Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for March 2019: Personal debt in the UK People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year. The average total debt per…
Read moreProvident Financial has announced the appointment of Neil Chandler as Managing Director of Vanquis Bank. Chandler will join the Vanquis Bank board and will start as Managing Director on the 15th April 2019, subject to regulatory approvals. Chandler was until recently the Chief Executive Officer, Shop Direct Financial Services and a member of the Shop Direct…
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The Financial Conduct Authority (FCA) has reaffirmed the regulator’s focus on affordability, business models and culture in the consumer credit sector. Speaking in London this week, Jonathan Davidson, executive director of supervision – retail and authorisations at the FCA, noted that growth in the sector has slowed, increasing 6.5% over the last 12 months, according…
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Provident Financial has published its full-year company (ending 31st December 2018) results which indicate that adjusted pre-tax profits increased, up 82% to £153.5m in 2018. Malcolm Le May, Provident’s group chief executive, said “Today’s results are testament to the immense progress that the Group has made over the past 18 months, having delivered adjusted profit…
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Over half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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The Financial Conduct Authority (FCA) has confirmed the introduction of a price cap to protect some of the most vulnerable customers in the UK in the rent-to-own (RTO) sector will be introduced from 1st April 2019 in a move which will save consumers in the UK up to £22.7 million a year. In the Policy Statement…
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Credit provider, Morses Club has released it latest trading results for the last financial year. The company revealed that total credit issued increased by 2.4% to £178.5m compared with the prior year and that its gross loan book grew by over 7%, comprising a 5% increase in the core book and a 2% rise as…
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Morses Club, the UK’s second largest home collected credit lender, has announced that it has acquired Shelby Finance and certain assets of CURO Transatlantic trading as WageDayAdvance out of administration. The total consideration for the acquisition is approximately £8.5m paid in cash, 50% on completion and the balance over 5 months (depending on the final…
Read moreNon-Standard Finance (NSF) has made a £1.3billion takeover offer for rival Provident Financial. NSF said the takeover was backed by more than 50% of Provident’s shareholders, including fund manager Neil Woodford, Invesco and Marathon. Investors must still vote on whether to approve the deal. John van Kuffeler Chief Executive of Non-Standard Finance said “We have…
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Here is an overview of The Money Charity’s latest statistics for February 2019: Personal debt in the UK People in the UK owed £1.625 trillion at the end of December 2018. This is up from £1.576 trillion at the end of December 2017, an extra £935.34 per UK adult, £81.72 higher than the previous month. The average total debt per…
Read moreMorses Club the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Hays Credit, a home collected credit lender. Hays is a family-run business which has been operating since 1957, providing loans to approximately 2,700 customers across the North East of England. Hays has outstanding balances of approximately…
Read moreRent to own specialist Brighthouse has announced that it is shutting 30 of its shops cutting 350 jobs amid tough conditions on the High Street. Brighthouse, which employs about 3,000 people, said it had informed staff. A Brighthouse spokesman said: “We are working to redeploy as many people as possible into alternative roles but redundancies…
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The Financial Ombudsman Service (FOS) has published its latest quarterly financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The number of complaints about high-cost short term credit (payday…
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