nordic debt collection analysis
TRANSCRIPT
Nordic Debt Collection AnalysisNo 1 | 2018
2 Nordic Debt Collection Analysis No. 1 | 2018
Nils Staib Information Services Director, Northern Europe [email protected]
Morten TrastiSenior Analyst, Lindorff [email protected]
Benjamin Asplund Regional Client & Sales Director, Northern Europe [email protected]
03 Foreword Anette Willumsen – A debt collection market in change
04 Nordic theme – Interest rates are about to rise, will it affect the debt collection market?
06 Sweden: More, but smaller debt collection cases
08 Norway: Principal amount increasing at a faster pace than debt collection cases
10 Denmark: Youth struggle
12 Finland: Fewer defaults if positive economic trend continues
14 Our other publications
15 About our company
Contact persons
3
Helping our clients navigateIntrum’s overall purpose is to lead the way to a sound economy. Through the Intrum Nordic debt collection analysis and our analytical services, we contribute to reduce the risk for our clients as well as give advice on how to navigate in the credit risk area. We plan to release the Nordic debt collection analysis twice a year.
Anette Willumsen Managing Director – North European Region [email protected]
Interest rates are about to rise in the Nordic region and we expect this to affect people’s ability to pay their bills. Although we expect to see an increase in debt collection cases, the situation varies across the Nordic region.
In our new Nordic debt collection analysis we focus on giving an economic view of the Nordic countries, seen from the debt collection perspective. The analy-sis is mainly based on Intrum’s vast debt collection data analysed in a macroeconomic context.
Denmark and Norway most exposedThe high debt ratio in Danish and Norwegian households make these two countries most ex-posed to an increase in the interests rates. However, the demographic challenges in the two countries differ. Denmark struggles with high youth unemploy-ment, which has resulted in higher average principle amount among young debtors, compared to the last quarter of 2015. Norway on the other side has experi-enced a strong increase in payment problems among elders, which has been increasing for several years.
Changing credit habits among eldersSweden experiences increasing payment problems among elders, with a 70 per cent increase in debt collection cases over the last three years. The rea-son of the strong increase in payment problems in Norway and Sweden among the oldest debtors is mainly related to the changing credit habits and an ageing population. Elders are more familiar to the use of credit to pay for services and goods, and many struggle with adjusting their spending to a lower income level after retirement. We are con-cerned about the strong increase in debt collection cases among seniors, although the default levels are still low for this group.
On the right trackFinland has the highest unemployment in the region, but is experiencing a gradual economic improve-ment. Debt collection tails the development in the economy, and we expect fewer bills to end up in debt collection, hence that more people will be able to get out of payment problems.
A debt collection market in change
4 Nordic Debt Collection Analysis No. 1 | 2018
Redistribution of wealth will affect debt collectionAn increase in lending rates means a redistribution of income. Households with net positive wealth will get a higher return on their savings, which again leads to higher disposable income. For households with a negative net wealth (debt), a higher lending rate leads to lower disposable income as a larger share of income goes to interest payments. It is likely to assume that households with debt are more likely to go to debt collection compared to house-holds with a net positive financial position.
Interest rates are the price of money. As with any commodity, reduced prices will most likely lead to increased demand. Household demand for money has indeed rose as a consequence of the low price. Debt levels are at a significantly higher level today compared to ten years ago in all Nordic countries, with Denmark as the only exception.
The effect of a change in the interest rate on dis-posable income depends on the amount of debt. Households with a high debt level will have a larger cut in disposable income when the interest rate goes up compared to a household with less debt, all else being equal. This means that household
Nordic Theme
After a decade with historic low interest rates, monetary policy looks set to tighten across all the Nordic countries in the coming year. This is good news in a broader context, as higher interest rates are a consequence of increasing economic activity. At the same time higher interest rates will increase the number of debt collection cases.
Sveriges Riksbank and Norges Bank have both signalled that interest rates will increase in the near future, see chart 1.1. The European Central Bank plans to end the debt purchase program late this year, with the first interest rate hike during the sum-mer next year. Hence, policy rates looks set to be moving upwards across the Nordic region. This will in turn lead to higher household lending rates, which again reduces households disposable income as a larger share of income will be spent paying interest on loans.
The drop in disposable income could be offset by a similar increase in wages. However, wage growth is widely expected to remain sluggish. Debt is also une-venly distributed among households. The households with the highest debt to income ratios will struggle most when interest rates start moving upwards.
Interest rates about to rise – will it affect the debt collection market?• Interest rates about to rise across the Nordic region
• Debt collection likely to follow
• Danish and Norwegian households most exposed
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across the Nordic region will have a larger cut of disposable income today compared with 10 years ago, since the level of debt has risen significantly in all Nordic countries, with Denmark as the only exception.
Interest rates and debt collectionIn all Nordic countries a vast majority of household debt is related to housing. As home loans rarely go to debt collection, it’s tempting to think that in-creased interest rates will have a limited effect on debt collection. But we firmly believe that’s not the case.
Debt collection is affected by a household’s ability to pay their bills on time. An increase in interest payments on home loans will decrease disposable income, which again reduces available money to pay off all other credit related expenses. This again will increase the number of debt collection cases as households in general need time to adapt their con-sumer habits as disposable income has decreased. Hence, for a period of time, debt collection cases will increase before households adapt or wages catches up to offset the effect of higher interest rates.
Danish and Norwegian households most exposedHousehold debt ratio, household debt as a per centage of gross domestic income, is highest among Danish households, compared to the other Nordic countries. Although the debt ratio has de-clined each year since 2009, the average debt to income level is still over 250 per cent, see figure 1.2. In both Sweden and Norway the debt ratio contin-ues to increase, but a slower housing market in both countries will likely slow down the debt ratio. Finn-ish households have the least debt among Nordic countries, with a debt ratio of just over 120 per cent.
Danish households have the highest debt ratio and the lowest home-owning ratio among the Nordic countries. About 6 out of 10 Danes owns their own house, see figure 1.3. The combination of high debt and low home-owning ratio means creditors are more exposed, as fewer households have secured debt, compared to the other Nordic countries.
To what extent will an increase in the interest rate have on the debt collection market depends on the level of debt. If the household lending rate should increase by 1 per centage point in all the Nordic countries tomorrow, Danish households would struggle the most, as the debt level is highest in Denmark among the Nordic countries, followed by Norway and Sweden.
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1.1 Policy rates and forward guidance
1.2 Debt of households
Norway, Policy Rate, Baseline Scenario, Central Bank of Norway
Sweden, Repo Rate, Riksbank, Average of Period
Source: Eurostat
Source: Macrobond/OECD
Source: Macrobond/ Norges Bank/Riksbanken
Denmark
Finland
Norway
Sweden
Per
cen
tP
er c
ent
Per
cen
tP
er c
ent
Deb
t/G
DI
Deb
t/G
DI
0
20
40
60
80
100
0
20
40
60
80
100
1.3 Home ownership ratio
Sweden Denmark Norway Finland
-1
0
1
2
3
4
5
6
7
-1
0
1
2
3
4
5
6
7
Q1
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Q1
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09
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20
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16
Q1
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Q1
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Q1
20
19
Q1
20
20
Q1
20
21
Per cent of Gross Domestic Income
6963
84
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6 Nordic Debt Collection Analysis No. 1 | 2018
Sweden
More, but smaller debt collection cases• Number of debt collection cases increased by 30 per cent
compared to Q2 2017
• Increasing number of Swedish seniors going to debt collection
• Combination of higher interest rates and falling house prices will leave households with high debt rate in financial distress
Swedish consumers remain confident, although consumer confidence has fallen back somewhat in 2018. A majority are also confident when asked about the financial situation in the next twelve months, see chart 2.1.
There are several factors behind this confidence. Employment is growing at a faster pace than la-bour supply, which means the unemployment rate is falling. Pressure in the labour market, combined with low interest rates has resulted in increased dis-posable income. The latter grows between 3–4 per cent in nominal terms. Inflation remains low, so real disposable income is positive. In addition savings remains high.
Financial buffer Higher disposable income has resulted in a higher savings rate. Swedish households save just below 20 per cent of disposable income. Almost half of these savings are in financial assets. This is good news from a debt collection point of view as finan-cial assets are considerably more liquid compared to savings through down payments on home mort-gage. Thus, high financial savings means that house-holds have a financial buffer to fall back on if an unexpected expense should arrive.
Number of debt collection cases on the rise Despite the positive development for households over the last few years, the number of incoming debt collection cases was over 30 per cent higher in Q2 this year, compared to the same quarter last year, see chart 2.2. Over the same period the total principal amount connected to the cases has decreased by over 20 per cent. Thus, the average principal amount has fallen by almost 1,000 SEK in a year, measured in current prices, see chart 2.3.
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2.2 Number of debt collection cases
2.3 Total- and average principal amount
60
75
90
105
120
135
150
60
75
90
105
120
135
150
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
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Q1
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Q2
20
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Q3
20
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Q2
20
18
Average principal amount (left)
Total Principal amount (right)
Source: Intrum
Source: Intrum
Source: Macrobond/European
Commission
2.1 Consumer confidence
Balance
Financial Situation over Next 12 Months, Balance
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20
25
30
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Jul 2
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Jul 2
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Jul 2
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Jul 2
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It could look counter intuitive that the number of debt collection cases increases at the same time as income is rising and unemployment is falling. However, a consequence of increased economic activity is a higher number of financial transactions, as the amount of purchased goods and services in-creases and therefore the rate of money increases, as money changes hands faster when economic activity is high. A higher number of bills can lead to a higher number of debt collection cases, even if a larger share of the bills are paid on time.
A reduction in the average principal amount falls in line with this argument. In periods of falling unem-ployment the principal amount is likely to decrease, and the principal amount is likely to increase in periods of rising unemployment. The theory behind is fairly simple. The amount of economic trans-actions increases with income. Income tends to rise when unemployment falls. Hence, there is a higher probability that you forget to pay a bill. As a consequence, the number of debt collection cases increases. On the other hand, when unemployment rises, income tends to grow at a slower pace. If lack of income is the reason behind debt collection cases, the principal amount tends to rise as house-holds default on credit cards, car loans and home loans. We therefore see the rise in number of cases and the decrease in principal amount in connection with the growth in the overall economy.
More seniors struggling with debtThe number of debt collection cases where the debtor’s age is above 60 has increased by just be-low 50 per cent in the last year, and 70 per cent in the last three years. The principal amount for debt-or’s over 60 years has increased by 30 per cent in the last year, and 85 per cent in the last three years. In total, the corresponding figures are 6 and 56 per cent, all numbers in current prices. This is a devel-opment we see in Norway as well.
There are two likely reasons behind this development. First, number of persons over 60 years increases. Second, credit habits among seniors are changing. People that retire today are more used to paying for goods and services on credit compared to older age groups which leads to increased debt collection.
Clouds on the horizonA high level of household debt, falling house prices and interest rates about to rise, could lead to more defaults. Households with a high debt level are ex-posed if house prices continue to fall and interest rates rise. A combination of those two aspects will leave households with high debt to income ratios vulnerable. Firstly, falling house prices will reduce the availability of refinancing. Secondly, a larger proportion of disposable income will be used for interest payments, which again means the house-hold will have less funds available to pay other ex-penses on time. Although the economy as a whole looks strong enough to cope with higher interest rates, we expect defaults to increase when interest rates starts to go up.
Balance and financial situation 12 months ahead, seasonally adjusted
Index, Q1 2015=100
Index, Q1 2015=100 and current prices (SEK)
SEK
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1 000
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3 000
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6 000
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16
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20
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8 Nordic Debt Collection Analysis No. 1 | 2018
Norway
Amount going to debt collection increases faster than number of individuals• A record high debt level, unevenly distributed, makes house-
holds with a high debt ratio vulnerable to higher interest rates
• As the economy recovers from oil-slump, defaults will increase at a slower pace, but with a significant time lag
Economic growth is increasing after a period of growth below the long term average growth rate. Low interest rates and a large increase in public spending made the economic recovery, after the oil priced dropped, less painful than expected. As a consequence, the increase in debt defaults in the “Oil region” was largely offset by fewer defaults in other regions.
Low interest rates over a prolonged period of time have resulted in record debt levels among house-holds, see chart 3.1. The vast majority of debt is related to housing. However, home loans rarely go to debt collection. In periods where households live on a tight budget, paying the home loan is a higher priority. So when the home loan becomes more expensive to pay, other claims are more likely to go to debt collection. We therefore expect the number of debt collection claims to rise when interest rates increases among households with a high debt ratio.
The principal amount on debt collection cases has increased at a faster pace than number of cases in the last three years, see chart 3.2. But in Q2 2018 the growth in number of cases equalled the growth in principal amount, each 18 per cent higher compared to one year ago. Thus, for the first time in three years, the average principal amount per case did not in-crease compared to the same period in 2017.
A tighter credit market will close the gap Higher principal amount is a consequence of low interest rates and easier access to credit. Credit is a necessary, but not sufficient condition for credit default. Over the next 1–2 years we expect that the growth in the principal amount and number of cas-es will move more in line with each other, compared to previous years. Higher interest rates and tighter regulation, especially on unsecured credit, are the main reasons we do not expect the monetary amount to keep out-growing number of cases.
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3.2 Number of cases and principal amount
3.3 Principal amount divided by age
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Number of claims
Total principal amount
Under 30
30–60
Over 60
Source: Macrobond/OECD/
Statistics Norway
Source: Intrum
Source: Intrum
3.1 Household debt
Debt/GDI (left)
Household debt, 12-month growth (right)
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New credit habits among elderlyPrincipal amount where the debtor is over 60 years old has grown a lot faster compared to other age groups, see figure 3.3. There are two main reasons for this development. First, population growth among people aged 60 plus is stronger compared to other age groups. Second, credit habits among people over 60 years old are probably a lot differ-ent compared to only a decade ago.
The Norwegian economy is now firmly out of the oil-related slow down. As growth picks up, house-hold income increases and it will most likely slow down the total principal amount going to debt collection. However, there is a significant time lag between economic growth and debt default. We therefore expect the total principal amount to in-crease at least until the turn of the year.
12-month growth and debt in per cent of income
Index, 2014 = 100, seasonally adjusted
Index, 2010 = 100, seasonally adjusted
10 Nordic Debt Collection Analysis No. 1 | 2018
Denmark
Youth struggle• Debt collection decreases as previous economic upturn has its say
• A declining, but still high debt level, reason for concern
• Youth struggle to get a foothold in the labour market, debt defaults among young people has a weaker development compared to other age groups
As economic growth stabilizes, debt collection will likely followThe Danish economy is on a seemingly steady path. Labour markets gradually improved from 2012 to 2016. In the last two years the unemployment rate has stabilized around 4 per cent. The positive eco-nomic development in the last 6 years is resulting in fewer debt collection cases and lower amounts connected to each case.
The average principal amount, seasonally adjusted, is trending down, see chart 4.1. Compared to Q2 last
year, the principal amount is reduced by over 7,000 DKK, or almost 50 per cent. There are two main reasons for this development. First, the economic improvement results in higher income, which again improves household’s ability to serve their debt. Sec-ond, household debt ratio is gradually going down. Less debt reduces the possibility of debt collection.
Debt collection follows business cycles with a time lag. Increased production eventually leads to higher wage growth, which again leads to higher dispos-able income for households. Higher disposable
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4.2 Average Principal Amount by age
4.3 Unemployment
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9
Jan
201 0
Jan
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By age, 25–29 years, registered
Total, Gross unemployment, per cent of the labour force, registered, SA
Source: Intrum
Source: Intrum
Source: Macrobond/
Statistics Denmark
4.1 Average Principal Amount
income means higher ability to pay off debt. The present decline in debt collection cases can partly be explained by the past upswing in the real econ-omy. In the medium term we expect debt collection to follow the development of the real economy, all else equal. This means the decline in the number of debt collection cases and amount will decrease, and eventually stop.
Still a high debt level among Danish householdsDanish households have the highest debt to income ratio among the Nordic countries. But unlike the rest of the Nordic countries, debt level is on its way down. This means income is growing at a faster pace than debt. However, debt among Danish households is still above 250 per cent of gross domestic income. If interest rates should rise faster than expected, debt collection cases would likely increase as a consequence of the high level of debt. Thus, Danish households are still vulnera-ble, even if the real economy and the level of debt moves in the right direction.
Youth unemployment = youth debt collectionThe decline in average principal amount is lowest among the youngest debtors, see chart 4.2. Unlike debtors aged between 30–60 and over 60 years old, average principal amount is higher among the youngest debtors today compared to the last quarter in 2015. The main explanation can be found in the labour market. Although the overall unem-ployment rate has gone down since 2015, youth unemployment (age 25–29) moved upwards from late 2015 to the summer 2017, see chart 4.3. Youth unemployment has fallen since summer 2017, but debt collection follows the tail of business cycle movements. Hence, the current performance of the young debtor is probably a result of previous labour market movements. The risk of losses is limited among young debtors, as they tend to get lower amounts on credit because of lower income. The average principal amount for debtors under 30 years old is about 80 per cent lower than middle aged debtors.
Index, Q4 2015=100, trend
Index, Q4 2015 = 100, Seasonally adjusted
In per cent of labour force, seasonally adjusted
Under 30
30–60
Over 60
0
25
50
75
100
125
150
0
25
50
75
100
125
150
Q4
20
15
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
16
Q1
20
17
Q2
20
17
Q3
20
17
Q4
20
17
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18
Q2
20
18
Ind
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Per
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Ind
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Per
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12 Nordic Debt Collection Analysis No. 1 | 2018
Finland
Fewer defaults if positive economic trend continues• If unemployment continues to fall, it should lead to fewer defaults
• Low savings rate means many households have a small financial buffer, which leaves them exposed to changes in income
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5.2 Total number of cases
5.3 Total Principal amount
80
85
90
95
100
105
110
115
120
80
85
90
95
100
105
110
115
120
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
16
Q1
20
17
Q2
20
17
Q3
20
17
Q4
20
17
Q1
20
18
Q2
20
18
60
75
90
105
120
135
150
60
75
90
105
120
135
150
Q4
20
15
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
16
Q1
20
17
Q2
20
17
Q3
20
17
Q4
20
17
Q1
20
18
Q2
20
18
Source: Intrum
Source: Intrum
Source: Macrobond/Statistics Finland
5.1 Consumer Confidence
Finland, Consumer Surveys, DG ECFIN, Consumer Confidence, Balance, SA
Balance, seasonally adjusted
Index, 2015 = 100
Seasonally adjusted index, Q4 2015 = 100
Gradual economic improvement will reduce amount of financial stress among householdsFinland has the highest growth rate among Nordic countries. Employment is increasing and the unem-ployment rate is falling. During the last three years unemployment has fallen by three per cent points, see chart 5.1. For the first time since 2010 unemploy-ment is below 10 per cent. As a result, consumer confidence is currently at record levels.
However, wage growth has remained sluggish. If the unemployment rate continues to fall, as is widely expected, the pressure on wages will increase, which will increase households ability to pay their bills on time.
Effects not visible in debt collection data, yetThe economic improvements are not clearly visible in the debt collection data, yet. Debt collection data follows the tail of the business cycle. As eco-nomic conditions improve, households will gradu-ally be better off and fewer bills will end up in debt collection. Total number of debt collection cases is almost unchanged over the last couple of years, see chart 5.2.
During the same period the principal amount has in-creased, see chart 5.3. There could be several rea-sons behind this development. Finnish households had a negative savings rate in 2017, meaning that consumption was higher than income. To close the gap between consumption and income consumers have to borrow. Consumption based on lending of-ten leads to collection cases with a higher principal amount, compared to the “average” debt collection case, as credit cards and consumer loans tend to have a larger principal amount compared to other unpaid household expenses.
Lending based consumption most common among people aged 30–60Divided into different age groups, the rise in the principal amount is highest among people aged 30–60 years old. Lending based consumption is highest in this age group. People under 30 have lim-ited access to credit and people over 60 are usually more hesitant to consumption based on credit, compared to other age groups.
In the coming period we expect the number of debt collection cases and the principal amount in Finland to decrease. This prediction is based on the assump-tion that the Finnish labour market will continue to improve, and wages will increase.
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14 Nordic Debt Collection Analysis No. 1 | 2018
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Intrum is the undisputed market leader in credit management in Europe. We help companies succeed by taking care of their customers and considerately helping people pay. Intrum is leading the way to-wards a sound economy where payment flow work, and people become debt free.
Intrum has a lot of insights and knowledge regard-ing the late or non-payment impact on economies throughout Europe. We actively participate in seminars and meetings in Brussel to inform EU delegates of the situation and the best approaches to secure payments in Europe. Through our publications you can learn more about the development of late payment trends from a local, regional and pan European view.
European Payment Report 20181
Intrum Head Office
Hesselmans Torg 14 Nacka105 24 StockholmSwedenPh +46 8 546 10 200Fax +46 8 546 10 [email protected]
Austria
Intrum Justitia GmbHDonau-City-Strasse 6, AT-1220 Vienna AustriaPh +43 1 260 88 80 0Fax +43 260 88 99 0www.intrum.at
Belgium
Intrum NVMartelaarslaan 53B-9000 GentBelgiumPh +32 9 218 90 94Fax +32 9 218 90 51www.intrum.be
Czech Republic
Intrum Czech s.r.o.Ža Pasáži 1609 53002 PardubiceCzech RepublicPh +420 277 003 734Fax +420 283 880 902www.intrum.cz
Denmark
Intrum A/S Valby Torvegade 17, 2 sal2500 Valby DenmarkPh +45 33 69 70 00www.intrum.dk
Estonia
Intrum Estonia ASRotermanni 8EE-Tallinn 10111EstoniaPh +372 6060 990Fax +372 6060 991www.intrum.ee
Finland
Intrum OyPL 47FI-00811 Helsinki FinlandPh +358 9 229 111Fax +358 9 2291 1911www.intrum.fi
France
Intrum SAS 97 Allée Alexandre Borodine CS-80008FR-69795 Saint Priest Cedex FrancePh +33 4 7280 1414Fax +33 4 7280 1415www.intrum.fr
Germany
Intrum Deutschland GmbHPostfach 14 59Donnersbergstraße 164646 HeppenheimPh: +33 47 280 14 14www.intrum.de
Greece
Intrum Holdings Greece SA268 Kifisias Avenue152 32, Halandri, Greece
Hungary
Intrum ZrtVáci út 144–150HU-1138 Budapest HungaryPh +36 1 459 9400Fax +36 1 459 9574 www.intrum.hu
Ireland
Intrum Ireland Ltd1st Floor, Block CAshtown Gate IE- Dublin 15IrelandPh +353 1 869 22 22Fax +353 1 869 22 44www.intrum.ie
Italy
Intrum S.p.AVia Galileo Galilei 7 Milano – 20124Italy Ph +39 02 288 701Fax +39 02 288 70 411 www.intrum.it
Latvia
Intrum Latvia SIA Latvijas filialeDuntes iela 11 LV-1013 Riga Latviawww.lindorff.lv
Lithuania
Intrum Lietuva UAB filialasKonstitucijos pr. 29 LT-08105 Vilnius Lietuvawww.lindorff.lt
Netherlands
Intrum B.V.Box 84041NL-2508 AA The HagueNetherlandsPh +31 70 452 70 00Fax +31 70 452 89 80www.intrum.nl
Norway
Lindorff ASHoffsveien 70B0377 Oslo NorwayPh +47 23 21 10 00 Fax +47 23 21 11 00www.lindorff.no
Poland
Intrum Justitia Sp. z o.o.Ul. Domaniewska 41PL-02-672 Warszaw PolandPh +48 22 576 66 66Fax +48 22 576 66 68www.intrum.pl
Lindorff SA50-304 Wrocław. ul. Czesława Miłosza 13Polandwww.lindorff.pl
Portugal
Intrum Portugal LdaAlameda dos Oceanos 59Edifício EspacePiso 1, Bloco 2, A/BParque das Nações1990-207 LisboaPortugalPh +351 21 317 22 00Fax +351 21 317 22 09www.intrum.pt
Romania
Intrum RomaniaStr. Dinu Vintilă nr. 11, 021101Bucuresti Sector 2RomaniaPh + 40 21 301 29 25Fax +40 21 301 29 29www.intrum.ro
Slovakia
Intrum Slovakia s.r.o.Blumental Offices I. Mýtna 48 811 07 BratislavaSlovakiaPh +421 2 3216 3216Fax +421 2 3216 3280www.intrum.sk
Spain
Intrum Justitia Iberica SAULindorff España SAUCalle Vía de los Poblados, 3. Edificio 1.28033. Madrid. SpainPh +34 91 423 4600 www.intrum.es
Sweden
Intrum Justitia Sverige AB105 24 StockholmSwedenPh +46 8 616 77 00Fax +46 8 640 94 02www.intrum.se
Switzerland
Intrum AGEschenstrasse 12CH-8603 SchwerzenbachSwitzerlandPh +41 44 806 5656Fax +41 44 806 5660www.intrum.ch
United Kingdom
Intrum UK LtdThe Omnibus BuildingLesbourne RoadReigate, Surrey, RH2 7 JPUnited KingdomPh + 44 17 372 373 70www.intrum.co.uk
2018
European Payment Report
EuropeanConsumer Payment Report2017
EuropeanPayment IndustryWhite Paper2017
15
About the report
The debt collection data presented in this analysis is based on our own data. Only B2C claims are in-cluded and purchased debt is excluded. The time series of data for Sweden, Denmark and Finland is from Q1 2015 to Q2 2018. In Norway the time series is dated from Q1 2006 to Q2 2018. All incoming debt collection cases are counted in the quarter we receive the cases.
Other data used in the analysis is marked with the respective sources.
About our company
Intrum is the industry-leading provider of Credit Management Services with a presence in 24 mar-kets in Europe. Intrum helps companies prosper by offering solutions designed to improve cash flows and long-term profitability and by caring for their customers. To ensure that individuals and com-panies get the support they need to become free from debt is one important part of the company’s mission.
Intrum’s operation is divided in the four regions and in 2017 the region Northern Europe (Baltics, Denmark, Finland, Norway and Sweden) generated pro-forma revenue amounted to SEK 3.8 billion. This makes Intrum the market leader in the region Northern Europe. For the time being, Intrum oper-ates under the brand Lindorff in Norway.
Intrum has more than 8,000 dedicated and em-pathetic professionals who serve around 80,000 companies across Europe. In 2017, the company generated pro-forma revenues amounted to SEK 12.2 billion. Intrum is headquartered in Stockholm, Sweden and the Intrum share is listed on the Nasdaq Stockholm exchange.
For further information, please visit www.intrum.com.
Intrum Head Office
Hesselmans Torg 14 Nacka105 24 StockholmSwedenPh +46 8 546 10 200Fax +46 8 546 10 [email protected]
Denmark
Intrum A/S Valby Torvegade 17, 2 sal2500 Valby DenmarkPh +45 33 69 70 00www.intrum.dk
Finland
Intrum OyPL 47FI-00811 Helsinki FinlandPh +358 9 229 111Fax +358 9 2291 1911www.intrum.fi
Norway
Lindorff ASHoffsveien 70B0377 Oslo NorwayPh +47 23 21 10 00 Fax +47 23 21 11 00www.lindorff.no
Sweden
Intrum AB105 24 StockholmSwedenPh +46 8 616 77 00Fax +46 8 640 94 02www.intrum.se
Leading the wayto a sound economy