Credit, Collections & Insolvency News
Online high-cost short-term lender Novaloans (trading as Cash4UNow) has entered administration. Novaloans Ltd is a family-run business founded in 2011, employed 38 people according to its total exemption. Its offices are at Limewood Business Park, in Seacroft. The Financial Conduct Authority (FCA) has confirmed that the firm is no longer lending. However, all existing loan…
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The Financial Conduct Authority (FCA) says the cost-of-living crunch is pushing people toward payday loans and buy-now pay-later (BNPL) products. In a speech, the regulator’s Chief Executive, Nikhil Rathi, warned that rising prices have pushed people into debt, with many still unable to access financial products. The regulators analysis shows that the number of people…
Read moreMillennials and Gen X said they spent more than Gen Z when it comes to using Buy Now, Pay Later (BNPL) for online shopping over the past 12 months according to the latest Q3 2023 Consumer Pulse survey from a global information and insights company TransUnion. Compared to 54% of Millennials and 39% of Gen…
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Naylors Finance, a high-cost lending firm based in Yorkshire has entered into administration. Ed Boyle and Howard Smith of Interpath were appointed Joint Administrators. The firm is no longer lending. All existing loan agreements remain in place and the Joint Administrators will provide updates to customers as soon as possible. The firm’s administration does not…
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New specialist lender, Perenna, has secured an unrestricted banking licence from Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). allowing it to introduce its long-term fixed rate mortgage products to the UK. Perenn is the first UK start-up to secure an unrestricted bank licence in 2023, will offer 20- or 30-year mortgages and an…
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New research by the Money and Pensions Services (MaPS) has found that one in five (almost two million) Buy Now Pay Later (BNPL) are using it for essential items such as groceries (11%), toiletries and hygiene (8%), household bills (5%) and fuel (4%). There are an estimated 10.1 million BNPL customers in the UK and…
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Latest Bank of England data has found that the number of adults who are members of Credit Unions has passed two million for the first time. The number of adult members of Credit Unions grew by 1.3% in 2023 Quarter 1 (Q1). The total value of net liabilities in arrears grew by 10% to £139.8…
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The Bank of Family is expected to provide record levels of financial support to the property market this year, with families predicted to contribute £8.1 billion to homebuyers according to research by Legal & General and the Centre for Economics and Business Research (Cebr). This funding is set to support 47% of all homes purchased…
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Nearly half of parents with children at private schools rely on family help to afford the fees with the Bank of Gran and Grandad the biggest source of funding, new research from Premium Credit, a leading provider of finance for school fees, shows. Its study found 47% admit to relying on financial support from family…
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New research by 55Plus has found that equity release cases across the industry has rapidly increased this year, as homeowners over 55 look for solutions to combat rising residential mortgage rates. The company says it has witnessed an increase in enquiries from people looking to remortgage, as a direct result. Jan Johnson, Founder and Director of…
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The Bank of England has published the 2022 Annual Statistics for the credit union sector which revealed a record level of British credit union members, as well as the highest lending amounts ever seen. There was also the steepest rise in lending on record between 2021 and 2022. Total membership for 2022 was 1.41 million,…
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Home collected credit firm, CLC Finance has entered into administration. CLC Finance is a trading brand of Hamsard 3225 Limited. The company is a high-cost lender operating in various regions in England and Scotland including Yorkshire, Lancashire, Derbyshire, Nottinghamshire, Lincolnshire, North-East, Cumbria, Strathclyde, Tayside, Mid Lothian, Kilmarnock and Ayrshire. Robert Maxwell and Julian Pitts of…
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Hastings & Rother Credit Union Limited, trading as 1066 Community Bank has entered administration The Financial Services Compensation Scheme (FSCS) declared Hastings & Rother Credit Union as failed (in default). Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as Joint Administrators of financial cooperative. The East Sussex credit union with…
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