View more on these topics

Transcom tightens net on debt absconders

Transcom, the European credit management provider is to jointly purchase European debt portfolios with Arrow Global, making it harder for absconders to escape their debts.

Arrow Global has already purchased more than $17bn in receivables.
Transcom is Europe’s largest collections company by geographic footprint.

The deal with Arrow Global will focus on UK credit card and loan portfolios, including debt created due to credit card and loan accounts that originated in the UK and subsequently were written off and absconded accounts, where account holders have left the UK and currently reside in other countries.

Transcom’s European debt tracing collections capability and its in-house litigation services teamed with the new European Enforcement Orders, enables Transcom to become the first UK debt collections agency able to trace debtors, obtain a UK court judgement, transfer that judgement to the absconder’s country and collect on that debt.

This means that UK citizens will no longer be able to flee the UK to abandon their debt responsibilities free from pursuit and free from the law.

John Marston, chair of the High Court Enforcement Association and expert in the Council of Europe says: “For too long now, collections of absconded debt has been hindered by a lack of legislation and collections capability.

“By leveraging the new legislation, Transcom will be able to effectively tackle a very serious problem. We fully support Transcom’s approach.”

Mike Purvis, UK managing director of Transcom, says: “Our service will address the need to reduce absconder debt.

“No other company in this sector has the geographical coverage and breadth of collections capability to work seamlessly across multiple borders.”


Industry applauds Chilton move

The mortgage industry has welcomed Network Datas decision to appoint Mark Chilton as chief executive of its new lender, Homeowners Mortgages.Chilton will be chief of the new lender, which Richard Griffiths, managing director of Network Data admits will be at arms length from the distributor, and will market its products through not only Network Datas […]

IFS equity release questions lack consistency and clarity

With reference to question number one on page 69 of the February 26 issue I am of the opinion that the question and subsequent answer are either incorrect or unclear. The question states: ‘…raise the maximum capital from their home…’. This would indicate a 100% home re-version deal. But with the majority of home reversion […]

Attacks on C&G broker sales managers are out of order

Enough is more than enough. The recent attacks in the industry press on C&G intermediary sales managers are bang out of order. The company has over 100 intermediary sales managers whose job it is to encourage brokers to use C&G. Under normal circumstances, we do this with an expertise that is renowned throughout the industry. […]


News and expert analysis straight to your inbox

Sign up