading (OFT) considered “unacceptable†the practice of leaving the messages from debt collectors with neighbors of people who are being traced. Such situation might disclose people’s debt problems and lead to embarrassment. One London-based company had already been told not to do this anymore and the OFT... Read more