Credit, Collections & Insolvency News
The home credit division of Non-Standard Finance (NSF) is to be floated on the London Stock Exchange as an independent company if the £1.3 billion takeover of Provident Financial is to go ahead. NSF has told the Competition and Markets Authority (CMA) it would demerge the Loans at Home division to avoid competition concerns if…
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Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…
Read moreUK property finance firm Lendy has collapsed with Damian Webb, Phillip Sykes and Mark Wilson of RSM appointed as administrators following a court order on Friday (24th May 2019) afternoon. The administrators are working closely with the Financial Conduct Authority (FCA) who consented to their appointment over the company. The lender was under investigation by…
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The Financial Ombudsman Service (FOS) has released its latest complaints data which shows that complaints against high-cost short term loan providers (payday lending) rose by 130% in March. High-cost short term lending complaints accounted for 39,715 of the new disputes. FOS said the surge of complaints in the sector contributed to a 14% rise in…
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Fintech platform Freedom Finance has announced that it has appointed Jake Ranson as Chief Customer Officer (CCO) to further drive its digital transformation. Ranson joins from Equifax where he held the position of Chief Marketing Officer for Europe. Ranson will be responsible for furthering Freedom Finance’s customer strategy, helping potential borrowers to understand and unlock…
Read moreSubprime lender Provident Financial has revealed it has spent between £17million and £22million, to date in the hostile takeover bid by its rival Non-Standard Finance (NSF). In a trading update this morning, Provident revealed the figures in a trading update for the period January 1 to March 31. the firm also published exceptional items for…
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Fintech firm Evergreen Finance London has announced that it has purchased a new service from data analytics provider FICO to speed up its decision process around customers’ credit. Evergreen Finance, which trades as Moneyboat and offers short term FCA-regulated loans, will use the bespoke FICO Decision Modeler to assess risk and the affordability of its…
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Home collected credit specialist Morses Club has announced strong preliminary results as it reported strong annual profit growth as both credit issued and customer numbers rose. Morses Club’s revenue for the 52 weeks to February 23 rose by 0.3% to £117million, but on a proforma, like-for-like basis, it rose 6.%. Morses Club is providing proforma results…
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Morses Club has announced that it’s Chief Financial Officer (CFO), Andy Thomson, plans to retire from his role on 1st July 2019. Thomson will remain as a Non-executive Director (NED) on the Board of Morses Club. Thomson was involved in the RCapital acquisition of Morses Club in March 2009, remaining on the Board as a…
Read moreHome collected credit lender Morses Club has announced changes to the board of the company. Baroness Simone Finn has been appointed to the Board as an independent non-executive director and Chair of the Audit and Risk & Compliance Committees with effect from 5th May 2019. Baroness Finn is a member of the UK House of Lords. She is a former…
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Here is an overview of The Money Charity’s latest statistics for April 2019: Personal debt in the UK People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year. The average total debt per household,…
Read moreOver one million consumers who do not have a bank account pay on average £485 for household services according to new research by Pockit. The digital current account provider found that around 1.23 million ‘unbanked’ individuals are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. The…
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The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…
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