Provident woes not a sign of UK consumer debt crash
The collections issues at consumer lender Provident Financial have provoked a wave of headlines in the UK about an impending crisis in the consumer credit sector, but ABS market sources feel the problems at the company are idiosyncratic rather than a sign of wider market decline.
Provident CEO Peter Crook resigned on Tuesday night amid what executive chairman, Manjit Wolstenholme, later described as “a rapid deterioration” in its home credit business.The company's stock fell sharply following a trading note that showed falling collections. According to the notice, debt collection this year is running at ...
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