Credit, Collections & Insolvency News
Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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The latest Bank of England household interest rate figures reveal the cost of borrowing continued to increase in June across consumer credit products following a warning from the Financial Conduct Authority (FCA) for people in financial difficulty. The analysis from Freedom Finance found that average credit card rates jumped to 21.43% and are now approaching…
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Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…
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Provident Financial has reported pre-tax profits that are marginally ahead of market expectations as it continues to reposition and rebuild the business. The business generated adjusted pre-tax profits of £64.8 million, compared with a £54.6 million loss in 2020. Malcolm Le May, Chief Executive Officer, said “I am pleased to report that the Group’s financial…
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Morses Club an established provider of non-standard financial services has announced that pre-tax profits will be up to 30% lower than expected. The company says that its cost base of the Home Consumer Credit (HCC) division has been impacted in recent days by a rapid increase in claim volumes submitted via claims management companies. As…
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Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account. The reusable credit account can be used on…
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New research has found that Klarna now holds over 50% share of the global Buy Now, Pay Later (BNPL) market sector. Data presented by the HelpCenter app has revealed that Klarna is currently the most popular Pay Later technology in the market, offered by 53% of websites on the entire internet, higher than its competitors…
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The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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Credit Connect’s hosted its second Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of business transformation, credit risk, affordability and open banking were discussed by panellists and Chair Chris Warburton from ROStrategy The…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business remained 15% higher than in the same period in 2020. The retail store and online credit sector…
Read moreResearch by Buy Now Pay Later (BNPL) platform Butter, has found that the majority of UK consumers would like to see the option to spread the cost of purchase become more widely available. BNPL enables consumers to buy products while deferring the payment for a later date, often repayable in monthly instalments. In Butter’s case,…
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Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…
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