Credit, Collections & Insolvency News
Social lender Fair for You has announced the appointment of Kumaran Adithyan as a Non-Executive Board Director. Adithyan is currently General Manager, Global Electronics and Home at online marketplace and commerce platform eBay. He has been at eBay since 2017, and previously worked at Walgreens Boots Alliance, the owner of health and beauty retailer Boots.…
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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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The latest data on Credit Unions released by the Bank of England has found that there are now 2,152,812 members of Credit Unions as of the end of 2024 – an increase of 58,295 through the year (2,094,517 as of the end of 2024). Loans to members also registered another notable increase, rising £146 million…
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Latest figures reported from the Bank of England have revealed that Credit Unions across England, Scotland, and Wales continue to oversee steady growth in membership, loans, and savings, reaffirming their crucial role in supporting communities during challenging economic times. The data showed that the total number of Credit Union members in Great Britain has reached…
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One in eight customers used Buy Now Pay Later (BNPL) services for the first time in 2024 – an estimated 6.8 million people according to new research from personal finance site Finder. Three in ten (31%) used buy now, pay later (BNPL) services last year. BNPL is particularly popular with younger people with one in…
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Consumers lack awareness of the true costs of Buy-Now, Pay-Later (BNPL) products, underscoring the need for more awareness of these products, alongside proactive outreach from lenders to those who may be struggling financially according to new research by the or the LSB (Lending Standards Board). BNPL use increased around the Christmas, Black Friday, and Cyber…
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New research by Mojo Mortgages has found that 89% of the top 100 most trending Christmas presents can be purchased through Buy Now Pay Later (BNPL) methods. The research also showed that 75% of these products promote BNPL options on their product pages, enticing consumers to make purchases they might not have planned for or…
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New research from credit reference agency Equifax has revealed that the number of consumers using Buy Now, Pay Later (BNPL) could have peaked, but average spending continues to grow and will be key for many this Christmas. Four in ten (38%) consumers now indicate they have made use of BNPL, down from almost half (48%)…
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The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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The Bank of England’s annual update on the Credit Union sector shows that loans to members increased by 21.4% to £2.3 billion, the largest year-on-year change, after increasing 15.7% in 2022. The total number of Credit Union members also rose by 4.6% to 2.2 million while income grew by 27.5% to record levels in 2023,…
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Buy now, pay later (BNPL) firm, Laybuy, has collapsed into administration. Laybuy’s UK arm, with around 300,000 customers, has appointed administrators at FTI Consulting. Aound 10,500 shops and businesses let shoppers pay with Laybuy, around 2,600 in the UK. Laybuy has around 29 employees in the UK. The company is no longer accepting new transactions…
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Castle and Crystal Credit Union has been placed into administration. James Sleight and Peter Hart of the advisory team at PKF Littlejohn have been appointed as joint administrators. Castle & Crystal Credit Union is based in Dudley, it’s membership covered residents and employees who live or work across parts of the West Midlands. Regulatory bodies have…
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