Credit, Collections & Insolvency News
Doorstep lender Provident Financial has announced its latest financial results which indicate an upbeat start to 2018. Group Chief Executive, Malcolm Le May, Group Chief Executive, said “I am very pleased with the operational and financial performance of the group during the first quarter of the year and we are on-track to deliver results for…
Read more
The Credit & Collections Technology Awards has confirmed the judges for the 2018 event. Launched in 2017, the second annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial through to lending and collections.…
Read more
The UK’s second largest home collected credit Morses Club has announced its preliminary results for the 52 weeks ended 24 February 2018. Commenting on the results Paul Smith, Chief Executive Officer of Morses Club, said “We are very pleased to report that FY18 was an even stronger year for Morses Club, reflecting our continued success in serving…
Read more
Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreThe Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
Read more
The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
Read more
Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
Read more
Morses Club has responded to recent reporting on the Home Collected Credit sector calls for the tighter regulation. In a statement Morses said that it offers transparent fixed interest rate products and does not charge its customers any fees or penalties for late payments, ensuring they never pay more than their original agreement, regardless of…
Read more
The Financial Ombudsman Service has published its latest six-monthly complaints data on individual business and groups today. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service between 1 July – 31 December 2017. • 219 businesses feature in the complaints data – down by 11% when compared…
Read more
New research from Citizens Advice shows high-interest rates, late payment fees and expensive add-ons are leaving rent-to-own consumers struggling to pay for goods that they can end up having to return. Figures in the charity’s new ‘Rent to Return’ report show if existing rent-to-own loans were priced down through a similar cap to that on…
Read more
Payday lenders have been named and shamed as the most unhealthy form of credit available in the UK, in a report launched in Parliament by RSPH, at an event attended by MPs and campaigners – including actor Michael Sheen – from the End High-Cost Credit Alliance. RSPH is calling for action to end the marketing…
Read more
New figures released by the Finance & Leasing Association (FLA) show growth of 12% in consumer finance new business in January, compared with the same month last year. Credit card and personal loan new business together grew by 12% compared with January 2017, while retail store and online credit new business increased by 13% over…
Read more
Rent to own specialist, PerfectHome has agreed with the Financial Conduct Authority (FCA) a package of redress totalling over £2.1 million. This will be made up of cash payments and balance write-offs for 37,000 customers. PerfectHome (a trading name of Temple Finance Limited) is a rent-to-own firm which provides household goods to customers on hire…
Read more