Credit, Collections & Insolvency News
Last week, FCA chief executive Andrew Bailey, sent a small peace offering to the consumer motor finance market. He stated, in a speech delivered at the City of London Banquet, that the shift to Personal Contract Purchase (PCP) based lending might not be “per se bad”. As if praise like that that was not enough…
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Provident Financial has confirmed its loss of up to £120m for the year and announced a recovery plan which includes the search for a new Chief Executive. Provident Financial said it’s expecting a pre-exceptional loss for its consumer credit division of £80m-£120m for 2017, and won’t be paying a dividend this year. The loss remains…
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Low-income households are becoming increasingly exposed to rent increases according to the Institute For Fiscal Studies (IFS). The research has found that the proportion of people in Great Britain living in private rented accommodation has more than doubled since the mid-1990s. Over the same period, average private rents have risen by 33% in real terms.…
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In response to news of the Government’s energy cap draft legislation Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said: “FSB supports measures to manage the rising cost of energy for those that can least afford it, including many small businesses. However, the current proposals for a price cap on domestic variable tariffs will clearly not help…
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The government has confirmed it’s draft legislation to create a price cap in the energy market. Responding to the announcement Gillian Guy, chief executive of Citizens Advice, said: “The runaway costs of default energy tariffs need to be tackled, and this draft bill is an important step towards an energy market that works better for…
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How cloud technology can improve collections performance In today’s world, few consumers are immune to the risk of personal debt. The uncertain nature of the global economy is creating a new breed of debtor, in the form of a consumer who has temporarily fallen on hard times, after living their whole lives as reliable bill-payers.…
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Welcom and guarantor loans provider Buddy Loans has announced a partnership with Buddy to use Welcom’s Financier platform. Buddy Loans has recently secured institutional investment to allow it to increase its lending and has also received full FCA authorisation. Launched in 2013, Buddy Loans specialises in loans which give credit to consumers who have been refused loans…
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