Credit, Collections & Insolvency News
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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A quarter of graduates can expect to be financially worse off after going to university, especially those who take creative or performing arts degrees, according to new research by the Institute for Fiscal Studies (IFS). People who took their GCSEs in 2002 and went to university will earn around 40% more over their lifetimes (£320,000…
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Fraudsters and debtors who refuse to pay face tough new consequences, including direct deductions from bank accounts, as new laws come into force. People who have stopped receiving benefits but still refuse to repay money owed to the Department for Work and Pensions (DWP) could also be banned from driving under the new rules. The…
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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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Latest monthly figures from the Insolvency Service for England & Wales for May 2026 indicate that there were 11,223 personal insolvencies, 2% higher than April 2026 but 10% higher than in May 2025. Personal insolvencies in May were 10,955. Personal insolvencies were 10% higher in May 2026 compared to the same month in 2025 when…
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Enforcement agents have criticised a recent segment on Good Morning Britain (GMB), warning that the inflammatory language used risks escalating violence towards workers on the ground. Amy Collins, the new President of the Civil Enforcement Association (CIVEA), the principal trade body representing the sector, published a response to the programme (which aired on 17 June)…
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The Credit Services Association (CSA) has published a new report examining how language barriers can affect customer engagement across the sector. In particular, the research highlights that language barriers are a recurring operational issue across debt advice organisations, and support capabilities can vary. The paper titled ‘Signposting for customers who have language barriers,’explores the practical…
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