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Debt Purchasing
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| UK Bank to Stop Lending, Focus on Debt Purchasing and Collection |
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| A subprime lender in the United Kingdom has decided to scrap its consumer credit business to focus on its already-considerable collection unit. The company also said that it is expanding its accounts receivable management business to focus on debt purchasing. Manchester, England-based London Scottish Bank said in its annual report Tuesday that it will shutter its consumer lending unit after |
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| Topic: Debt Purchasing |
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| Asset Acceptance Reports Rough Year, Record Purchases |
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| Debt purchaser and collector Asset Acceptance Capital Corp. Tuesday reported flat revenues for its fourth quarter of 2007 and a decline in net income for the period. The company also reported revenues and earnings that were down for the full year on a record year for portfolio purchases. Warren, Mich.-based Asset (Nasdaq: AACC) made good on its warning last week that earnings would be weak f |
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| Topic: Debt Purchasing |
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| PR - TDX Group Launches Debt Purchasing Consultancy in Spain |
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| TDX Group has launched a business to provide services to Spain and Portugal. By incorporating the existing credit risk consultancy business of Madrid based Indigo Value Analysis; the new company is well positioned to grow in a rapidly developing market. Leveraging TDX Group’s experience in the UK debt market, the business will assist Spanish banks and consumer finance companies in maximiz |
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| Topic: Debt Purchasing |
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| Norway Invades Germany to Reap ARM Rewards |
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| With the largest population and economy in the European Union, Germany is an attractive market for expansion of financial services, including debt purchasing and collection. Oslo, Norway-based ARM firm Lindorff Group recognized the opportunity and is pushing hard into the country with recently-announced collection agency acquisitions. Lindorff announced last week that it had made its second AR |
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| Topic: Debt Purchasing |
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| Aktiv Kapital Swings Back to Profit in 2007 |
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| Norwegian debt collector Aktiv Kapital announced recently results for its fourth quarter and full-year 2007. The Oslo, Norway-based ARM company cracked the $300 million annual revenue barrier and swung to a profit after losing nearly $60 million in 2006. For the year, Aktiv reported operating revenues of $305 million, up nearly 8 percent from 2006. The company posted a profit before tax of $92 |
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| Topic: Debt Purchasing |
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| Jury Decides Fate of Execs that Bought ARs from Struggling Hospitals |
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| The one-time leaders of an Ohio company that financed hospitals and other health care providers are waiting for a federal jury to decide if they defrauded investors out of nearly $2 billion and caused at least 275 companies to go out of business. Jurors began deliberating Monday in the case against Donald H. Ayers, James E. Dierker, Roger S. Faulkenberry, Rebecca S. Parrett and Randolph H. |
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| Topic: Debt Purchasing |
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| PR - Debt Purchaser Lowell Group Named VC-Backed Business of the Year |
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| Leeds, United Kingdom-based Lowell Group has been recognized as one of the UK’s fastest growing businesses after being named "VC-backed business of the year" in the Fast Growth Business Awards 2008. Formed in 2004 with backing from private equity fund Cabot Square Capital, Lowell Group reported revenues of around $100 million last year and is on target to exceed $150 million in |
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| Topic: Debt Purchasing |
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| Hospitals, Advocates Battle Over Patient Credit Checks |
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| Credit checks by hospitals are becoming more commonplace, as the industry seeks to identify those patients to pursue for payment and those patients who are eligible for charity care or government assistance, according to an article in The Wall Street Journal today. According to the Journal, nearly 5,000 community hospitals provided some $31.2 billion in uncompensated care in 2006. Hospital adm |
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| Topic: Debt Purchasing |
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| FirstCity Reports Difficult Q4, but Rosy Outlook for Purchasing |
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| Debt purchaser and servicer FirstCity Financial Corporation Monday announced financial results for the fourth quarter and year ended Dec. 31, 2007. The company reported earnings of $2.2 million for the year, down nearly 78 percent from earnings for 2006. Waco, Texas-based FirstCity (Nasdaq: FCFC) said that much of the negative growth for the year was attributable to performance in the fourth |
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| Topic: Debt Purchasing |
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| Asset Acceptance Changes Auditor, Updates Exec Bonus Plan |
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| Debt purchaser and collector Asset Acceptance Capital Corp. (Nasdaq: AACC) made several SEC filings last week, wrapping up end-of-year business for 2007. On Thursday, the company said that it was changing its independent registered public accounting firm, from Ernst & Young to Grant Thornton. Warren, Mich.-based Asset Acceptance said that it had no disagreements with Ernst & Young, a member |
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| Topic: Debt Purchasing |
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