Sheldon Mills, executive director of consumers and competition at the FCA, told us that he knew the value of doorstep lending because he personally benefited from home-collected credit .
A Tory MP has warned the Treasury that the implosion of the doorstep lending industry could force borrowers into the hands of criminal gangs – and even into prostitution.
The Mail on Sunday revealed earlier this month that the biggest doorstep lender, Provident Financial, is quitting the market.
Anxious: Fears are growing that a compensation frenzy could send other firms to the wall, leaving a vacuum that criminals are certain to exploit
Fears are growing that a compensation frenzy could send other firms to the wall, leaving a vacuum that criminals are certain to exploit.
Sir David Amess has written to Economic Secretary to the Treasury John Glen expressing concerns over reports that many poor families could be forced to resort to using illegal loan sharks and then coerced into criminal activity.
Paul Smith is better placed than most executives to talk about the dire financial straits facing families at the bottom of the wealth pile. His family relied on doorstep loans firm Provident Financial.
About Morses Club Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK s second largest home collected credit ( HCC ) provider, and Shelby Finance Limited, Morses Club s Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group s growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an increasingly broad range of financial products and services to the non-standard credit market. UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers electronically, or physically to customers homes. Repayments are collected either remotely or in person, during weekly follow-up visits to customers homes.