Credit, Collections & Insolvency News
Moneyway (the motor finance arm of Secure Trust Bank) has announced that it has appointed a new Managing Director. David Mercer joined from Cox Automotive, where he headed its stock funding arm, NextGear Capital. Mercer helped launch NextGear in the UK back in 2014 and was also responsible for its expansion into Ireland. Prior to…
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Here is an overview of The Money Charity’s latest statistics for January 2018: Personal debt in the UK People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult. Per adult in the UK that’s an average…
Read moreFiat Chrysler Automobiles (FCA UK) UK & Ireland has appointed Arnaud Leclerc as Managing Director (MD), effective immediately. He has replaced Ashley Andrew, who left the company after a tenure of approximately a year and a half. Leclerc has previously held a number of senior management roles in Britain and across Europe, including in France,…
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Specialist Bank, Aldermore, the specialist bank, has announced the appointment of Tim Bearder as Head of Specialist Vehicle Valuations, a key role within the Bank’s Business Finance division. Bearder, whose career spans over 35 years in the motor industry, brings extensive knowledge and experience to the role supporting the Bank’s ambition of gaining a greater…
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Risk and data science specialist Jaywing, has launched Archetype, a new risk technology product that uses Artificial Intelligence (AI), machine learning and deep neural nets to help lenders generate transparent statistical models and predict almost any outcome on almost any data set. Archetype uses true AI to generate more powerful models, significantly reducing the time…
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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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Consents Online has announced that it has received authorisation from the Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (“AISP”). At the website consents.online, the company provides a single place where consumers can control the information they share with third parties with complete transparency. Initially managing the sharing of bank transaction data…
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A new report published the Institute of Fiscal Studies (IFS) suggests that a quarter of very low-income households have high debt repayments or are behind on bills or repayment. The size of overall unsecured household debt tells us little about how much ‘problem debt’ there is. Over 60% of unsecured debt is held by households…
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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 total value of fraud has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016. Volume of reported fraud increased 172% to 577, up from 212 cases in 2003. Fraud in the financial services sector increased dramatically in 2017 rising 318% to just under £900m according to latest research…
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Used car buyers are 11 times more likely to enter their personal details into a dealer’s online motor finance facility if it doesn’t leave a footprint on their credit record, new research from iVendi shows. James Tew, CEO, said that offering potential customers the option to make a “soft search” and look at range of…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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The average adult will shell out £4,600 on ‘financial’ New Year’s resolutions such as conquering their debts or moving house, according to a study. Expensive pledges such as paying off debt, buying a car and travelling the world are just as popular as traditional resolutions such as quitting smoking. The average person will attempt two…
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