Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for September 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. People in the UK owed £1.5955 trillion at the end of July…
Read moreThe winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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High-cost short-term lender CashEuroNet UK has topped the latest the Financial Ombudsman (FOS) complaints table. Complaints against CashEuroNet UK shot up by more than 200 per cent in the first half of this year – more than double the rate that drove rival Wonga into administration. But the data, from the Financial Ombudsman Service (FOS), which adjudicates…
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Wonga Group and WDFC UK have decided to place themselves into administration. Insolvency Practitioners from Grant Thornton are in the process of being appointed as administrators to manage the firms’ businesses and affairs. An announcement on the website said “A decision has been taken to place Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited…
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Home credit specialist, Morses Club has provided its latest trading update for the 26-week period to 25 August 2018. The company has reported a 4.3% rise in the credit it issued during the first half of 2018. Trading in line with the Board’s expectations with total credit issued increased to £85.7m compared to the same period last year (H1…
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Credit and eligibility experts TotallyMoney have partnered with the UK’s first online mortgage broker Trussle to offer customers a free and seamless way to get a mortgage online. The partnership builds on TotallyMoney’s success as a Free Credit Report provider and credit card and loan comparison specialists. By integrating Trussle’s mortgage broking service, TotallyMoney now…
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The Financial Ombudsman Service (FOS) has published its latest quarterly update about the 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 latest statistics analyse April, May…
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Three Irish Credit Unions in South Dublin have announced that they will merge in a move that will create one of the top 10 community lenders by size. The merger of Capital, Francis Street and St Kevin’s has been ratified and means that the new combined entity will have 48,000 members. Capital has already taken over…
Read moreThe Money Shop has announced that it has stopped giving high-cost short-term loans to new or existing customers. The Money Shop, part of the Dollar Financial group, who also own the Payday UK and Payday Express brand which both stopped lending last year. The business is now believed to be focused on travel money, pawn-broking and gold…
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Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read morePolish Credit Union UK has been placed in administration. In an announcement on the company website, the Credit Union said that Dean Watson and Paul Stanley of Begbies Traynor have been appointed as Administrators. Polish Credit Union UK was launched in 2013 and has 500 members under its name. The union has been declared in…
Read moreThe Central Bank of Ireland has publishised its third report on the financial condition of the credit union sector. Data focuses on trends in the period 31 March 2013 to 31 March 2018, including analysis by credit union asset size and common bond type. The primary focus of this publication is to provide analysis of data…
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Provident Financial has announced its financial results for the first half of this year which indicate a fall in profits. Provident statutory pre-tax profits for the six months to 30 June of £34.6m in H1 2018, down from £73.3m in H1 2017; a drop of £38.7m. Its adjusted pre-tax profits fared better, dropping from £98.6m to £74.9m. Adjusted…
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