Peer-to-peer lending platform RateSetter has been granted full regulatory authorisation by the Financial Conduct Authority (FCA). Launched in 2010, RateSetter is opening access for everyday investors to the asset class of loans by matching lenders directly to creditworthy consumer and commercial borrowers. In July, RateSetter passed the milestone of £2bn in total lending and has…

Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…

Over the past year, UK consumers’ unsecured debt, amassed primarily on credit cards, student loans, car financing and overdrafts, has reached an all-time high of close to £300bn, or £11,000 per household, growing at a faster rate than at any time in the past 15 years, According a new PwC analysis report. As evidence of…

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…

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…

A research report from Equiniti Credit Services depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%). The report has also identified a stark age group difference in attitudes to technology with…

Home collected credit specialist, Morses Club has announced its interim results for the twenty-six-week period ended 26 August 2017. Highlights from the results include: ·     Strong first half performance with revenue up 14.8% to £54.2m (H1 FY17: £47.2m) ·     Net loan book growth of 16.0% to £65.2m (H1 FY17: £56.2m) ·     Impairment as a percentage of revenue for the period was 26.6% (H1 FY17:…

The Consumer Finance Association (CFA) and the BCCA have announced the completion of their merger. This brings to a close the process that was first announced in late July. Jason Wassell, formerly Chief Executive of the BCCA has been appointed to run the new organisation said “Through this merger, we believe that we can better represent the…

Zopa and Saffron Building Society have teamed up to help more consumers get access to better value, flexible personal loans. The new partnership means that consumers will be able to get access to a Zopa loan at any of Saffron Building Society’s 11 branches across Hertfordshire, Essex and Suffolk and via Saffron’s website. Consumers looking…

West Wales Credit Union has ceased trading. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 1,700 members. FSCS will compensate the vast majority of members within seven days.…

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