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UKAR reports £3.8bn paid back to taxpayers

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UK Asset Resolution paid

The administrators of Bradford & Bingley and Northern Rock toxic assets have reduced mortgage accounts by 26% this year to 18,993.

Underlying profit for the first nine months is 15% higher than the same period last year at £856m, thanks to a lower level of arrears.

UKAR chief executive Richard Banks said the administrators continued to make good progress: “It is also pleasing to see the continued reduction in arrears due to the dedication and professionalism of colleagues proactively working with our customers to help them achieve the right outcomes.”

In total, UKAR reduced customers from 614,000 at the end of 2012 to less than 490,000. Nine-out-of-ten mortgage customers are up-to-date with their payments.

The administrators also came to forbearance arrangements with 43,000 customers. More than 4,000 customers were repossessed while roughly 3,000 were referred to debt advice agencies,

UKAR has reduced costs this year by completing the integration of the operations of the two businesses, and changing IT supplier.

Since it was formed in October 2010, UKAR has repaid £8.3bn of government funding.

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