Credit, Collections & Insolvency News
Fair Finance and Vanquis have announced the launch of a first-of-its-kind decline referral scheme that aims to support over 100,000 financially underserved people across the UK over the next two years. The scheme will direct Vanquis customers who are not yet eligible for its products to a community development finance institution (CDFI), Fair Finance, where…
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New data from Fair4AllFinance has found that one in four people (24%) in financially vulnerable circumstances in the UK hold no savings at all. The data showed that 10 million people across the UK have stopped saving entirely, or are saving less than they did a year ago. The 10 million figure represents more than…
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Credit Connect has published the annual 2025 Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards, which were announced in May in York. The review provides background and context for the awards results, recognising companies for the progression of industry standards and excellence.…
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The Government has published the first major update on its Personal Insolvency Framework Review since August 2023, when it released a summary of responses to the 2022 Call for Evidence. Responding to the update, Nicky Fisher, R3 Personal Insolvency Committee Chair, said “R3 welcomes the Insolvency Service’s continued commitment to reforming the UK’s personal insolvency…
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As MPs successfully push the UK government to drop Clause 5, the Mental Health Foundation is calling on the Government to also drop Universal Credit measures. Reforms to the benefits system that the Mental Health Foundation called ‘counterproductive and cruel’ have been partially curtailed following concessions by the UK government ahead of a vote on…
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Latest data from the Bank of England has found that mortgage debt increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to £0.8 billion in April. The number of mortgages approved for home purchases in the UK rose to 63,000 in May, an increase of…
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Rising energy prices over the last two decades have squeezed incomes for low-and-middle income families and contributed to a ‘comfort crunch’ as more of their budgets are spent on household essentials, according to new Resolution Foundation research. The report notes that non-housing essentials – food and drink, utility bills, clothing and footwear, childcare, and road,…
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New research from Zurich Municipal has found that an increasing number of parents are struggling to fund the cost of school trips for their children. Over one in ten (13%) revealed they have had to work overtime to meet the cost of the away day or residential trips, with a similar number (9%) admitting they…
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A new report from the Resolution Foundation has found that the average UK household will see income grow by only 1 per cent, around £300, between 2025 and 2030, whilst the poorest families may see a 1 per cent decline in living standards. The Foundation says the outlook for living standards across Britain is bleak.…
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Almost a third of Gen Z (31%) and Millennials (28%) aren’t confident managing their current financial situation according to new research from the Investment Association. Money is a taboo topic for many with people more likely to discuss politics and current affairs (50%) than money and finances (29%) at the dinner table, according to new…
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Latest figures published by the Ministry of Housing, Communities, and Local Government show that council tax arrears have increased by over £600 million, with total debt reaching £6.6 billion, an increase of over 80 per cent since before the pandemic. The data reveals 400,000 more households fell into council tax arrears between 2022 and 2024, with 1.8…
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Moving away from the Ofgem fixed price cap and towards a flexible system of energy pricing – where costs vary according to region and time of day – could reduce the price of electricity by 4p/kWh by 2040, offering households savings of £200 a year, on average according to Resolution Foundation research. The research notes…
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Fears about the future have become part of daily life for more than one in three (36%) young people across the UK, according to new research from Co-op and Barnardo’s. The survey. to over 2,000 people aged 10-25 found that just 30% said they believe they will achieve their dream job, while more than a quarter…
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