Credit, Collections & Insolvency News
New research by Compare the Market reveals the true scale of unexpected bills across the UK, showing that “surprise” expenses are actually a highly common and costly part of everyday life. With almost seven in ten (69%) people caught off guard by significant surprise expenses, the data highlights how regularly these costs occur and the…
Read more
Government ministers have confirmed the appointment of Peter Walton and Koral Anderson as Non-Executive Directors (NEDs) to the board of the Insolvency Service. Walton is Emeritus Professor of Insolvency Law at the University of Wolverhampton (2024–), having served as Professor from 2013 to 2023 following a near fourty‑year academic career. A leading authority on insolvency and…
Read more
Oakbrook has become the first UK lender to launch a dedicated GPT-powered app within ChatGPT, enabling consumers to explore combining multiple debts into a single structured repayment plan through a conversational interface. Available under OakbrookOne, the app allows users to model what replacing several existing debts with one monthly repayment could look like, without needing to…
Read more
Lantern Group has announced the successful completion of its acquisition of Ascent, one of the UK’s largest specialist debt recovery law firms, from Irwin Mitchell, following regulatory and shareholder approval. The completion of the transaction marks a significant milestone in Lantern Group’s growth strategy and further expands its UK financial services portfolio, with Ascent joining…
Read more
Latest data from the Bank of England has shown that consumer credit growth climbing to 8.9%, exceeding the 8.6% recorded in February. Within this total, the annual growth rate for credit card borrowing increased to 12.3% from 12.1% a month earlier. Consumer deposits with banks and building societies increased by £5.5 billion in March. The…
Read more
Latest data from the Equity Release Council has found that total lending fell to £574 million in Q1 2026, down 9% on the previous quarter (£632 million) and 14% year-on-year (£655 million). Customer numbers also declined, with 12,958 new and returning customers accessing housing wealth, down 7% on the quarter and 10% annually. The data…
Read more
UK businesses facing ‘critical financial distress’ have surged by 36.9% to 62,193 in Quarter1, according to BTG, while those in ‘significant distress’ rose 9.6% to 634,867 Rising labour costs, higher National Insurance contributions and sustained energy price pressures are hitting margins, particularly in hospitality and leisure. Industry experts warn that many “zombie” businesses are now…
Read more