Latest company results from home credit provider Morsese Club have shown that revenue has fallen by 25.1% to £100.2 million due to the impact of pandemic and the firm’s inability to lend to new Home Collect Credit (HCC) customers during the lockdown. Total group customer numbers declined to 180,000 and total credit issued to all…

EQ Credit Services has released its latest UK research report into the unsecured lending sector which has revealed some startling consumer attitude shifts including a ‘new nervousness’ characterising the current credit market. This appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared…

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…

Media speculation has suggested that sub prime lender specialist, Provident Financial is preparing to shut its doorstep lending business which has been running for 141 years. The Times newspaper and other national media outlets have reported that Provident was planning to close the division after 141 years and instead focus on its credit card and…

Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…

Latest date from the Financial Ombudsman Service (FOS) has shown that guarantor loans were the most complained-about product during the three months period between October to December 2020. The new figures mean that Guarantor loans have overtaken Payment Protection Insurance (PPI) as the most complained about product that the Financial Ombudsman Service adjudicates on. Complaints…

Over two-fifths (44%) of UK adults who used a Buy Now Pay Later scheme (BNPL) to fund their Christmas shopping are now concerned about their ability to repay, according to the latest findings by comparethemarket.com. Worryingly, one-fifth (20%) are unable to meet these repayments without having to take on more debt, reflecting the concern that these…

The Financial Conduct Authority (FCA) has warned that up to 4,000 financial services companies were at a ‘heightened risk’ of collapse even before the second wave of coronavirus struck. The Financial Conduct Authority (FCA) has published the results of its coronavirus financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA…

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