Credit, Collections & Insolvency News
Provident Group has announced that Chief Executive Officer Peter Crook has resigned. In a statement which issued a profit warning. The doorstep lender says it expects to make losses of £80m to £120m as its debt collection rates have dropped to 57% compared with a previous rate of 90% in 2016. The statement said: The new…
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Principality Building Society has promoted Tom Denman to Chief Financial Officer (CFO). Denman was previously Deputy Finance Director and joined the Principality in 2009. Principality Building Society Chief Executive Steve Hughes says: “Tom will work alongside me to provide strong financial leadership to the board and the wider business. “He has both the technical experience…
Read moreA high number of British adults have found themselves unprepared for unexpected costs and have had to rely on friends, family or even credit to pay for them in the past 12 months, according to new research. The survey of 1,035 UK adults carried out by home heating oil supplier, SuperSaverOil.com, found that almost half…
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Scottish Building Society has appointed Raymond Abbott as its new Chairman, Abbott takes over the role from Rob Golbourn who will remain as non-executive director until he retires from the Board in October. Abbott, who is a chartered accountant, has been vice-chairman and senior independent director at the Society since 2015, and a member of the Board since…
Read moreThe Residential Landlords Association (RLA) have called for credit referencing agencies to include rental payment history when calculating the credit rating of tenants. The Association says “This would seem only fair when the penalty for landlords and homeowners for even one month of missed mortgage payment can be so severe when applying for a new…
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Credit Connect Media has launched a new Awards event that seeks to recognise excellence within credit and collections technology. The Credit & Collections Technology Awards powered by Credit Connect has the enviable task of celebrating the best and greatest innovations in credit and collections technology. The Awards aim is to find those who are redefining the industry. Credit Connect wants…
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Home collected credit lender, Morses Club has announced that the Group has secured an extension to its existing loan facility. Shawbrook Bank has increased the overall revolving facility from £25 million to £40 million. The loan facility has also been extended from its existing expiry date of March 2019 to August 2020. This will support the growth strategy…
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Lowell has announced changes to its Group Executive team. Current Group Chief Risk Officer, Sara de Tute, has been appointed to the UK Board as a new Non-Executive Director (NED), she will be succeeded by Laurence Bogni-Bartholmé, who joins the Group from Wells Fargo. After five years with Lowell, current Group CRO, Sara de Tute,…
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Freedom Finance and Asda Money have announced an unsecured personal loan partnership. The partnership will provide Asda Money’s customers with access to Freedom Finance’s specialist broker team and to its financial technology platform to search through its panel of lenders. The new platform can be accessed online and via telephone and will give customers the…
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Virgin Money has announced a new partnership with Countrywide Surveying Services to support new build, custom build and shared ownership borrowers. The move follows the lender launching a range of custom build and shared ownership products last month. Countrywide will provide a specialist and operational team dedicated to all new home valuation instructions, supporting borrowing on properties…
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New figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall. Credit card and personal loan new business together grew by 10% compared with June 2016, while…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer new car finance business volumes fell by 8% in June, compared with the same month in 2016, while the value of new business was flat over the same period. In the second quarter of 2017 overall, new business…
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New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage growth continued in June. Commenting on the June 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In June, the second charge…
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