In a statement,
Despite the resulting fall in operating profit, exceptional items fell to
"We continue to anticipate a normal weighting of portfolio purchases to the second half of the year and overall we remain on track to deliver results in line with our expectations," Chief Executive
Chief Financial Officer
"All of the mainstream creditors, be that banks, credit card companies and some of the retail telecoms companies, are divesting non-performing debt portfolios which enables them to recycle capital. They have the confidence to resell to
European banks have been cleaning up their balance sheets as they meet new capital requirements set by domestic and international regulators. Their efforts to sell assets, such as loan portfolios, have created opportunities for debt managers, such as
"Firstly, we don't charge any interest or any fees. What we look to do is use our proprietary data and analytics capability to understand customers' circumstances and repair broken data the banks have. We can then agree affordable repayment plans," Memmott said.
Data held by banks or other credit companies can degrade over time, sometimes because of problems within their technology systems, but also due to customers moving house or even changing their telephone numbers.
Memmott also welcomed changes that made the
"The reason why it's a good thing is that it aligns regulation across the industry such that you don't have different regulators for banks and debt purchase companies," Memmott said.
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