Credit, Collections & Insolvency News
The Financial Conduct Authority has provided a further update on its motor finance redress consultation, raising feedback that analysis of the extensive market-wide data is taking firms a while and therefore extending the consultation deadline until 12th December. Final rules are now expected to be published in either February or March 2026. Commenting on the…
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Australian technology and debt collection provider Credit Clear has announced it has entered into a binding agreement to purchase debt collection agency (DCA) ARC (Europe) pending FCA approval. Credit Clear says that the acquisition marks a major milestone for the company, expanding its footprint into the UK and European markets, adding immediate scale and unlocking cross-sell opportunities…
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Renters are left with just an average of £440 of disposable income each month after paying for bills and essentials—almost half the £872 reported by homeowners. Yet despite tighter budgets, renters are more proactive in managing their money, with 27% checking their credit score monthly compared to just 20% of homeowners, according to new research…
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Business confidence in the UK has fallen to its lowest level in three years according to ICAEW’s Business Confidence Monitor. Tax worries, weakening economic conditions and growing global volatility pulled UK business confidence deeper into negative territory in Quarter 2. The research put confidence at -4.2 on the index, its weakest reading since Q4…
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The boss of four companies, which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a Director. Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC. A fourth company, Zoya Investments Limited, failed…
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A new report by European debt collection specialist Intrum has highlighted that without improved economic conditions, up to 10 million European businesses face potential closure within two years, threatening up to 40 million jobs. Late payments are a key driver of this risk, draining liquidity and limiting SMEs’ ability to invest and grow. In the…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that there were 9,205 personal insolvencies in England and Wales during March 2025, which was 7% lower than in February 2025 but 2% higher than in March 2024. The personal insolvencies consisted of 613 bankruptcies, 3,490 debt relief orders (DROs) and 5,102…
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A new study by Go.Compare has revealed that an estimated 6.6 million people now rely on their credit cards to pay everyday bills such as groceries and utilities. In total, 17% said they need their card to afford their bills, with 13% stating that the cost of living crisis is the reason for this. This…
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One in eight customers used Buy Now Pay Later (BNPL) services for the first time in 2024 – an estimated 6.8 million people according to new research from personal finance site Finder. Three in ten (31%) used buy now, pay later (BNPL) services last year. BNPL is particularly popular with younger people with one in…
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One in seven retirees are returning to work or are considering doing so, with financial pressures, a lack of pension provision and desire for social connection driving this, according to new research from Standard Life. 7% of retirees aged over 55 have already gone back into work, with a further 2% actively looking for employment.…
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Latest data from Accountant in Bankruptcy has found that personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 3 (Q3) 2024-2025 decreased by 11.4% compared with the same quarter in 2023-2024, which totalled at 1,784. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland also decreased by 6% when…
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The Institute of Directors (IoD) Economic Confidence Index, which measures business leaders’ optimism about the UK economy, crept up to -61 in December 2024 from -65 in November. The rise represents the fourth-lowest reading of the index since its introduction in July 2016. Business leader confidence in their own organisations also rose to +8 in December, from…
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Almost one in two (48%) university students have been struggling to repay their credit card balance within three months according to research by Compare the MArket, with the main reasons being the rising cost of everyday expenses (33%), increased university costs (31%), and having to prioritise other household bills such as energy or rent (23%).…
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