Credit, Collections & Insolvency News
Quint Group has reported a record year of growth with a 64 per cent increase in revenue to almost £32m by March 2017. Quint saw its turnover rise from £19.5m to £31.9m in 2016/17, along with an increase in underlying profits of over 250 per cent from £1.6m to £5.9m. Growth has been driven by…
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A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, according to a report from The UK Cards Association. Debit and credit cards were used to make 16.4 billion purchases in 2016,…
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More than half of Scots (51%) say they occasionally run out of money before payday, with 15% saying they do so ‘most of the time’ or ‘always. The figures are part of a new report by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular,…
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Alternative secured specialist lender Borro, has announced that Chief Executive Officer and Founder Paul Aitken is to leave the company. Aitken, who founded the company in 2008, led Aitken, who founded the company in 2008, led Borro through its early growth stages online, expansion into the American market, and the launch of property lending in…
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Selwyn Cooper has been appointed Head of Financial Services of Volvo Car UK. The new role will see Cooper heading up the Volvo Car Financial Services division, with responsibility for the management and delivery of the expanding range of finance and insurance products offered by Volvo in the UK. Cooper has worked at Volvo for…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read morePlough & Share Credit Union has closed after it was revealed it was in default and could not repay deposits to its 2,550 members. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Credit Union. The FSCS will compensate the vast majority of members within seven days. The scheme will use…
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A new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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The Financial Ombudsman Service (FOS) has published it’s annual Complaints report which indicates a continued rise in complaints about payday loan companies. FOS said there were 10,529 complaints about payday loan companies in 2016/17. This is more than a three-fold increase since the 3,216 complaints in 2015/16. Complaints about consumer credit rose by 89%. 25,984 complaints…
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Callcredit is partnering with specialist business consultancy, Ctrl-Shift, to interrogate the shifting dynamics in the personal information economy. The collaboration will look to combine Ctrl-Shift’s proven experience and knowledge base with Callcredit’s pedigree in innovation in data application, to explore and highlight practical ways businesses can thrive in a rapidly changing data economy. The announcement…
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