Credit, Collections & Insolvency News
Specialist car, van, and motorbike finance company, Moneybarn, has announced that it has selected challenger credit reference agency, Credit Kudos, as its Open Banking partner. Moneybarn will also be using Credit Kudos’s newest product, Assembly, an Open Banking decision engine that enables lenders to automate credit policies and implement real-time decisioning without the need for…
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LexisNexis Risk Solutions UK, part of RELX, has announced that it has acquired TruNarrative. Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring. The platform allows for no-code…
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Sub-prime lender Morses Club announced that it is proposing a significant reorganisation of its business and corporate structure. which includes forming a holding company called U Money and listing new shares under that name. The company says once U Money is formed it will run its company as two distinct businesses, one its home-collected credit…
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Provident Financial has reported an adjusted ongoing pre-tax profit of £63.5 million for the six months ended 30th June 2021. The results included its Consumer Credit Division (CCD) which is being closed down. Losses from CCD, the Group generated a statutory loss before tax of £44.2 million for the period. Total revenue was £316.7m (2020…
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Barclays reported a large rise in first-half profit driven by a drop in credit impairment charges as the economy recovers. Pre-tax profit for the six months through June jumped to £4.98 billion, up from £1.27 billion year-on-year. Credit impairment releases fell to £742 million, down from £3.79 billion, more than offsetting a 3% drop in…
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Virgin Money has cut the amount of money put by for bad debts in the pandemic, releasing £19 million of cash set aside for loans that could turn sour in its third quarter. The lender added that the remaining £678 million of provisions could be cut further alongside full-year results if the rebound in the…
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Starling Bank has agreed to a £50 million deal to acquire for buy-to-let mortgage group Fleet Mortgages. The deal is the first acquisition by the Goldman Sachs-backed start-up that is targeting an initial public offering within two years. Fleet Mortgages, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via…
Read moreTesco Bank has announced that all Tesco Bank Personal Current Accounts will close from Tuesday 30th November 2021. Tesco Bank’s Current Account was closed to new business in December 2019 and will now also close for existing customers. Tesco Bank will write to Current Account customers to inform them of the closure of their account…
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The UK Treasury has revealed plans to cut its majority stake in NatWest, raising the possibility of share buybacks from the bank. The Government has appointed Morgan Stanley to cut its 54.7% stake in NatWest to 40% over the next 12 months. According to recent estimates from the Office for Budget Responsibility, the taxpayer is…
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Nationwide has announced a partnership with OpenWrks, a UK based provider of open banking applications, to help its customers facing financial difficulty. OpenWrks, using Open Banking technology, helps people in financial difficulty quickly pull together information from different accounts and sources to easily built an accurate digital income and expenditure statement. Their solution uses conversational…
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Business and consumer insights specialist Equifax and challenger bank, Revolut have announced a new strategic partnership that provides differentiated data assets and real-time predictive analytics for a faster, more informed view of customers and prospects. With over 100 million monthly transactions and 15 million global users, the Revolut app enables individuals and businesses to exchange,…
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Consumer credit technology and outsourced services provider EQ Credit Services (EQCS), part of EQ (Equiniti Group) has announced that it has recently onboarded a raft of new standby servicing contracts, bringing its portfolio (for standby alone) to 100 different lending facilities. The company’s standby services division now protects more than 50 active lending clients…
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