Barrow & District Credit Union (BDCU) has announced that it has entered into administration James Sleight and Peter Hart of PKF GM have been appointed as Joint Administrators of the Credit Union The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers are entitled to receive their…

Monzo is to launch a buy now, pay later product called Flex that will let customers borrow up to £3,000 and spread the cost of purchases over three, six or 12 months. The digital bank said those who repay over three months will be charged no interest, while those spreading costs over six or 12 months…

Guarantor lender Buddy Loans (Advancis) has entered administration. Shane Crooks, Antony Nygate and Kiri Holland have been appointed as joint administrators of the company. Buddy Loans is a high cost and guarantor lender, which lends money to customers for up to 60 months All existing loan agreements remain in place and will not be affected…

Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…

One in ten Buy Now Pay Later (BNPL) are falling into arrears, rising to one in eight young people new research by Citizens Advice has found. Millions of consumers use Buy Now Pay Later to split or delay payments with the charity’s latest research indicating that BNPL shoppers were charged £39 million in late fees…

John van Kuffeler has announced that he is stepping down as Chief Executive Officer (CEO) of Non-Standard Finance (NSF) with immediate effect. Chief Finance Director (CFO) Jono Gillespie will succeed him. with a process is already underway to appoint a replacement Gillespie has almost 25 years’ experience in the non-standard consumer finance sector and has…

Digital bank, Revolut is launching a new service called ‘Payday’ that will enable workers to draw out as much as half of their salary weeks before payday, with the bank to work with employers to grant customers access to their cash as they earn it. As part of the initial launch, Revolut is partnering with…

Sub-prime lender Morses Club announced that it is proposing a significant reorganisation of its business and corporate structure. which includes forming a holding company called U Money and listing new shares under that name. The company says once U Money is formed it will run its company as two distinct businesses, one its home-collected credit…

Provident Financial has reported an adjusted ongoing pre-tax profit of £63.5 million for the six months ended 30th June 2021. The results included its Consumer Credit Division (CCD) which is being closed down. Losses from CCD, the Group generated a statutory loss before tax of £44.2 million for the period. Total revenue was £316.7m (2020…

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