Credit, Collections & Insolvency News
Credit Connect has published the annual 2026 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 award results, recognising companies for advancing industry standards and excellence. The review…
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The rising cost of everyday essentials is taking a growing toll on mental wellbeing, according to new research from cashback shopping app Tuck. Tuck surveyed more than 3,000 consumers and found that 40% of adults feel mentally exhausted by financial worries either every day or several times a week, while nearly one in five (18%)…
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Credit card defaults in the UK have surged to their highest level since the 2008 financial crisis. Bank of England data indicates a significant uptick in the number of people defaulting on credit card payments, the largest increase since 2009. The data shows a sharp rise in defaults on credit cards and other unsecured loans.…
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New research from Scottish Friendly has found that women are more likely to be worried about affording everyday outgoings over the next 12 months as day-to-day financial pressures threaten long-term savings and investments. The mutual’s latest Family Finance Tracker research shows that 71% of women are concerned about being able to afford all their regular…
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Millions of people across the UK are still years away from recovering financially from the cost-of-living crisis, and the nation’s overall financial resilience level shows many households are still very exposed if prices rise for basics such as food, fuel and energy, according to new research from Royal London. The report highlights that one in…
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Council tax arrears in the UK have reached £9.3 billion after rising by £1 billion over the past year, a 12% increase. The Ministry of Housing, Communities and Local Government reported that England accounts for £7.4 billion of the total, with Scotland at £1.6 billion and Wales at £320 million. In the past five years,…
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New data from Ofgem has shown that energy debt has risien 15% year-on-year, hitting a record high of £4.79 billion, marking a 5% increase from the previous quarter. The number of accounts repaying debt rose by 3% for electricity and 4% for gas. Average debt for those with repayment plans is now £828 for electricity…
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Nearly one in four (39%) of adults (27.2 million, as of March 2026) would struggle to cover an unexpected £300 bill, new research from Chetwood Bank has revealed. The research found that financial resilience remains under pressure, with more than half (55%) of UK adults saying they have changed their savings or financial plans in…
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Two-thirds (67%) of credit users agree that cost-of-living pressures have increased the use of credit in everyday spending, with nearly six million customers revealing they are doing so with greater intentionality than ever before, according to research by Zilch. The finding comes from the Credit Confidence Study, Zilch’s new study of over 10,000 UK adults and over 6,600 users…
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Over two million Britons are reportedly in debt to illegal lenders, a rise of 500,000 since 2022, according to the Centre for Social Justice (CSJ). Britain is facing a growing illegal lending crisis as record numbers of cash-strapped households turn to loan sharks to cover everyday living costs. The number of people borrowing from unscrupulous…
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New research from the National Audit Office (NAO) has revealed that millions are missing out on vital support with energy and water bills. This comes as over £7 billion worth of debt is owed to energy and water companies. The report examined how Ofcom, Ofwat and Ofgem support consumers in vulnerable circumstances and whether people…
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One in four (25%) adults borrowing money from their parents for bills such as rent or insurance admit they don’t always tell their partner about the extra help, even though they share the bill, according to new polling data conducted by Compare the Market. This proportion rises to a third (33%) among Gen Z and…
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Credit Connect hosted its second annual Spring Series of events at the end of May at Eastwood Hall Hotel in Nottingham. The event opened with the first-ever Industry Leaders networking dinner, which hosted 60 attendees who have been nominated and ratified by Credit Connect’s Industry Leaders partner associations: CIVEA, CICM, CCUA, CCTA, Cifas and Registry…
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