Credit, Collections & Insolvency News
Most people wait until their money worries reach tipping point before asking for help, according to new research by Lowell, finding that nine in ten people delay seeking help until their financial situation becomes critical. The study, conducted by Lowell to mark Talk Money Week, found that only one in ten people seek help at…
Read more
New research commissioned by debt charity StepChange and Equifax has uncovered the profound and often hidden financial challenges faced by neurodivergent individuals. The research, which combined an online survey with in-depth interviews of neurodivergent individuals experiencing debt, found that almost all survey respondents (97%) felt that being neurodivergent presented challenges when it came to managing…
Read more
Lloyds Banking Group research has shown that more than 28 million (56% of UK population) adults are now turning to Artificial Intelligence (AI) to help manage their money. ChatGPT is referenced as the most popular platform, used by six out of ten. With more than half of people who use AI employing it for budgeting,…
Read more
Ofgem has announced a new plan to tackle the growing crisis of energy debt through a new Debt Relief Scheme (DRS). The regulator has confirmed the first phase of the scheme will write off up to £500 million of historic debt built up during the energy crisis, with total energy debt across the UK now…
Read more
Latest Accountant in Bankruptcy data has shown that personal insolvencies in Scotland decreased by 8% to 1,780 in 2025-26 Quarter 2 (Q1), down from 1,935 in Q1 and a decrease of 113 (6%) compared with 2024-25 Q2. There was a significant reduction in the number of Protected Trust Deeds (PTD) and a small reduction in…
Read more
Latest data from Pepper Advantage, has found the arrears rate dropped 0.3% in Quarter 3 (Q3) 2025, following a significant 4.4% decline in Q2 2025. The data highlights a rebound in new mortgage originations, which surged by 20.2% compared to the previous quarter. Mortgages saw a 0.2% drop in the arrears rate, although this is a…
Read more
Surviving Economic Abuse (SEA) – the UK charity dedicated to tackling economic abuse, has launched an industry-leading, practical guide to support financial services firms to identify, prevent, and respond to economic abuse – a dangerous form of domestic abuse. The Government has committed to halving violence against women and girls (VAWG) in a decade. A mission…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 3% in September 2025 to a total of 11,101 compared to the August 2025 figure of 11,387 and increased by 7% compared to the September 2024 figure of 10,401. The personal insolvencies consisted of 622 bankruptcies, 3,985…
Read more
Digital tools are transforming customer service across every sector, but don’t replace the value of human empathy when people face financial difficulties, according to new research from Lowell. Conducted to mark National Customer Service Week, the research found that 81% of respondents believe it is important to speak to a human when they have a…
Read more
A joint study from credit management company Lowell and free debt advice provider Money Wellness has found that almost two-thirds (64.22%) of debt advice circulating on TikTok, Facebook, and Reddit is misleading, while an overwhelming 98.27% is unreliable. With over 10.1 million people in the UK currently over-indebted (FCA Credit & Loans survey), many turn…
Read more
New research from Compare the Market has revealed that almost three-quarters of people with multiple forms of debt (72%) say they find it difficult to stay on top of their repayments. On average, people in the UK with multiple debts owe £7,296 in total and have been paying them off simultaneously for nearly three and…
Read more
New research by Thinkmoney has revealed that the average household is set to spend £787 on the festive season an increase of £87 on last year. Despite spending more, many feel they are getting less, and some would rather skip the holiday altogether: almost a third of people (30%) say they would cancel or delay…
Read more
Latest data from Shawbrook has found that people are £224 worse off each month compared to last year, as they continue to suffer the consequences of the cost of living crisis. Nearly 40 per cent of people confirmed they were worse off compared to last year, with women being affected in particular, with 43 per…
Read more