Credit, Collections & Insolvency News
Morses Club, the UK’s second largest home collected credit lender, has announced that it has acquired Shelby Finance and certain assets of CURO Transatlantic trading as WageDayAdvance out of administration. The total consideration for the acquisition is approximately £8.5m paid in cash, 50% on completion and the balance over 5 months (depending on the final…
Read moreNon-Standard Finance (NSF) has made a £1.3billion takeover offer for rival Provident Financial. NSF said the takeover was backed by more than 50% of Provident’s shareholders, including fund manager Neil Woodford, Invesco and Marathon. Investors must still vote on whether to approve the deal. John van Kuffeler Chief Executive of Non-Standard Finance said “We have…
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Here is an overview of The Money Charity’s latest statistics for February 2019: Personal debt in the UK People in the UK owed £1.625 trillion at the end of December 2018. This is up from £1.576 trillion at the end of December 2017, an extra £935.34 per UK adult, £81.72 higher than the previous month. The average total debt per…
Read moreOnline peer to peer finance company Zopa, has announced it has appointed Gordon McCallum as its new Chair, moving forward its plans to take on Britain’s largest banks. McCallum joins Zopa with over four decades’ worth of professional, executive, and non-executive experience. He served as Chief Executive Officer (CEO) of Virgin’s UK management company and…
Read moreMorses Club the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Hays Credit, a home collected credit lender. Hays is a family-run business which has been operating since 1957, providing loans to approximately 2,700 customers across the North East of England. Hays has outstanding balances of approximately…
Read moreRent to own specialist Brighthouse has announced that it is shutting 30 of its shops cutting 350 jobs amid tough conditions on the High Street. Brighthouse, which employs about 3,000 people, said it had informed staff. A Brighthouse spokesman said: “We are working to redeploy as many people as possible into alternative roles but redundancies…
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The Financial Ombudsman Service (FOS) has published its latest quarterly financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The number of complaints about high-cost short term credit (payday…
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Morses Club, the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Eccles Savings & Loans (Eccles Finance), a home collected credit lender. Eccles Finance is a family-run business, which has been active in home collected credit for over 50 years. Based in the North West of…
Read moreConsumer Credit Solutions (CCS) has purchased a controlling share in finance technology specialists Castlefields (Abbeystoke Ltd). CCS is a facilitator of point-of-sale finance to the home improvement industry and has enjoyed a close working relationship with Castlefields for over 15 years. In that time CCS has been instrumental in assisting Castlefields to enhance both the…
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Provident Financial has announced the appointment of Charley Davies (formerly Taggart), who will take over the role of Group General Counsel and Company Secretary on 1 April 2019. After more that 11 years as Group General Counsel and Company Secretary, Ken Mullen has decided to retire from the Company and will step down from this…
Read moreHere is an overview of The Money Charity’s latest statistics for January 2019: Personal debt in the UK People in the UK owed £1.613 trillion at the end of November 2018. This is up from £1.569 trillion at the end of November 2017, an extra £898.71 per UK adult and £78.15 higher than the previous month. The…
Read moreThe Financial Conduct Authority (FCA) has published new data on insights and trends in the high-cost short-term credit (HCSTC). The data indicates that lending volumes in the market remain well below the levels seen in 2013, but have risen since 2016. Over 5.4 million loans were made in the year to 30 June 2018, with 10…
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Complaints about payday lenders in have increased as concerns about the solvency of firms and lax lending practices in the sector persist according to the Financial Ombudsman Services (FOS) Caroline Wayman, Chief Executive of the Financial Ombudsman Service (FOS) said the state watchdog typically deals annually with around 100,000 complaints that financial firms have not…
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