Credit, Collections & Insolvency News
Research conducted by Updraft has revealed that Brits are expected to accumulate an average of £1,641 in credit card debt over the summer months, with many falling into the trap of overspending, missing grace periods and accruing interest. In fact, for some, summer 2025 spending may not even be paid off yet. Updraft surveyed 2,002…
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Over half (57%) of Scots have experienced problem debt, new research suggests, underlining the scale of financial pressure facing households as a new Scottish Parliament gets underway. New Censuswide polling commissioned by StepChange Scotland reveals 57% of adults in Scotland have a lived experience of problem debt, with almost two in five (38%) saying they…
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Research from St James’s Place has shown that average household wealth has fallen 17.5% over the last year, dropping from £126,482 to £104,329. More than a third of people said their financial position has worsened over the last twelve months, while one in five households now say they are struggling financially. The data finds that…
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Energy regulator Ofgem has announced it closed its investigation into British Gas on its treatment of customers who had a prepayment meter (PPM) installed without their permission, with consumers set to benefit from the settlement agreement made with the regulator. Ofgem’s investigation concluded that British Gas failed to meet the standards required of an energy…
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Water companies are failing to win back customers’ trust amid deepening concerns over the fairness and affordability of water bills, a new report has revealed. Trust in water companies across England and Wales has reached a new low, according to the Consumer Council for Water’s (CCW) annual Water Matters report, which has been tracking household…
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More than half (58%) of adults who are single or live alone say they could not cope with an unexpected bill of £850 according to new research by Aviva According to the research, people who live alone spend on average a little over £630 a month on essential costs, such as food/ groceries, transport, council…
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New research by Age UK has found that 3.4 million (28%) pensioners, more than one in four, are struggling financially, and nearly half of them have been struggling for three years or more. Notably, a fifth (22%) of those struggling, equivalent to 740,000 aged 66+ said they have been struggling financially for more than five…
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New research from debt management firm Lowell has revealed that on average, it takes families until mid-April (3.8 months) to clear their festive debt. The survey found that 74% of UK families relied on credit cards and Buy-Now-Pay-Later schemes to help cover the cost of Christmas. While some families have the luxury of being able…
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Billpayers are set to benefit from a stronger energy regulator, under reforms of its remit set out by the Government. The transformation will empower the energy regulator, Ofgem, to ensure energy consumers are treated fairly, including measures to guarantee good market practice. This is the first major update to Ofgem’s scope since the regulator was…
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While the use of AI in payments management continues to grow, the UK is proving slower to adopt AI solutions than its European peers, with skills gaps and regulatory uncertainty slowing progress according to new research by Intrum. Intrum’s European Payment Report, based on a survey of over 8,000 businesses in 20 markets, is produced…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies and personal insolvencies rose in Northern Ireland in March 2026. The data showed that there were 35 company insolvencies registered in Northern Ireland, 21% higher than in March 2025. The insolvencies comprised of 25 compulsory liquidations, nine CVLs and one CVA. There were…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 3% when compared to February 2026 and 30% higher than in March 2025, totalling 12,252 personal insolvencies The insolvencies consisted of 654 bankruptcies, 4,523 debt relief orders (DROs) and 7,075 individual voluntary arrangements (IVAs). T The 7,075 IVAs registered…
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The Government has announced that is it modernising rules around council tax debt collection, as the Ministry of Housing, Communities, and Local Government responded to their modernisation consultation. The Government announced that the timeframe before a person loses the right to pay in instalments will be extended from one missed payment to three, and at…
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