Credit, Collections & Insolvency News
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…
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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.…
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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…
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UK Finance has releaseed its latest mortgage arrears and possessions data for Quarter 1 (Q1) 2025, which shows that there were 90,140 homeowner mortgages in arrears fell by two per cent in Q1 2025 compared to the previous quarter. The number of Buy-to-let (BTL) mortgages in arrears also fell, down six per cent compared…
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The Chancellor of Duchy of Lancaster The Rt Hon Pat McFadden has announced that the Government will consult on council tax debt collection practices. This announcement comes as new StepChange polling revealed today finds that over eight in ten (84%) UK adults oppose households having to pay their annual council tax bill in full if…
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New research Deloitte by has found that early half (49%) of Gen Zs and 43% of Millennials in the UK say they feel stressed or anxious all or most of the time, up slightly from last year’s figures of 47% and 41% respectively. Of those who feel this way, 41% of UK Gen Zs and…
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Latest figures from Hargreaves Lansdown has found that households have an average of £196 left at the end of the month. The data showed that among those households on the lowest fifth of incomes, this falls to £3, and for the second lowest it’s £34. Younger people have less left at the end of the…
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Nearly 40 per cent of people are at risk of being unable to cover their basic needs in retirement, up from 35 per cent in 2023, according to a report from Scottish Widows. Low-to middle-income earners and people under the age of 40 were highlighted to be at more risk. The report also highlighted housing…
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New research by Saltus has found that one in eight (12%) are financially supporting both generations, often at the expense of their own financial goals. The data found that seven in ten (73%) high net worth parents are financially supporting adult children, while more than two thirds (68%) are helping their ageing parents or grandparents…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased sharply by £9.7 billion to £13 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose from 1.9% to 2.7% in March, the…
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New research by Pepper Advantage has found that in Q1, the data reveals that the overall arrears growth rate across residential and buy-to-let (BTL) mortgages was at 0.0%, primarily driven by improvement in the buy-to-let market. The data, which consolidates and analyses data from across the UK, shows that BTL arrears growth fell for the first…
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The Government says that more than one million households struggling with debt will get to keep an average £420 more of their benefits each year, under a change to Universal Credit which starts today (Wednesday 30th April 2025). The Fair Repayment Rate places a limit on how much people in debt can have taken off…
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Household bill arrears among StepChange Scotland clients have surged to an average of £5,193, according to the charity’s newly published 2024 Scotland in the Red report, marking a staggering 65% increase from £3,147 in 2023. Nearly seven in ten (68%) of those seeking help from StepChange Scotland are now behind on essential household bills. The…
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