Credit, Collections & Insolvency News
Credit company Provident, responsible for sending nearly one million nuisance texts in six months has been fined £80,000 by the Information Commissioner’s Office (ICO). Provident Personal Credit is based in Bradford, employed third party affiliate companies to send 999,057 unsolicited text messages on its behalf to promote personal loans for its brand Satsuma Loans. This…
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The winners of the UK’s largest consumer-voted awards for the consumer credit industry have been revealed at a ceremony in Mayfair. Over 27,000 consumers voted in this year’s Consumer Credit Awards, sharing their thoughts on 137 firms. Launched in 2016, Birmingham-based not-for-profit Fair For You took home 2 awards, including ‘Best Newcomer’ and ‘Consumer Credit…
Read moreMore than 4 in 10 UK consumers say that they are still negatively impacted by financial mistakes they made in the past, according to research from Aviva. A greater number still say they wish they had managed their finances differently (64%) while 63% wish they had learnt more about financial matters when they were younger.…
Read moreA poll independent loans comparison site Readies.co.uk today revealed public sector workers are turning to payday loans to make ends meet, given the sharp rise in prices, increasing the pressure on those “just-about-managing”. In real terms, average pay was higher in January 2006 than it is now – according to ONS data released last week. Readies.co.uk, a…
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Provident Financial has published its latest financial results and states that a fall in the number of debt collection agents at its home credit division will weigh on profits for the rest of the financial year. The company said a reorganisation of the business had led to a rise in the number of self employed part-time…
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Alternative secured specialist lender Borro, has announced that Chief Executive Officer and Founder Paul Aitken is to leave the company. Aitken, who founded the company in 2008, led Aitken, who founded the company in 2008, led Borro through its early growth stages online, expansion into the American market, and the launch of property lending in…
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Plough & Share Credit Union has closed after it was revealed it was in default and could not repay deposits to its 2,550 members. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Credit Union. The FSCS will compensate the vast majority of members within seven days. The scheme will use…
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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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The Financial Ombudsman Service (FOS) has published it’s annual Complaints report which indicates a continued rise in complaints about payday loan companies. FOS said there were 10,529 complaints about payday loan companies in 2016/17. This is more than a three-fold increase since the 3,216 complaints in 2015/16. Complaints about consumer credit rose by 89%. 25,984 complaints…
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Secured and unsecured loans lender provider, The Darwin Group (owner of the Evolution and Progressive Money and brands) has announced a new funding facility of in excess of £75m which supports the Groups objective of becoming a leading consumer finance brand in the UK. Evolution and its sister company Progressive Money, have built up a substantial…
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Peer-to-Peer lender RateSetter has cancelled a deal to lend directly to guarantor George Banco’s customers. Last month RateSetter and George Banco entered a lending agreement as Ratesetter also announced the acquisition of Vehicle Stocking and Vehicle Credit. The partnership with George Banco was designed to build relationships with lenders. RateSetter announced its decision to pull out of…
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The importance of addressing the priority digital collections needs within your business “New and improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” overhyped in grocery products lead to consumer distrust, technology-solution claims deserve a similar sceptical reaction. Consumers and collectors alike would benefit from taking…
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A new credit union, supported by the Retail Trust, has been launched. RetailCURe enables retailers to ensure that their employees can access responsible and affordable credit and savings products. RetailCURe offers rates on savings accounts; one per cent on instant access, two per cent on 6-month accounts and three per cent on one-year deposits. Savers…
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