Latest News
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
CML Repossession Forecast was too Pessimistic
The forecast for 2009 associated with the number of repossessions, which were predicted to reach 75,000, turned out to be too pessimistic, claims the Council of Mortgage Lenders (CML). Despite the fact that only 4 months of 2009 have passed, the CML said that the figures for the first quarter of 2009 demonstrate that the situation is not as... Read more
A Sharp Rise in Buy-to-let Mortgages Accounts
The nationalized bank Bradford & Bingley started the securitization to low down the debts on buy-to-let mortgages. However during the first quarter of 2009 a sharp rise in arrears was observed instead. This fact attracted attention of specialists, and after some kind of research of all the leading UK buy-to-let securitizations it was found... Read more
Disastrous Consequences of Mortgage Arrears
Many people in the UK face the disaster of repossession, though the Government takes poor efforts of supporting the population. The released data shows us the following: the number of repossessions in the fourth quarter of 2007 was 6,900 compared to 11,100 seen in the third quarter of 2008 and 10,400 seen in the fourth quarter of 2008. All in all... Read more
Intrum Justitia Losses Increase
In the first three months of 2009 (January through March), debt collection company, Intrum Justitia, has seen significant and unacceptable losses within its UK credit management services division. The company’s UK and Ireland division employs 230 people and is headquartered in Liverpool. The quarterly losses of Intrum Justitia... Read more
RBS Ordered to Abandon Unfair Repossession
Last week, Royal Bank of Scotland (RBS) was ordered to halt its repossession proceedings against the Addyman family after watchdog labeled it “unfairâ€. Last September, NatWest, which is a part of the Royal Bank of Scotland group and is 70% owned by taxpayers, demanded that Peter Addyman and his family from Hastings, East Sussex repay... Read more