Credit, Collections & Insolvency News
Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team. Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit. Not only are site visits reduced, but those customers who…
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Non-standard financial services lender, Morses Club has announced that it has secured an extension of its revolving credit facility (RCF) with its existing funding syndicate until the end of November 2021. The Company has agreed a reduction in the level of the facility from £50 million to £40 million to better reflect the requirements of…
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The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…
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The Financial Conduct Authority (FCA) has announced a proposed package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The range of targeted temporary measures covers the motor finance and high cost credit agreements, which include: high-cost short-term credit (including payday loans), buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking. The proposals…
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Morses Club, a provider of non-standard financial services, has announced the launch of a fully remote lending product within its Home Collected Credit (HCC) division. The new offering, which has been developed in-house, is available to all existing Morses Club HCC customers and is fully compliant with all regulatory requirements. All necessary checks and agreements…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
Read moreHere is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…
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Rent-to-own firm BrightHouse has entered administration. Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton have been appointed as Joint Administrators. BrightHouse is the trading name of Caversham Finance. The company provided rent-to-own and cash lending services to the consumer market. The company also included Caversham Trading Ltd (CTL) operates a logistics and engineering…
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High-cost short term lender (Payday lender) Uncle Buck has entered administration. The Financial Conduct Authority (FCA) had concerns that Uncle Buck Finance was failing to meet the adequate resources Given the severity of these concerns, the FCA has required Uncle Buck to stop lending to customers. Following on from this action, the members of Uncle…
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Doorstep lender, Morses Club has announced that Andrew Hayward has left his role as Chief Financial Officer (CFO) with immediate effect. Andy Thomson, a Non-Executive Director (NED) of Morses Club and Morses Club’s previous CFO, will take on the position of CFO on an interim basis and will step down from his current role on…
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Non-standard financial services provider, Morses Club, says it expects its adjusted pre-tax profits to fall by 18% to 23%. The company says the performance of the Home Collect Credit (HCC) division during the period has been very strong in a sector that continues to face headwinds and is expected to maintain like-for-like profitability. Total credit…
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Buy Now Pay Later (BNPL) debts included on debt solutions have jumped by over 300% in the past six months, according to new data from debt advice provider Financial Wellness Group. The average BNPL debt added to a debt solution is around £250 and customers will typically have more than one BNPL account (and in…
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