Credit, Collections & Insolvency News
National debt charity StepChange has won a top award for its work to tackle illegal lending and keep its clients safe from loan sharks. The charity, which has its headquarters in Leeds, has been awarded Partner Plus Accreditation by the Illegal Money Lending Team (IMLT), known as Stop Loan Sharks, in recognition of its ongoing…
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Latest monthly statistics from the Insolvency Service have shown that personal insolvencies increased whilst business insolvencies declined in June 2026. The data showed that in June 2026, there were 189 personal insolvencies in Northern Ireland. This was 13% higher than in June 2025. The insolvencies comprised 136 IVAs, 20 bankruptcies and 33 DROs. The business insolvencies…
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Latest monthly figures from the Insolvency Service for England & Wales for June 2026 show that there were 11,871 personal insolvencies, 5% higher than in May 2026 and 16% higher than in June 2025. The insolvencies consisted of 674 bankruptcies, 3,879 debt relief orders (DROs) and 7,318 individual voluntary arrangements (IVAs). The 7,318 IVAs registered in…
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Holiday childcare costs across Great Britain have risen by 5% in the last year, leaving working parents facing an average bill of £191 per child per week – or £1,145 for the six-week summer holiday according to Coram Family and Childcare research. The survey finds that holiday childcare continues to cost almost three times as much as after-school childcare during…
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The Government’s Financial Inclusion Strategy is a welcome first step, but it is not a complete plan to tackle financial exclusion according to a new Treasury Committee report. The strategy fails to show: Who is excluded, Where exclusion is concentrated, Which services and products are people excluded from and Why are they excluded. Without this information,…
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New research from Rathbones suggests parents and grandparents are increasingly stepping in to fund higher education costs themselves. The research found that nearly seven in ten (69%) parents expect to cover at least half of the total cost of university, with 15% expecting to pay all or almost all costs themselves, 23% expecting to cover…
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Thousands of people in financial crisis will get faster access to the help they need, thanks to a £900,000 technology boost to speed up debt relief order (DRO) applications. The new technology will allow debt advisers to send DRO cases directly to the Insolvency Service portal. The move will make the DRO application process more…
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StepChange Debt Charity has welcomed the long-awaited Buy Now, Pay Later (BNPL) regulation coming into force on Wednesday this week (15th July), which will mean all BNPL products come under FCA regulation and include consumer protections in line with borrowing such as credit cards and personal loans. The charity has laid out what the changes…
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Recent changes to Debt Relief Orders (DROs) have successfully enabled more people in financial difficulty to access debt relief, according to an Insolvency Service review. The review assessed the impact of the 2021 and 2024 reforms, which raised the maximum debt level, increased the asset allowances, and widened access for people with low incomes and low…
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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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New Resolution Foundation analysis has found that income gaps between different regions across Britain have remained resolutely high over the past thirty years, including during the pandemic upheaval and ‘levelling-up’ agenda, highlighting the scale of the challenge facing PM-in-waiting Andy Burnham as he seeks to tackle geographic inequality. The research shows that before-housing-cost income gaps…
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Ofcom has fined Virgin Media £28 million for putting customers on millions of calls through unreasonable effort, hassle and difficulty when trying to switch to another provider. In the UK’s competitive market, telecoms customers can choose from a wide range of providers, services and packages – often saving hundreds of pounds by switching to a new…
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