Home credit lender, Provident Financial, has reported “further good progress”  for this year’s third-quarter as it still recovers from a disastrous 2017. The latest company statement says that two of its divisions are under FCA investigation which has led to a £120m loss for the firm. However, the company is now seeing further progress in…

The Consumer Credit Trade Association (CCTA) has published a statement in response to the Financial Conduct Authority (FCA) ‘Dear CEO’ letter issued to all high cost short-term lenders (HCSTL) regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact.  Lenders have been requested to…

Personal finance ‘paralysis’ costs UK consumers £18.7 billion per year, according to new research from Freedom Finance. Freedom Finance, the fintech lending platform, worked with a senior economist from Strathclyde Business School to calculate the cost of personal finance indecision. The study found a failure to switch or consolidate credit card debts costs UK consumers £10.5 billion a…

The Financial Conduct Authority (FCA) has issued a warning to the high-cost short-term credit (HCSTC) sector amid a rise in complaints about unaffordable loans. The FCA has said it has sent a so-called “Dear CEO” letter to providers of high-cost short-term credit asking them to assess whether their creditworthiness assessments are compliant and whether borrowers…

Here is an overview of The Money Charity’s latest statistics for September 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. People in the UK owed £1.5955 trillion at the end of July…

The winners of the second annual  2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…

High-cost short-term lender CashEuroNet UK has topped the latest the Financial Ombudsman (FOS) complaints table. Complaints against CashEuroNet UK shot up by more than 200 per cent in the first half of this year – more than double the rate that drove rival Wonga into administration. But the data, from the Financial Ombudsman Service (FOS), which adjudicates…

Wonga Group and WDFC UK have decided to place themselves into administration. Insolvency Practitioners from Grant Thornton are in the process of being appointed as administrators to manage the firms’ businesses and affairs. An announcement on the website said “A decision has been taken to place Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited…

Home credit specialist, Morses Club has provided its latest trading update for the 26-week period to 25 August 2018. The company has reported a 4.3% rise in the credit it issued during the first half of 2018. Trading in line with the Board’s expectations with total credit issued increased to £85.7m compared to the same period last year (H1…

Credit and eligibility experts TotallyMoney have partnered with the UK’s first online mortgage broker Trussle to offer customers a free and seamless way to get a mortgage online.  The partnership builds on TotallyMoney’s success as a Free Credit Report provider and credit card and loan comparison specialists. By integrating Trussle’s mortgage broking service, TotallyMoney now…

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