Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read moreEquiniti has announced the launch of Equiniti Credit Services. Richard Carter is to lead the new business – supplying digitally enabled loan and mortgage solutions – which combines Equiniti Pancredit, Equiniti Gateway and the newly-acquired Nostrum Group. Equiniti Credit Services builds innovative solutions that are transforming the credit industry, offering a complete outsourced credit management…
Read more
Fintech conference, LendIt Europe has confirmed its key note speakers for this years’ event. More than 120 speakers will take to the stage with expertise spanning banking, lending, technology and regulation. The two-day conference will offer a combination of keynote speeches, interactive panel discussions, and LendIt’s “PitchIt” competition, where eight of the best startups in fintech will…
Read more
Peer-to-peer lending platform JustUs has been granted full authorisation by the Financial Conduct Authority (FCA). Founder and Chief Executive Lee Birkett CEO said: “I am thrilled we have secured this authorisation. It has been a long process and we understand the need for the FCA to be thorough and rigorous. It means we can now…
Read more
Challenger Bank, Instabank has announced a partnership with Provenir. Instabank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision. Robert Berg, CEO, Instabank said “Our entire approach is built on simplifying banking, making…
Read more
Peer to peer platform RateSetter has appointed Dave Bibby to its specialist property development team, RateSetter Property Finance. In a newly created role, Bibby will have responsibility for development of RateSetter Property Finance’s business across the North of England. Bibby has more than 30 years of experience in the banking sector, with 20 years spent…
Read moreShort term lender, Cheque Centre has gone into administration. The firm once had more than 300 high street branches but last year closed its remaining outlets to focus on trading over the internet under the Square Today brand. FRP Advisory have been appointed administrators. FRP Advisory said the shift in business strategy left Cheque Centre with…
Read more
Home credit specialist Buy As You View(BAYV) has entered administration. Buy As You View, owned by Dunraven Finance, has made 41 job losses with another 226 jobs are at risk. Buy As You View, has 40,000 customers across the UK. EY confirmed it had been appointed by Buy As You View as administrators. EY said…
Read more
Morses Club PLC , the UK’s second largest home collected credit lender, has announced its latest results in the period to 26 August 2017. The results have shown that customer numbers increased substantially by 12% to approximately 233,000 as at 26 August 2017, driven by territory builds and organic growth (H1 2017: 2.4%). Total credit issued increased…
Read more
Following Provident Financial Group (PFG) ’s trading announcement earlier in the week relating to the disruption in the home credit business, Executive Chair, Manjit Wolstenholme, has announced changes to the Consumer Credit Division (CCD) management structure. Chris Gillespie has been appointed Managing Director of the Provident home credit business, replacing Andy Parkinson, with immediate effect.…
Read more