Credit, Collections & Insolvency News
Energy company, OVO will pay over £2.7 million in redress after failing to provide Warm Home Discount (WHD) rebates to 11,646 customers by the statutory deadline of 31st March 2024. These customers did not receive their rebate until November 2025 – more than 19 months late. The delay meant that some of the most vulnerable…
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New research by the People’s Partnership has revealed how the majority of adults think that without financial education, we will all be poorer in the future, and we are failing future generations if we don’t equip them with financial literacy. The data shows that nine in ten (85%) of adults believe that without financial education,…
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Latest data from the Insolvency Service for England & Wales has shown that personal insolvencies increased by 7% in 2025 when compared to 2024, rising to 126,240 from 117,958 in 2042 The annual number of IVAs in 2025 was 7% higher than in 2024, but remained lower than the record high annual numbers between 2019…
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Research from Thinkmoney shows that while the festive season may feel like a distant memory, the financial consequences are only just beginning for a significant number of people. Credit card statements, Buy Now Pay Later reminders, overdraft balances and household bills are all landing at once, creating pressure at the start of the year. The…
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The Enforcement Conduct Board (ECB) has published its first Insight Report, which presents new data on enforcement (bailiff) industry practices, drawing on evidence from its complaints handling service and oversight work. The data showed that the enforcement industry is handling over 7 million cases a year, impacting millions of people, with the industry sector collecting…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 27% in November 2025. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The…
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The Money Advice Liaison Group (MALG) has announced ithas secured funding from Money & Pensions Service for a new research initiative exploring what safeguards are needed to ensure Generative AI is used safely for debt advice. The research project, entitled ‘Exploring Safe & Effective Self‑Serve in Regulated Debt Advice in the Generative AI Era’, is…
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Age UK has warned that there is no room for complacency when it comes to reducing poverty among our growing older population and calls on the Government to do more to address it. Around one in six, equivalent to 1.9 million, pensioners already live in poverty and the Charity is worried that unless something changes,…
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New data from Hargreaves Lansdown has found that on average, self-employed households have £89 left at the end of the month, compared to £244 among employed households. The self-employed are also more vulnerable if things go wrong: 70% of employed households have enough redundancy cover to be resilient, whereas only 12% of those where the…
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Over half (55%) of people are in debt following Christmas expenses having spent £635 (on average) across the festive break according to latest research by Confused.com. The date showed that nearly three in ten (29%) think it will take them over a month to financially recover from Christmas 2025. On average, people take a month…
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Latest data from Hargreaves Lansdown has found that households with unsecured debts (like credit cards and loans) spend an average of £259 a month on them. Bank of England showed that the annual growth rate for all consumer credit was 8.1% and for credit cards it was 12.1% – the highest since January 2024. In…
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A new report on the DWP, the Public Accounts Committee (PAC) is calling out the unacceptable waits some people face for their Personal Independent Payment (PIP) to be processed, which can cause them to get into debt and push them into poverty. The report cites examples of people waiting over a year for their PIP…
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New research by Nationwide suggests 2026 will be a year for leisure and travel spending, despite more than half (54%) being concerned about the rising cost of living. Longer holiday and shorter breaks, festivals, concerts, experiences and wellness dominate the wish lists of more than four in ten (41%) consumers determined to treat themselves this…
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