Credit, Collections & Insolvency News
Rent 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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Morses Club, the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Eccles Savings & Loans (Eccles Finance), a home collected credit lender. Eccles Finance is a family-run business, which has been active in home collected credit for over 50 years. Based in the North West of…
Read moreConsumer Credit Solutions (CCS) has purchased a controlling share in finance technology specialists Castlefields (Abbeystoke Ltd). CCS is a facilitator of point-of-sale finance to the home improvement industry and has enjoyed a close working relationship with Castlefields for over 15 years. In that time CCS has been instrumental in assisting Castlefields to enhance both the…
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Provident Financial has announced the appointment of Charley Davies (formerly Taggart), who will take over the role of Group General Counsel and Company Secretary on 1 April 2019. After more that 11 years as Group General Counsel and Company Secretary, Ken Mullen has decided to retire from the Company and will step down from this…
Read moreHere is an overview of The Money Charity’s latest statistics for January 2019: Personal debt in the UK People in the UK owed £1.613 trillion at the end of November 2018. This is up from £1.569 trillion at the end of November 2017, an extra £898.71 per UK adult and £78.15 higher than the previous month. The…
Read moreThe Financial Conduct Authority (FCA) has published new data on insights and trends in the high-cost short-term credit (HCSTC). The data indicates that lending volumes in the market remain well below the levels seen in 2013, but have risen since 2016. Over 5.4 million loans were made in the year to 30 June 2018, with 10…
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has submitted its response to the FCA concerning its proposals to introduce price controls in the Rent to Own market. In a statement, the Centre said: We very much welcome the FCA’s announcement to introduce price controls in view of the considerable harm being caused in this sector, and the very low incomes that customers…
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Provident Financial, expects its full-year results for 2018 to be on the “lower end” of market expectations. The prediction as was made as part of the company’s trading update for the financial year ending 31st December, the company said profits are anticipated to be at lower end of the range of market expectations of £151m to…
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Here is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreData from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
Read moreThe Financial Conduct Authority (FCA) has proposed to introduce a price cap on the rent-to-own (RTO) sector. The cap, subject to consultation, will come into force on 1 April 2019 providing protection for some of the most financially vulnerable people in the UK. Once in force, the changes are expected to save consumers up to £22.7m per…
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