New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…

Provident Financial (PFG) has confirmed that it is closing down its loss-making 141-year-old doorstep lending business. The division employs more than 2,000 people. The news comes as the Group releases its preliminary results for the year ended 31st December 2020, which feature a pre-tax loss of £113.5 million (2019: pre-tax profit of £119 million). The…

New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020.  In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…

Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…

Here is an overview of The Money Charity’s latest statistics for April 2021 Personal debt in the UK People in the UK owed £1,698.4 billion at the end of February 2021. The average total debt per household, including mortgages, was £60,935 and per adult was £32,053, around 108.2% of average earnings. Net mortgage lending rose by…

AutoProtect Group has appointed Tim Hudson to the newly created role of Chief Sales and Marketing Officer. Hudson has extensive experience in the automotive industry in the UK and overseas, including senior Board and C-level roles in the leasing, manufacturer, auction and most recently automotive data and software sectors. AutoProtect Group CEO Matthew Briggs said…

The Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…

New figures released by the Finance & Leasing Association (FLA) have shown that the consumer car finance market reported a fall in new business volumes of 27% in February 2021, compared with the same month in 2020. The consumer new car finance market reported a fall in new business volumes of 34% in February compared…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020. The retail store and online credit sector reported a fall in new business of 6% in February compared with the same month in 2020.  The credit…

Secured finance technology specialists IDS, has announced that it will acquire automotive and equipment finance specialist White Clarke Group. The merger of the two companies will combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialty finance firms globally. Together, the combined company will serve more than 300…

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