Credit, collections & insolvency news
HM Treasury has launched a consultation on possible Buy Now, Pay Later (BNPL) regulation. The consultation is seeking views to inform the scope and nature of the regulation, but the document suggests that some existing regulation can be applied to BNPL. and picks up on all the most important elements that can cause consumer detriment. The…
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Provident Financial Group has said customer demand had picked up to pre-pandemic levels in the three months to the end of September 2021. The business, which has published a trading update, attributes the improvement of customer demand to more favourable macroeconomic conditions. Provident says that in its credit card and personal loans business, expenditure levels…
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Credit Connect’s hosted its second 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 business transformation, credit risk, affordability and open banking were discussed by panellists and Chair Chris Warburton from ROStrategy The…
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Online shoppers are being bombarded with Buy Now Pay Later (BNPL) payment options at the checkout, often with little or no information about late fees, credit checks and the risk of falling into debt, a Which? investigation of more than 100 major retailers has found. Which? looked at 111 of the biggest online retailers in…
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A rise in customer complaints has forced sub-prime lender Morses Club to lift the amount of money it has set aside to handle demands for compensation from borrowers who used its high-cost loans. Morses said in its half-year results that it had experienced a “continued increase” in demands for redress in the six months to…
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Research by Buy Now Pay Later (BNPL) platform Butter, has found that the majority of UK consumers would like to see the option to spread the cost of purchase become more widely available. BNPL enables consumers to buy products while deferring the payment for a later date, often repayable in monthly instalments. In Butter’s case,…
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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…
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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…
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Financial app, Curve has announced has launched new product called Flex which it says is a new unique rival to Buy Now Pay Later (BNPL). Curve says following FCA approval it has launched Curve Flex to simplify and unify credit. It offers customers the power to pay later for almost any purchase made at any…
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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…
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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…
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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…
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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…
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