Credit, Collections & Insolvency News
Pawnbroker H&T has said it had ceased all activities in its high-cost short term (HCSTC) credit unsecured loans business after the Financial Conduct Authority has launched a regulatory review into the business. In a company statement, the company said “The group has ceased all HCSTC unsecured lending, at least temporarily, as it works through this…
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New research by comparethemarket.com has found that one in five UK adults do not know the difference between a personal loan and payday loan. Comparethemarket.com says that payday loans have come under intense criticism for charging very high-interest rates, often with a representative APR of 1,266%, and many lenders have closed down. By contrast, personal…
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Credit provider, Provident Financial said it has >continued to deliver results in line with its internal plans during the third quarter. Publishing its latest trading results, the firm says all three of its divisions are producing good business volumes and a stable impairment performance. However, it also says it is continuing to cut headcount at…
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Credit Kudos, has been announced as a double finalist in Nesta Challenges’ Affordable Credit Challenge, using open banking to help community lenders support even more borrowers, particularly those in the public sector. Originally announced in the 2018 Budget by the then Chancellor, Philip Hammond, the Affordable Credit Challenge is run in partnership with HM Treasury.…
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The Bank of England has set out its proposed changes to the capital requirements that apply to Credit Unions. The reforms propose a move from the current approach to a new system that applies graduated capital requirements as Credit unions move through size bands on their assets. The changes include: Capital requirements based on membership…
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Some of the largest credit unions in Ireland have come together under the currentaccount.ie brand, to roll-out a new full-service current account for its credit union members. Credit Union members will be able to open an account online or in the Credit Union Offices. Over the coming weeks, 30 Credit Unions, with 115 Branches nationwide…
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CashEuroNet UK’s owner Enova has announced that the UK arm of its business is to close. High-cost short term lender, CashEuroNet brands include QuickQuid and On Stride – a provider of longer-term, larger loans and previously known as Pounds to Pocket. Enova Chief Executive David Fisher said “Over the past several months, we worked with…
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FundingSecure, a regulated Peer-to Peer (P2P) firm, has been placed into administration and has appointed CG Recovery as administrators. Funding Secure operates a P2P lending platform through a website facilitating crowdfunded loans which are used to fund the purchase and development of property, as well as pawn-broking style loans secured on items of value. In…
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Alternative lender Savvy.co.uk is to create 25 jobs after securing a £20 million investment. The funding, from London-based Cairn Capital, will increase lending capacity for the company that provide an ethical alternative to pay-day loans. Jobs created will be mainly in social media and digital marketing as well as software development for the company which…
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Consumer Credit Solutions (CCS) is celebrating 20 years supporting the home improvement industry and providing consumer finance to the sector. The business began in 1999 as a partnership and is still owned and managed by its founders Andy Wallace and Peter Nicholson. Since then CCS has grown into the UK’s leading independent finance facilitator working…
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Home Credit lender, Morses Club has reported a strong financial performance in its latest interim results for the twenty-seven weeks ended 31st August 2019, The figures show Home Collected Credit (HCC) adjusted pre-tax profits were up 20.2% to £13.1m (H1 FY19: £10.9m). Group customer numbers have increased to about 276,000, compared to 230,000 for the first…
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Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreOne of the largest guarantor lenders, UK Credit, has secured over £17.5 million in funding from Paragon. It is the latest deal for Paragon’s Structured Lending team, which has already provided over £130m of funding across a range of specialist lenders spanning consumer finance, point of sale funding, SME lending and property backed finance. Lewis…
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