Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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.…
Read more
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…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 0.5% in May 2025 to a total of 10,014 compared to April 2025’s total of 10,060, and increased by 5.5% compared to May 2024’s figure of 9,493. The personal insolvencies consisted of 648 bankruptcies, 3,783 debt relief orders…
Read more
New research from SunLife has reveals that seven in ten (73%) over 50s have private pensions, rising to 75% in the South West, 76% in the South East and 83% in Northern Ireland, in the North West 30% of over 50s have no private pension savings at all. Average incomes in the region are also…
Read more
Latest data from the Bank of England has shown that the number of new mortgages competed by lenders jumped 50.4% to £77.6 billion in the first three months of the year compared to 12 months ago, hitting the highest quarterly level for more than two years. The data shows that the outstanding value of all…
Read more
The Insolvency Service has published a revised Individual Voluntary Arrangement (IVA) protocol to improve the service currently offered to people in debt and safeguard them from poor practice. IVAs are a legally binding agreement between a person who is insolvent and their creditors. The new protocol includes an easy-to-read ‘key facts’ document, which will be given to…
Read more
The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
Read more
More than £1 billion in incorrect Universal Credit (UC) payments have been blocked by the Department for Work and Pensions (DWP) in a drive to stop people falling into financial difficulties. The milestone was reached after a programme to review payments was ramped up last summer, with more than one million cases now looked at.…
Read more
The annual cost of household bills has risen by £112 on average year-on-year, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has risen by 2% on average, compared to 12…
Read more