Credit, Collections & Insolvency News
Over the past year, UK consumers’ unsecured debt, amassed primarily on credit cards, student loans, car financing and overdrafts, has reached an all-time high of close to £300bn, or £11,000 per household, growing at a faster rate than at any time in the past 15 years, According a new PwC analysis report. As evidence of…
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Provident Financial has confirmed its loss of up to £120m for the year and announced a recovery plan which includes the search for a new Chief Executive. Provident Financial said it’s expecting a pre-exceptional loss for its consumer credit division of £80m-£120m for 2017, and won’t be paying a dividend this year. The loss remains…
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Welcom and guarantor loans provider Buddy Loans has announced a partnership with Buddy to use Welcom’s Financier platform. Buddy Loans has recently secured institutional investment to allow it to increase its lending and has also received full FCA authorisation. Launched in 2013, Buddy Loans specialises in loans which give credit to consumers who have been refused loans…
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A research report from Equiniti Credit Services depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%). The report has also identified a stark age group difference in attitudes to technology with…
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Home collected credit specialist, Morses Club has announced its interim results for the twenty-six-week period ended 26 August 2017. Highlights from the results include: · Strong first half performance with revenue up 14.8% to £54.2m (H1 FY17: £47.2m) · Net loan book growth of 16.0% to £65.2m (H1 FY17: £56.2m) · Impairment as a percentage of revenue for the period was 26.6% (H1 FY17:…
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The Consumer Finance Association (CFA) and the BCCA have announced the completion of their merger. This brings to a close the process that was first announced in late July. Jason Wassell, formerly Chief Executive of the BCCA has been appointed to run the new organisation said “Through this merger, we believe that we can better represent the…
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Zopa and Saffron Building Society have teamed up to help more consumers get access to better value, flexible personal loans. The new partnership means that consumers will be able to get access to a Zopa loan at any of Saffron Building Society’s 11 branches across Hertfordshire, Essex and Suffolk and via Saffron’s website. Consumers looking…
Read moreWest Wales Credit Union has ceased trading. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 1,700 members. FSCS will compensate the vast majority of members within seven days.…
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Wonga has posted pre-tax losses of nearly £65m for 2016 but says it is expected to return to profit in 2017. The annual report shows revenue was £76.7m, up from £65.2m. Wonga has said that it is on track to return to profitability in 2017, now that its sponsorship of football team Newcastle United had ended. The group…
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Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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Patrick Casey has been appointed Registrar of Credit Unions in the Central Bank of Ireland. Casey is currently Head of Resolution in the Central Bank. He will be responsible for the regulation and supervision of the credit union sector in Ireland and succeeds the previous Registrar Anne Marie McKiernan who has recently become Ireland’s representative…
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Staffordshire Credit Union has gone into administration. The Union has more than a thousand members across the country declared it was now in default and cannot repay deposits to its members. A statement on the company website said: “Unfortunately the Staffordshire Credit Union went into administration on September 18 and has now permanently closed. “The…
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Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
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