Credit, Collections & Insolvency News
Following a decision by the United States Department of the Treasury(link is external) to designate the PacNet Group as a ‘significant transnational criminal organisation’, we understand that the ceasing of PacNet Group firms’ operations has led to some customer payments, including direct debits, not reaching creditors and firms. Firms affected by this should assess their payment…
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Financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published today by the Financial Conduct Authority (FCA). The total number of complaints was 2.05 million. Payment protection insurance (PPI) is still the most complained about product. Complaints about current accounts…
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Aire, a credit scoring startup has confirmed authorisation with the Financial Conduct Authority (FCA). The company also announced that it raised a further $2 million in funding earlier this year led by White Star Capital alongside Sunstone Capital and Accion Venture Lab. Co-founder and Chief Executive Officer Aneesh Varma said: “It’s a huge step for us and also for…
Read moreWonga has admitted that it double-charged 7,000 customers for their loans on Friday. It says an internal system error resulted in extra payments being taken from bank accounts. Wonga has promised that extra costs and charges incurred will be refunded. The short-term lender said that the rogue payments were refunded later on Friday, but may not yet…
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Intelligent Lending, trading as Ocean Finance has been fined £130,000 after sending more than seven million texts offering a new credit card powered by a major lender. Manchester-based Ocean Finance believed it was complying with the law because the third party firm it obtained names and phone numbers from claimed it had people’s consent to send…
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The Financial Conduct Authority (FCA) will mark six months since the implementation of the Senior Managers’ and Certification Regime by providing feedback on implementation so far and proposing measures to further strengthen the regime. The proposed rules will reinforce the importance of individual accountability at the most senior level of organisations. The new measures are…
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Consumer credit has grown by 6.4% over the year to August, the fastest rate of growth for nearly 10 years according to the latest British Banker Association (BBA) statistics. It is thought the increase has been driven by ultra-low interest rates, people are borrowing more on credit cards and through loans and overdrafts. The number of…
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More and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals today. The charity says there has been a shift in the high cost credit market as the number of people seeking help for problems with these sub-prime products has risen by 16% over the last year…
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Valour Group (UK) has launched a mini-bond to raise up to £5million from private investors. The money from The Valour Group Bond has an annual interest rate of 8.49% per annum, will be used to grow the loan book of the company’s lending subsidiary Savvy.co.uk. Mini bonds are an unsecured way for individuals to lend money…
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Equifax has been appointed by non-profit lender Street UK to support the launch of its online lending platform, offering affordable and responsible short-term personal loans with clear and transparent fees. Street UK provides loans to people underserved by traditional lenders. Its new online platform will offer personal loans of between £100 and £500 up to six…
Read moreCallcredit Information Group, backed by private equity firm, GTCR, has acquired Recipero. Recipero has built one of the world’s largest proprietary databases containing detailed information of the history and ownership of mobile devices, in a deal designed to accelerate the growth of the company’s fraud and identity protection strategy. Mike Gordon, CEO, Callcredit Information Group,…
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A new report from Citizens Advice Wales “Fairness for all – Improving council tax debt collection in Wales” highlights the findings of research undertaken to better understand the recent increase in council tax arrears seen over the last few years. Council tax arrears is now the largest debt issue representing 13%t of all debt issues. Council…
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Callcredit has announced it’s new management team within the Group’s Marketing Solutions division. The new, seven-strong team sees specialists from across Callcredit’s Marketing Solutions division move into new roles and consists of Chris Prior who will head up the division’s retail, financial services and automotive teams; Ryan Kemp who heads the partnerships team; Gary Childs, head…
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