Credit, Collections & Insolvency News
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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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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More than four in five (82.6%) student loan balances have grown since borrowers became eligible to start repaying them, according to new Freedom of Information data obtained by Compare the Market from the Student Loans Company (SLC). The latest figures suggest that student debt is continuing to grow for many borrowers even after they become liable…
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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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