AvantCredit has announced that it is now fully authorised by the Financial Conduct Authority (FCA). AvantCredit have operated in the UK since October 2013 and has issued more than 70,000 loans to date, totaling nearly £200 million. The full authorisation covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection…

Payday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers.  A number of serious failings took place which…

PayPlan has announced that it has received full authorisation from the Financial Conduct Authority (FCA) Rachel Duffey, CEO of PayPlan said “Today’s news confirms our status as a recognised leader in the debt advice field. The staff have worked very hard in creating a culture where the client always comes first and the FCA authorisation is a…

Ofgem has published proposals to cap charges for installing prepayment meters under warrant. An option in the consultation includes placing a firm limit on charges of £100 or £150. The proposals also include plans to ban prepayment meters warrant installation charges for the most vulnerable customers. When customers fall in debt, one option is for…

Trust Deed Scotland has become Scotland’s First FCA Regulated Not-For-Profit Debt Advice Company. Jon Paul Kelly, director at Trust Deed Scotland, said the news “put the company in a unique position to benefit the community by offering free qualified debt advice of the highest calibre. We have always re-invested in the company to ensure the staff…

The Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…

JC International Acquisition Llc (Jefferson Capital International) has announced that it has achieved full authorisation from the Financial Conduct Authority (FCA). Peter Copperwheat, Head of UK , said  “meeting the threshold conditions is a fantastic achievement for our team at JCIA and affirms our commitment to doing the right thing. Our UK Debt Collection Agency Creditlink Account…

The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses.  The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…