Credit, Collections & Insolvency News
Peer-to-Peer lender Twino has announced that it has funded €100million of consumer loans across nine European markets. The platform has seen investment from more than 6,300 active investors from over 30 different countries, with 26% from Germany, 12% from the UK and 11% from the EE and Latvia. Twino has seen a significant uptick in UK investors…
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Wonga Group hired Joanna Baker as its new group Chief Financial Officer (CFO). Baker will join the short-term lender in April from Worldpay. Prior to joining Worldpay, Baker spend over a decade at Barclaycard and Barclays, where she was CFO of Barclaycard’s Global Business Solutions as well as head of strategy and planning at Barclays Corporate.…
Read moreAs part of Provident Financial Group results, the Vanquis Bank division has revealed a 9% rise in customer growth. Here is an overview of the Group’s results on trading for the financial year ended 31 December 2016, ahead of its preliminary results for the year which will be announced on 28 February 2017. Vanquis Bank: delivered fourth…
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Bob Stefanowski is to be replaced as Dollar Financial Corporation Global (DFC) Chief Executive Officer. Bondholders in Dollar Financial Corporation Global (DFC) were informed late last week that Bob Stefanowski was stepping down as its chief executive, to be replaced by Glen Wakeman, a former GE Money executive in Latin America. The change at the…
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Callcredit Information Group today announces it has extended its partnership contract to provide credit risk, affordability and fraud prevention solutions to specialist lender Cashfloat. As part of the extended partnership Cashfloat will be trialling a number of additional fraud solutions focused on digital channels such as email, phone and device identification. Callcredit has worked with Cashfloat,…
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DFC Global the owner of Dollar UK which includes the Money Shop brand has been put up for sale amid a squeeze on profits following payday fee caps, according to Sky News sources. DFC Global has appointed the US investment bank KBW to sound out potential buyers for the business. Dollar UK brands also include the…
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Monese, a London, UK-based mobile banking service, has raised $10 million in funding. Backers included Anthemis Exponential Ventures, Korea Investment Partners and STE Capital. The company intends to use the funds to expand into mainland Europe as well as to launch new features like direct debit and credit services. Led by Norris Koppel, Chief Executive…
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Credit broker specialist firm Loan Link Limited has appointed liquidators. Loan Link was based in Cardiff with it’s main activities were brokering loans and arrears management services for its parent company Nemo Personal Finance. Principality Building Society acquired Loan Link Limited and formed second charge lender Nemo Personal Finance in 2004. In February 2015, second charge lender…
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Peer-to-peer lending platform RateSetter has completed a sale of £2.1million worth of non-performing debt to 1st Credit. The sale is believed to be the first of its kind for a UK peer-to-peer lender. The debt sold comprises non-performing loans worth £2.1million written between 2010 and 2015, where RateSetter believes that it stands a low chance…
Read moreFuture Finance, a specialist student loans company, has raised concerns surrounding students’ abilities to finance their educations. In a survey, which questioned 1,000 full-time students, said that 31% have had to use credit cards, payday loans and overdrafts to finance their university experience. John Hudson, manager of Funding and Financial Support at the University of Nottingham: “While…
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Almost one in four of us have fallen out with friends over money issues and 42% have lent money to a friend only for it never to be returned, according to new research out today. The study found that 74% of us have lent money over the past 12 months, with half of us lending up…
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Nava Finance has announced its intention to launch as a new lender aimed at the near-prime consumer credit market in early 2017. Subject to completion of its regulatory approval process, Nava will draw upon sophisticated credit analytics to provide under-served consumer credit profiles with attractive loan pricing, while also addressing institutional investors’ search for yield…
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Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap – and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched…
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