Credit, Collections & Insolvency News
Guarantor lender, Amigo’s plan to cap compensation payouts have been turned down by the High Court, which agreed with the Financial Conduct Authority that the proposal was unfair to the firm’s creditors. Mr Justice Miles said borrowers had not been given the necessary information to understand “the basis on which they were being asked by…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Latest company results from home credit provider Morsese Club have shown that revenue has fallen by 25.1% to £100.2 million due to the impact of pandemic and the firm’s inability to lend to new Home Collect Credit (HCC) customers during the lockdown. Total group customer numbers declined to 180,000 and total credit issued to all…
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Provident Financial (PFG) has confirmed that it is closing down its loss-making 141-year-old doorstep lending business. The division employs more than 2,000 people. The news comes as the Group releases its preliminary results for the year ended 31st December 2020, which feature a pre-tax loss of £113.5 million (2019: pre-tax profit of £119 million). The…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020. In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…
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Media speculation has suggested that sub prime lender specialist, Provident Financial is preparing to shut its doorstep lending business which has been running for 141 years. The Times newspaper and other national media outlets have reported that Provident was planning to close the division after 141 years and instead focus on its credit card and…
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Non-standard financial services provider, Morses Club has announced the appointment of Sheryl Lawrence and Michael Yeates as Independent Non-Executive Directors and the appointment of Gary Marshall, Chief Operating Officer, as Executive Director, effective 1st May 2021. Upon appointment, Sheryl Lawrence will become Chair of the Audit Committee and Michael Yeates will take up the position…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreA quarter of young people making Buy Now Pay Later (BNPL) repayments haven’t been able to pay for food, rent or household bills as a result of the commitment, research by Citizens Advice has found. The research shows 45% of 18 to 34 year olds in the UK have used Buy Now Pay Later in…
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Buy Now Pay Later (BNPL) specialist travel agency, Butter has predicted that the UK BNPL sector will be worth £26.8bn by 2024, a 175% increase driven by an increasing market share of the UK’s e-commerce market. The company says that the BNPL sector has established a firm foothold within the UK, driven in prominence by…
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The Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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Experian has announced that it adding community lenders and Credit Unions to its loan comparison services. The initiative aims to help bring affordable credit from ethical and non-profit institutions to a wider audience including people who find themselves ‘financially excluded’. The launch of the services means that this is the first time that consumers have…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020. The retail store and online credit sector reported a fall in new business of 6% in February compared with the same month in 2020. The credit…
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