Credit, Collections & Insolvency News
The government has announced the launch of a new Credit Union Investment Fund which will support credit unions to increase financial inclusion and help them to grow. Following the launch, more people will have greater access to affordable credit and savings plans through the new £10 million fund. The Fund, which will open next spring,…
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Pawnbroker group, Albemarle & Bond and Herbert Brown have announced that they have ceased trading. The group announced on its company website that it will transfer all existing accounts to our Pawnbroking Centre Albemarle and Bond and Herbert Brown are both part of SpeedLoan Finance. The group has closed all of its 116 stores. A…
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John Truswell has joined Newcastle Building Society as Head of Intermediary Mortgages. Truswell has more than 30 years’ experience in the mortgage intermediary market, having worked at Virgin Money, CHL, and more recently Together, where he was head of national accounts. He will head a team of seven BDM and key account managers at Newcastle…
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Credit union network My Community Finance has gone live with an automated decisioning platform (ADP) with LendingMetrics. The adoption of ADP has allowed the London-based network to shift from a hard-coded in-house loan origination system with limited decisioning capabilities, to a fully automated customer origination solution that delivers instant credit decisioning. Neil Williams, Managing Director…
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Home collected credit (HCC) lender, Morses Club has announced its latest company results. As part of the results, the company has highlighted that it has issued £85.5 million worth of credit in the 27 weeks to 31 August 2019. The trading update said that trading conditions in our the HCC market remain in line with…
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Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreGuarantor loans company, Amigo Loans, has announced its results for the three month period ended 30 June 2019. In the quarter Amigo saw customer numbers by 17.3% and revenue increase by 13.7% to £62.9 million. A rise in impairment and increased investment delivered adjusted profit after tax of £20.4 million. Hamish Paton, CEO of Amigo,…
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Numbers released this morning by the Financial Ombudsman Service (FOS) show that complaints during Q1 of the FOS complaints year (starting 1st April 2019) are down considerably on the same period last year. In the first three months of this financial year, FOS received 136,681 new enquiries and 70,304 new complaints – with 12,538 complaints…
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Non Standard Finance (NSF) posted a pre-tax loss of £22.8 million in the six months to the end of June. The decline was driven by a £12.7m charge related to its attempt to buy rival subprime lender Provident Financial. Profits were down 790% compared to the previous year, reported pre-tax losses dropped from the £2.5…
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Consumers struggling to make ends meet are being urged to avoid loan sharks at all costs as latest figures show debt advice enquiries have hit a record high. The Local Government Association (LGA), which represents councils in England and Wales, is urging people desperate for a loan to steer clear of illegal money lenders who…
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The Bank of England has published its annual Credit Union statistical report based on annual return data for the credit union financial year. The report showed that total Credit Union members has surpassed 2 million in the UK for the first time, driven by a rise in Adult members in 2018 (3%). Whilst Loans to…
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The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…
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Provident Financial has highlighted “good recovery” in its interim results for the six months ending on 30 June 2019. The listed doorstep lender, which serves 2.4m customers, reported pre-tax profits of £74.9m for the first half of 2019, the same as the equivalent period for last year. Malcolm Le May, Chief Executive Officer, said “Despite…
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