Credit, Collections & Insolvency News
Payday lenders have been named and shamed as the most unhealthy form of credit available in the UK, in a report launched in Parliament by RSPH, at an event attended by MPs and campaigners – including actor Michael Sheen – from the End High-Cost Credit Alliance. RSPH is calling for action to end the marketing…
Read more
Short-term lender Trusted Quid has announced its data has been accessed between 1st July 2016 and 17th February 2018. Information entered when applying for a loan directly via the was accessed. In a statement on the website Trusted Quid said “This does not involve customer data stored on Trusted Quid’s main systems (server). It also does not involve customers or applicants who have…
Read moreRent to own specialist, PerfectHome has agreed with the Financial Conduct Authority (FCA) a package of redress totalling over £2.1 million. This will be made up of cash payments and balance write-offs for 37,000 customers. PerfectHome (a trading name of Temple Finance Limited) is a rent-to-own firm which provides household goods to customers on hire…
Read more
Clockwise Credit Union has announced an Open Banking partnership with TrueLayer, providing of bank account API’s, to improve access to finance for its members. The innovative new partnership utilises the opportunities provided by Open Banking to allow Clockwise to access member bank account data in order to make more efficient and secure loan assessments. This…
Read more
The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
Read more
New research from Citizens Advice shows that extending the same rules that cover payday loans to the doorstep lending market could prevent their customers getting into problem debt, and save up to £123 million in interest payments on up to 540,000 loans each year. It is calling on the Financial Conduct Authority (FCA) to give…
Read more
Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
Read more
Peter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
Read more
Credit reference agencies are using traditional credit scoring methods that are out of sync with modern financial life and that fail to accurately capture the creditworthiness of many people according to research released by trade body Responsible Finance. As a result, consumers are either completely financially excluded or pay a premium for credit. Responsible Finance…
Read more
Home collected credit provider Morses Club has announced its trading update for the 52-week period to 24 February 2018. Trading performance for the period has been strong and is in line with the Board’s expectations. Total credit issued was up 21% to £174.3m compared to the prior year (FY 2017: £144.1m) with a strong increase in the Company’s gross…
Read more
Citizens Advice has called on the Government to act on high-cost credit. Matthew Upton, Head of Consumer Policy at Citizens Advice, will give evidence to the Government’s Treasury Committee as part of its inquiry into household finances today (Thursday 1st March). The national charity says households are facing growing insecurity due to more unpredictable incomes…
Read more
Provident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA investigations into its credit card and car finance arms. As part of its latest company results Provident said its Moneybarn division continues to cooperate with the FCA in its ongoing investigation into affordability,…
Read more
Specialist debt collection ARC (Europe), has become an Affiliate Member of the Consumer Finance Association (CFA), the principal trade association representing the short-term lending sector in the UK. Dewi Fox, Managing Director of ARC (Europe), sees clear benefits in a closer alliance with the Association and what it is trying to achieve: “We work closely…
Read more