Alternative lending specialist, Morses Club says that collections in its Home Collected Credit (HCC) division for July increased to 98% of normal historic expectations when measured against expected terms, an increase from 91% at the end of June and anticipates to reach pre-Covid levels by the end of August 2020. In the company’s latest trading…

A third (34%) of consumers have used overdrafts, credit cards, payday loans and buy now pay later schemes to pay for essentials, according to new research by OpenMoney. The number is slightly up from last year when it stood at 33%. Just under a third (28%) have borrowed from family or friends to resolve financial…

The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…

Lender, Morses Club says that the company has adapted to the changes inflicted by the pandemic, with over 109,000 customers now registered for its online customer portal compared with about 78,000 at the end of financial year. In its latest company update for the period since 29th February 2020, the firm says reduced lending volumes largely…

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…