Credit, Collections & Insolvency News
Provident Financial has announced that it has appointed Patrick Snowball, as its Chairman and non-executive director. He will join the Board as Chairman on 21st September 2018. Stuart Sinclair, Interim Chairman, will retire from the Board. Snowball s an experienced Chairman, Non-Executive Director and Chief Executive Officer, following a distinguished career in the insurance and…
Read moreThe Financial Conduct Authority (FCA) has opened a consultation on new rules for loan-based crowdfunding platforms. The changes the FCA is proposing are designed to address the ways in which the loan-based crowdfunding model has developed since the FCA last reviewed the sector in December 2016. The FCA has observed the variety of loan-based crowdfunding business…
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Quick Loans has announced it has completed the purchase of the Cheque Centre, with the aim of relaunching the brand. Once the second biggest lender on the UK high street, the Cheque Centre, which had a turnover of over £270million and boasted 300 stores, went into administration in the summer of 2017 after the board decided…
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Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreA total cost cap on rent-to-own items like washing machines, fridge freezers and televisions could save consumers £276 (28%) per product, new analysis from Citizens Advice has found. The national charity has modelled the impact its proposed total cost cap in the rent-to-own sector would have. The FCA has indicated it will implement a cap…
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Europe’s largest peer-to-peer property platform Lendy announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA). Lendy’s secured lending model was authorised by the FCA following a detailed end to end assessment of its business and operating model. Lendy, which launched in 2012 and has to date facilitated over £400m in…
Read moreNew research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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Financial services peer to peer lender Zopa, has announced a 2017 profit after tax of £1.5million. In its latest company report, the company says It was a year of strong and sustainable growth for Zopa, with 2017’s revenue of £46.5m up 40% on 2016 (£33.2m revenue, loss of £5.8m). The rise in revenue sits alongside an increase…
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Guarantor loans specialists Amigo is set to be valued at over £1.3 billion when it floats on the London stock exchange next week. The company provides loans of between £500 and £10,000 for up to a year at a rate of over 40 per cent, with repayments guaranteed by someone connected to the customer, such…
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The Association of British Credit Unions (ABCUL) has announced that it has appointed a new Chief Executive to replace Mark Lyonette who stood down in May. Robert Kelly, the current Chief Executive of NHS Credit Union and former President of ABCUL, will take up the role later in the year. Kelly brings with him a…
Read moreIreland’s Central Bank has fined St Canice’s Kilkenny Credit Union €210,000 and reprimanded it for eight breaches of the Credit Union Act following an investigation. The breaches have been admitted by the firm and the enforcement action has been concluded by way of settlement agreement between the parties. The Central Bank’s investigation found governance and…
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The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
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