Archive for the ‘Debt Recovery News’ Category

New Debt Collection comparison site launched

Wednesday, August 27th, 2014

Leading UK Debt Collection service supplier best4 network have announced the launch of a new website to partner its existing website best4debtcollection.co.uk

The new website launched in early August is intended to assist companies and individuals across the country and the world in their search for the right debt collection solution for their needs.

The new website best4debtrecovery.co.uk  will enhance their growing reputation and increase their exposure on the world wide web.

Tony Smith, team leader at Best4 said “We have enjoyed great success with our initial website, helping thousands of people and businesses in securing a low cost professional debt collection service.”

“We use only the very best in British Debt Collection and are pleased to partner companies such as Federal Management & Frontline Collections, gaining discounted rates for our users who in turn obtain the services of elite premium Debt Collectors”

The service that Best4 provides has been used by large companies as far afield as Japan with recently a large electronics company turning to the Best4 site in their quest to find the best that the UK has to offer in Debt Collection.

As well as dealing with large multi nationals and national firms, Tony informs us that they also look after small traders and landlords too.

“We receive enquiries from all sectors and are only to happy to help where there is a valid dispute.” He continues “We also receive some bizarre enquiries too ranging from a drunken man who wanted us to help him recover £20 from a card game in a pub to a woman who wanted to recover monies paid to a plastic surgeon because she wasn’t happy with the size of her boobs after a enhancement procedure”

Best4 have announced further plans to expand on their existing operations with a range of new services including a free letter before action for all new clients. Their trusted service has quickly developed a solid reputation by delivering a quick and efficient service that matches users with the right kind of service providers.

Choosing a Debt Collection Agency is a very important decision when there are so many factors to consider such as cost, transparency and brand/reputation protection.

All of Best4′s partners are considered their leaders in their respective niches and cater from all industries from private schools and nurseries through to large value commercial debts across the globe.

Federal Management Debt Recovery & Legal Services are one of the key suppliers to Best4. As the UK’s leading Commercial Debt Recovery service, this demonstrates the capability of the Best4 group and has served to only enhance their credibility within the debt collection industry.

In the modern day business world, Debt Collection is viewed as an essential aspect of credit control as quite often debtors do not respond. In light of the recent uproar of the use of ‘in-house’ debt collection tactics by banks and other financial organisations, the need for professional debt collection has grown substantially.

The Best4 network helps to feed the growing demand for value, quality and professional debt collecting services.

Author: James Finch

 

Bankrupt Man sent to Jail for trying to hide money

Tuesday, March 12th, 2013

 

A bankrupt has been handed a 12-month prison sentence after he was found guilty of removing money from accounts and failing to disclose funds to the Insolvency Service.

Michael Gerald Sheehy of Exeter pleaded guilty to three counts of removing money from his accounts and one count of failing to inform the official receiver of the Insolvency Service that he still had money in a bank account.

He prevented the funds being used either to pay taxes he owed or to repay his benefits debt.

When Sheehy was being pursued by HM Revenue & Customs (HMRC) for unpaid tax and by the Department for Work and Pensions for an overpayment of pension tax credits, he took £25,300 from his estate, without using any of it to pay off his debts.

Sheehy was declared bankrupt on 31 August 2010 with a debt of £58,128.97 but he did not disclose to the official receiver that he still had money in a bank account, despite being told to do so.

He had removed a further £12,300 by the time the official receiver had discovered his “secret” account.

Following an initial investigation by the Insolvency Service and a full criminal investigation and prosecution by the Department for Business, Innovation and Skills (BIS), he was sentenced at Exeter Crown Court to 12 months imprisonment on each count to run concurrently.

Liam Mannall, deputy chief investigation officer from BIS, said: “Mr Sheehy took money which should have remained available to service his debts. He later also failed to inform the official receiver of money held by him which he subsequently removed from his account.

“The sentence should serve as a reminder to those considering such actions that the consequences are severe. The Department for Business, Innovation and Skills will pursue and prosecute those who flout insolvency law by denying creditors access to payment for debts due.”

£6 Million Recovered Each Day by Debt Recovery Agencies

Thursday, July 12th, 2012

Figures show agencies recover nearly £6 million of debt every day.

  • New generation of consumers in debt for the first time
  • Industry calls for access to the Full Electoral Register to counter data accuracy issue

Levels of debt being collected by members of the Credit Services Association (CSA) have returned to pre-Christmas levels, according to the latest Quarterly figures, as consumers look to regain control of their finances.

The gross monthly total of consumer debts collected for the final month in Q1 2012 (March) stands at £172.088 million – a return to a level last seen in November 2011 (£172.862mn) following a dramatic fall in December (£147.476mn).

CSA President, Sara de Tute, attributes this to an increase in placements in November contrasting starkly with the consumers hanging on to their money in December to spend on Christmas: “It is quite usual for the monies collected to decline over Christmas and the immediate aftermath as agencies show forbearance with the consumer’s position,” she says.

At the end of Q1 2012, the total value of unpaid consumer debt held by CSA members for debt collection stood at £58 billion (£58.316bn), comprising £31 billion (£31.264bn) placed by creditors with Debt Collection Agencies to collect, and a further £27 billion (£27.052bn) of purchased debt owned by Debt Buyers. This represents a slight increase on the total for Q4 2011 (£58.179bn – a difference of £137 million).

The total volume (i.e. number) of consumer debts awaiting collection by CSA members remains at a staggering 32 million (31,781mn) as at the end of March 2012, a slight fall on the previous Quarter (32,130mn). Debts are being outsourced for collection by ‘new’ creditors within the private sector and parts of national government – including the Department for Work and Pensions (DWP) and the HMRC – who no longer see an issue with recovering monies vital to the public purse.

The total value and volume of unpaid debts are high, Sara says, partly as new types of consumers fall into debt for the first time: “Our members are noting a trend of ‘new’ consumers falling into debt for the first time, and are working with them to agree a repayment schedule or reach a settlement wherever possible, and this is reflected in these latest figures.”

Yvonne MacDermid, Chief Executive of Money Advice Scotland, is not surprised that the CSA is seeing many different types of people in society, affected by debt arrears: “The recession is affecting everyone in one way or another,” she says.

“Many consumers have nothing left to cushion them from any emergencies which arise, and as a consequence they find themselves perhaps for the first time in arrears. The key to getting back on the road to recovery is to seek help from the money advice agencies, many of which offer advice for free, and, of course not to ignore the problem and to make contact with creditors or their agents.”

Debt Collectors Attacked by Machete Wielding Thug

Monday, June 18th, 2012

A thug wielding a machete has robbed two debt collectors as they made their rounds.

The masked attacker struck as the man and woman were outside a flat near Park Road in Sale. He demanded money, mobile phones and car keys before running off in the direction of Firs Road.

Police are appealing for witnesses to the theft, which happened at 11.25am on May 29.

Det Con David Wood said:

“It is unthinkable for most people to be confronted by such violence when simply going about their daily job. I would therefore appeal to anyone who might have information about this robbery to come forward. I want to hear from anyone who either witnessed the robbery itself, or perhaps someone saw a man fitting this description hanging around the area. If do you have any information then please call us.”

The attacker was white, 5ft 7, of medium build, and wore black leather gloves, a black hat and a thin cotton scarf over his face.

Anyone with information should call police on 0161 856 7652 or Crimestoppers, anonymously, on 0800 555 111.

Source: Debt Collection News

Fall in Insolvency Rates in England and Wales

Wednesday, June 13th, 2012

Insolvency rates across England and Wales fell in 2011 after peaking at record levels in 2009.

Figures show that the amount of insolvencies per 10,000 adults in England and Wales fell to 27.1 in 2011 having risen from 7.2 in 2000 to a peak of 31.1 in 2009. These figures include bankruptcy orders, DROs and individual voluntary arrangements (IVAs.)

The North East has the highest rate of individual insolvencies with 35.2 per 10,000 adults. This was followed by the south-west and the east Midlands which both stood at 30.4 per 10,000 adults. The rate in London in 2011 was 17.5.

The Wansbeck area of Northumberland has officially been named the bankruptcy capital of England, in a list that also features parts of Cornwall and the seaside town of Eastbourne, considered well-heeled by many. Individual insolvency rate in Wansbeck is 57 per 10,000 adults.

Meanwhile, the City of London, which includes the flat-dwellers of the Barbican, tops the list of areas with fewest bankruptcies, closely followed by St Albans in Hertfordshire and affluent London boroughs such as Richmond upon Thames and Camden.

Latest regional statistics show the individual insolvency rate in Wansbeck, which includes the former mining towns of Ashington and Bedlington, is running at 57 per 10,000 adults, while in the City of London and St Albans the rates are four and 11 respectively.

For full article see Federal Management