Credit, Collections & Insolvency News
Provident Financial is to report a pre-exceptional loss of around £120m in its consumer credit division. The lender has published a trading update for the year to 31st December 2017, ahead of its final results for the year which will be announced in late February. The report summary highlights: Vanquis Bank and Moneybarn have both traded…
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The Consumer Finance Association (CFA), the principal trade association for short-term lenders, has appointed Lucy Donovan as their Head of Communications, a new role that will cover public relations, public affairs and member engagement. Lucy joins the CFA after six years with one of the UK’s largest short-term lenders, where she held various communications roles.…
Read moreThe rate of UK consumer borrowing continued to slow in November according to the Bank of England as it seeks to slow down the growth of the personal loan market.The report shows a growth in consumer credit of 9.1 percent in the year to November 2017. Outstanding balances for consumer credit now stand at over £205.8 billion. In response…
Read moreDecisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreConsumer credit provider Express Gifts has agreed a consumer credit agreement partnership with Welcom Digital’s Financier Lending Platform. Express Gifts offers existing and potential new customers access to affordable credit subject to a rigorous underwriting process that assesses the creditworthiness, indebtedness and affordability of each applicant. Critically completed prior to peak-season trading, the data migration phase was the…
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The winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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Moneybarn (owned by Provident Financial) has been informed that the Financial Conduct Authority (FCA) has commenced an investigation in relation to the processes applied to customer affordability assessments for vehicle finance and the treatment of customers in financial difficulties. It is thought that Moneybarn has around 50,000 customers. In a statement, Provident Financial Group said “it…
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Credit reference specialist, Aire has announced a first-of-its-kind partnership with online retailer N Brown. The new agreement will see Aire provide its augmented credit assessment technology to support N Brown, which operates online stores such as JD Williams, in analysing the full picture of online customers and the true benefits and risks that come with…
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The Financial Conduct Authority has released a new report on illegal money lenders. The report titled “Shining a light on illegal money lending: consumer experiences of unauthorised lending in the UK” highlights the real-life consequences of reducing access to responsible, regulated, short-term credit. In a statement, the FCA said “Last year we conducted research with our…
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Elevate UK trading as online lender ‘Sunny’ has announced the appointment of Alan Lunt as its new Finance Director. Lunt brings over a decade of leadership experience to the business, with a strong record of growing businesses, improving efficiency, and successfully managing process and change. Prior to joining Elevate UK, Lunt held several leadership roles…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
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