Credit, Collections & Insolvency News
New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age. 31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…
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The Consumer Credit Trade Association (CCTA) has announced the launch of a strategy to reshape the organisation and create a stronger voice for alternative lenders. Ahead of the CCTA’s Annual General Meeting and the start of its new membership year, the CCTA explained it is making changes to its structure, carrying out a review of…
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Specialist home credit provider Morses Club, says its revenue increased by 14.3% to £133.7 million (FY19: £117 million) in its preliminary results for the 53 weeks ended 29 February 2020. The listed business also reports a statutory pre-tax profit of £11.5 million (FY19: £20.2 million). Total credit issued to Home Collected Credit (HCC) customers was…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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Consumer Credit Trade Association (CCTA) Chief Executive Officer (CEO) Greg Stevens has announced that he will be stepping down to take over the role of Council Chair. In a statement, Stevens said “After the most peculiar and difficult business year that I can remember, I will be handing over the reins of the CCTA to…
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FinTech startup Zilch has become one of the first Buy Now Pay Later (BNPL) to secure consumer lending authorisation from the Financial Conduct Authority (FCA). The company says that it aims to redefines the BNPL market by placing consumer financial wellness at the heart of its operations and recently announced an Open Banking data partnership…
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Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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Credit insight service, Aire has announced an affordability assessment partnership with N Brown Group to improve credit decisioning for more than 40,000 new customer credit applications. The partnership supports credit applications across all of N Brown’s brands, including Jacamo, JD Williams, Ambrose Wilson and Simply Be – as well as their newest brand, Home Essentials.…
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Non-standard financial services company, Morses Club has announced the appointment of Graeme Campbell as Chief Financial Officer (CFO). He will also be appointed as an Executive Director to the Morses Club Board. Andy Thomson, currently interim CFO of the company, will remain in an executive capacity until the publication of the Company’s FY20 results to…
Read moreCredit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…
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The Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…
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The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…
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