Credit, Collections & Insolvency News
As consumers brace themselves for the higher prices kicking in from today (1st April) across bills including energy, water and broadband, those on the lowest incomes are running out of options, Citizens Advice warns. Households in the lowest 10% for income already spend around two-fifths (41%) of their earnings, after housing – on water, energy,…
Read more
As the unemployment rate hits 4.4%, its highest rate since 2021, new data from Best Insurance has revealed that workers are growing increasingly concerned about their job security over the next 12 months, with one in four (26%) concerned they will lose their job in the next year. Amongst Gen Z this rises to almost…
Read more
Online budgeting tool, IE Hub has announced that it has signed partnerships with four major Welsh Credit Unions with funding for the initiative has been provided largely through Welsh Government via its financial and Digital Inclusion initiative. Rhyl-based Cambrian Credit Union, Gateway which services Monmouthshire and Torfaen local authority areas, as well as Merthyr Credit…
Read more
Consumer credit borrowing rose to £1.4 billion, higher than the average gain of £1.2 billion over the previous six months according to latest Bank of England data. Consumer credit borrowing by individuals was down from £1.7 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.8 billion from £1.1 billion.…
Read more
The Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose slightly to -58 in March 2025 from -64 in February. Business leader’ confidence in their own organisations also rose slightly to +5, from +2 in February. In terms of underlying indicators, cost expectations remained at…
Read more
This week, the UK’s Supreme Court will hear a pivotal case regarding potential compensation for millions of motorists affected by unlawful hidden commission payments in the car finance sector. Following a Court of Appeal ruling that deemed such payments illegal without buyer consent, lenders, including major banks, have set aside substantial funds for claims that…
Read more
Latest Bank of England data has shown that mortgage approvals slipped by 600 to 65,500 in February from a year ago, following a fall of 400 mortgage approvals in January. Approvals for remortgaging to a new lender were down by 800 to 32,000 in February, following an increase of 2,100 the previous month. Mortgage borrowing fell by…
Read more