Credit, Collections & Insolvency News
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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A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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Complaints regarding banks’ handling of fraud have reached a record high, with the Financial Ombudsman Service (FOS) reporting 9,091 cases from July to September, a significant increase from 6,264 in the same period last year. This surge includes 4,956 cases related to authorised push payment (APP) scams, where consumers mistakenly send money to fraudsters. In…
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Law firm Flint Bishop has appointed Shona Houghton as a Partner in its Debt Services division as it prepares to open a new office in Cardiff in Q1 2025, aimed at further expanding its capacity and service lines. Houghton joins Flint Bishop from the London-based law firm Francis Wilks & Jones, where she previously served…
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Homeowners in parts of northern England are more than twice as likely to be in mortgage arrears than those in the south, according to new analysis of Financial Conduct Authority (FCA) data by longer-term lender April Mortgages. The latest mortgage arrears data provided by the FCA shows that the North East (1.76%) has the highest…
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