Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has banned Andrew Barry Hart, the sole director, controller and ultimate owner of Wage Payment and Payday Loans Limited (WPPL), from performing any role in regulated financial services. The FCA has also cancelled WPPL’s interim permission and refused its applications for WPPL to be authorised to carry out regulated activities…
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Following a decision by the United States Department of the Treasury(link is external) to designate the PacNet Group as a ‘significant transnational criminal organisation’, we understand that the ceasing of PacNet Group firms’ operations has led to some customer payments, including direct debits, not reaching creditors and firms. Firms affected by this should assess their payment…
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Wonga has admitted that it double-charged 7,000 customers for their loans on Friday. It says an internal system error resulted in extra payments being taken from bank accounts. Wonga has promised that extra costs and charges incurred will be refunded. The short-term lender said that the rogue payments were refunded later on Friday, but may not yet…
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Intelligent Lending, trading as Ocean Finance has been fined £130,000 after sending more than seven million texts offering a new credit card powered by a major lender. Manchester-based Ocean Finance believed it was complying with the law because the third party firm it obtained names and phone numbers from claimed it had people’s consent to send…
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More and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals today. The charity says there has been a shift in the high cost credit market as the number of people seeking help for problems with these sub-prime products has risen by 16% over the last year…
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Valour Group (UK) has launched a mini-bond to raise up to £5million from private investors. The money from The Valour Group Bond has an annual interest rate of 8.49% per annum, will be used to grow the loan book of the company’s lending subsidiary Savvy.co.uk. Mini bonds are an unsecured way for individuals to lend money…
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Equifax has been appointed by non-profit lender Street UK to support the launch of its online lending platform, offering affordable and responsible short-term personal loans with clear and transparent fees. Street UK provides loans to people underserved by traditional lenders. Its new online platform will offer personal loans of between £100 and £500 up to six…
Read morePayday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers. A number of serious failings took place which…
Read morePeer-to-peer lender Ratesetter has now delivered more than £100million in car financing. Nick Elkan,from RateSetter Motor Finance said “These are exciting times and £100million is a fantastic milestone for us to reach. It proves that we are providing finance that car buyers need, competitively and efficiently. Obtaining finance via a peer-to-peer lender is no longer niche, but…
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The Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…
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The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…
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https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles
Read moreCitizen Advice research has discovered that some payday lenders are still failing to carry out basic checks to make sure borrowers can afford to pay back their loans. Over a quarter of payday loan borrowers (27%) who responded to a survey by Citizens Advice said they were not, or could not remember being asked any questions…
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