The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…

Non-standard financial services company,  Morses Club has announced that it has successfully launched a remote lending process for new home collect credit customers (HCC). This enables Morses Club to lend to new HCC customers for the first time since lockdown began in March. The introduction of the new remote lending process allows Morses Club agents…

High-cost short term lender Shelby Finance has written off loans and apologised to customers after not providing them with important information following an investigation from The Competition and Markets Authority (CMA). The CMA has found that Shelby Finance did not provide a summary of borrowing statements to more than 15,000 customers between August 2018 and…

Provident Financial has announced the appointment of Hamish Paton as Managing Director (MD) of its Consumer Credit Division (CCD), subject to regulatory approval. Paton will take over from Chris Gillespie, who will be joining H&T Group, a FTSE listed pawnbroker. Gillespie has held the role since August 2017. Paton has a strong consumer finance background…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…

The Covid-19 pandemic has had a devastating effect on people’s finances and is driving them towards payday lenders and other high-cost credit, according to Credit Kudos’ first Borrowing Index. The Index is based upon a survey of 2,000 UK adults found that nearly three in ten people (28%) have had their income impacted by Covid-19.…

Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team. Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit.  Not only are site visits reduced, but those customers who…

Non-standard financial services lender, Morses Club has announced that it has secured an extension of its revolving credit facility (RCF) with its existing funding syndicate until the end of November 2021. The Company has agreed a reduction in the level of the facility from £50 million to £40 million to better reflect the requirements of…

The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…

The Financial Conduct Authority (FCA) has announced a proposed package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The range of targeted temporary measures covers the motor finance and high cost credit agreements, which include: high-cost short-term credit (including payday loans), buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking. The proposals…

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