Credit consumption increases with consumers taking on more debt for longer

20th March 2024 Consumer Lending | #credit

High inflation, interest rates, and a confirmed recession are fuelling a household debt rise, with signs of consumers increasing their reliance on credit products, deferring payments, and spreading out debts for longer to face down the rising cost of living. Equifax data reveals a sustained increase in credit card debt, with levels rising by 9.6%…

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Home credit lender falls into administration

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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Consumers seeking greater access to credit as demand for credit cards rise

22nd September 2022 Consumer Lending | #credit cards

Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…

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Lending Technology Think Tank 2.2 Review

13th September 2022 Consumer Lending | #lending technology

Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

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Cost of borrowing on major consumer credit products rises

The latest Bank of England household interest rate figures reveal the cost of borrowing continued to increase in June across consumer credit products following a warning from the Financial Conduct Authority (FCA) for people in financial difficulty. The analysis from Freedom Finance found that average credit card rates jumped to 21.43% and are now approaching…

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Klarna to start reporting customer debts to credit agencies

Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…

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Provident Financial outperforms expectations in latest results

31st March 2022 Alternative Consumer Lending |

Provident Financial has reported pre-tax profits that are marginally ahead of market expectations as it continues to reposition and rebuild the business. The business generated adjusted pre-tax profits of £64.8 million, compared with a £54.6 million loss in 2020. Malcolm Le May, Chief Executive Officer, said “I am pleased to report that the Group’s financial…

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Lender issues profit warning as CEO steps down

21st February 2022 Alternative Consumer Lending |

Morses Club an established provider of non-standard financial services has announced that pre-tax profits will be up to 30% lower than expected. The company says that its cost base of the Home Consumer Credit (HCC) division has been impacted in recent days by a rapid increase in claim volumes submitted via claims management companies. As…

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Amazon partners with Barclays to launch BNPL service

24th December 2021 Alternative Consumer Lending | #BNPL

Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account.  The reusable credit account can be used on…

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Klarna holds over 50% share of global BNPL sector

10th November 2021 Alternative Consumer Lending | #BNPL

New research has found that Klarna now holds over 50% share of the global Buy Now, Pay Later (BNPL) market sector. Data presented by the HelpCenter app has revealed that Klarna is currently the most popular Pay Later technology in the market, offered by 53% of websites on the entire internet, higher than its competitors…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Credit & Collections Technology Awards announces line up

Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…

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Online Lending Technology Think Tank Review

21st October 2021 Alternative Consumer Lending |

Credit Connect’s hosted its second Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of business transformation,  credit risk, affordability and open banking were discussed by panellists and Chair Chris Warburton from ROStrategy The…

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