Credit, Collections & Insolvency News
Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…
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Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…
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New figures released by the Finance & Leasing Association (FLA) has shown that the consumer car finance market reported a fall in new business volumes of 20% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business volumes were 20% higher than in the same period…
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New figures released by the Finance & Leasing Association (FLA) has show that total asset finance new business (primarily leasing and hire purchase) grew by 3% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 24% higher than in the same period in 2020.…
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Customer-centric debt management platform Ophelos,, has chosen Open Banking credit reference agency, Credit Kudos, as its Open Banking partner. Ophelos will use Credit Kudos’ Open Banking insights to better understand the current financial position of individuals who have been referred for debt collection by lenders. This will enable the FCA-authorised company to identify repayment solutions…
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New figures released today by the Finance & Leasing Association (FLA) show that the Second charge mortgage new business volumes grew by 149% in July 2021. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association…
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New research suggests that a single late payment doesn’t just affect the business immediately involved, but triggers a domino effect that tumbles down the entire payment flow. A survey of 500 UK business decision makers from GoCardless, found that that 86% agree that one late payment affects everyone in the supply chain. Indeed, out of the…
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Organisations interact with vulnerable customers every day. How they respond has far-reaching implications on customer experience (CX), retention and reputation in the market. While the pandemic changed everything in 2020, customers are constantly experiencing crisis and vulnerability. It’s important that every organisation has a strategy and process for understanding vulnerability, extracting and operationalising insights, identifying…
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The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services companies. The FCA says that Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection…
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Two energy companies, PfP and Moneyplus who had nearly 94,000 customers between them, have cease trading as energy prices have reached record highs. PfP has left 80,000 domestic customers, and 5,000 non-domestic customers without an energy supplier, and MoneyPlus has left about 9,000 domestic customers. Industry regulator, Ofgem, will choose a new supplier for all…
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Banking and specialised financing software specialist, Sopra Banking Software has announced that its Sopra Financing Platform (SFP) pricing engine, Freehand is now available as Software-as-a-Service REST API. Currently, live with a major Asset Finance lender, the SFP Freehand Connect API provides access to the same rapid and accurate pricing calculations trusted by the industry right…
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