Home credit lender, Provident Financial, has reported “further good progress”  for this year’s third-quarter as it still recovers from a disastrous 2017. The latest company statement says that two of its divisions are under FCA investigation which has led to a £120m loss for the firm. However, the company is now seeing further progress in…

The Consumer Credit Trade Association (CCTA) has published a statement in response to the Financial Conduct Authority (FCA) ‘Dear CEO’ letter issued to all high cost short-term lenders (HCSTL) regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact.  Lenders have been requested to…

The Financial Conduct Authority (FCA) has issued a warning to the high-cost short-term credit (HCSTC) sector amid a rise in complaints about unaffordable loans. The FCA has said it has sent a so-called “Dear CEO” letter to providers of high-cost short-term credit asking them to assess whether their creditworthiness assessments are compliant and whether borrowers…

Morses Club the UK’s second largest home collected credit lender, has announced its interim results for the twenty-six-week period ended 25 August 2018. The company says its pre-tax profits will hit £10 million.  Pre-tax profits rose from £6.7m in the same period last year to £10m in the latest period of trading, while statutory revenues…

Here is an overview of The Money Charity’s latest statistics for September 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. People in the UK owed £1.5955 trillion at the end of July…

The winners of the second annual Credit & Collections Technology Awards were announced last night at the Credit Services Associations’s annual Gala dinner at the Crown Plaza in Stratford-upon-Avon. Eighteen winners from the Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation were revealed. Stay tuned…

Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…

Provident Financial has announced its financial results for the first half of this year which indicate a fall in profits. Provident statutory pre-tax profits for the six months to 30 June of £34.6m in H1 2018, down from £73.3m in H1 2017; a drop of £38.7m. Its adjusted pre-tax profits fared better, dropping from £98.6m to £74.9m.  Adjusted…

Provident Financial has announced that it has appointed Patrick Snowball, as its Chairman and non-executive director. He will join the Board as Chairman on 21st September 2018. Stuart Sinclair, Interim Chairman, will retire from the Board. Snowball s an experienced Chairman, Non-Executive Director and Chief Executive Officer, following a distinguished career in the insurance and…

Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…

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