Credit, Collections & Insolvency News
Research by GoCompare finds that 80% of UK consumers now receive at least one financial service and utility bill or statement electronically 4 out of 5 (80%) UK consumers now receive at least one paperless bill or statement for a financial product or utility, new research from GoCompare has found. However, the result for many…
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Here is an overview of The Money Charity’s latest statistics for March 2018: Personal debt in the UK People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
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New research from Citizens Advice shows that extending the same rules that cover payday loans to the doorstep lending market could prevent their customers getting into problem debt, and save up to £123 million in interest payments on up to 540,000 loans each year. It is calling on the Financial Conduct Authority (FCA) to give…
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Peter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
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Home collected credit provider Morses Club has announced its trading update for the 52-week period to 24 February 2018. Trading performance for the period has been strong and is in line with the Board’s expectations. Total credit issued was up 21% to £174.3m compared to the prior year (FY 2017: £144.1m) with a strong increase in the Company’s gross…
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Citizens Advice has called on the Government to act on high-cost credit. Matthew Upton, Head of Consumer Policy at Citizens Advice, will give evidence to the Government’s Treasury Committee as part of its inquiry into household finances today (Thursday 1st March). The national charity says households are facing growing insecurity due to more unpredictable incomes…
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Provident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA investigations into its credit card and car finance arms. As part of its latest company results Provident said its Moneybarn division continues to cooperate with the FCA in its ongoing investigation into affordability,…
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Provident Financial Group has announced the appointment of Malcolm Le May as Group Chief Executive Officer (CEO), with immediate effect. This follows a Board process led by Stuart Sinclair over recent months. Stuart Sinclair, who led the Nomination Committee process to appoint the new Group CEO said: “It became clear to the Board as the search…
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The Financial Conduct Authority (FCA) has published an update on its work in the high-cost credit sector. The update follows a Feedback Statement the FCA published in July 2017 which identified key areas of concern with the sector including overdrafts, rent-to-own, home-collected credit and catalogue credit. Work undertaken since July 2017 has demonstrated an emerging…
Read moreNew research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreProvident Financial has announced that David Sear, FinTech veteran and former founder of WorldPay has decided to step down from the board. Sear joined the board a year ago to assist with the development of the group’s strategy in this arena and broader IT direction, the group now finds itself in very different circumstances and…
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