Credit, Collections & Insolvency News
Research by Pepper Money has found that more than 16 million people have now experienced adverse credit, showing that rising living costs and financial pressures are driving a sharp increase in credit struggles across the UK, the highest figure since the study began nine years ago. The data showed that adverse credit is now increasingly common…
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A new survey by leading specialist bank Vanquis has revealed that Gen Z shoppers are making nearly double the number of impulse purchases as the average person, fuelled by platforms like TikTok, leaving many with financial regrets. Gen Z spends multiple hours a day on social media, with many relying on it as a source…
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Interest-free car repair financing platform Bumper International has announced that it has received Financial Conduct Authority (FCA) authorisation with permissions for consumer credit lending in the UK. The authorisation represents a major milestone for Bumper as it expands its mission to make car ownership more flexible and affordable, enabling the development of longer-term credit products…
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Up to 1.9 million adults, equivalent to 4% of the population, are estimated to have used unlicensed money lenders or loan sharks in the past 12 months, according to an IPSOS UK survey commissioned by Fair4All Finance. The cost of living crisis has exacerbated this situation for many, reducing households’ headroom to absorb unexpected financial…
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A new report from Lloyds Merchant Services has found that consumers are increasingly looking for payment flexibility. 61% of adopters say they are more likely to shop with a retailer offering Buy Now Pay Later (BNPL), rising to 63% for point-of-sale (POS) finance. Half (50%) are comfortable using BNPL for mid-ticket purchases between £100 and…
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New research by UK Finance has found that more people are now using digital payments, with rising use of in-app purchases, digital wallets, and Buy Now Pay Later for shopping. At the same time, cash payments have again fallen. These trends indicate that people are increasingly opting for digital payment options, a trend that is…
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High-cost lending firm Fernwood Financial has entered liquidation. Thousands of customers of the company will have had their debts wiped out following the company’s collapse. Liquidators are contacting clients to inform them of the debt write-off, and the Financial Conduct Authority (FCA) has confirmed that customers need not make further payments and should cancel automated…
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The Financial Conduct Authority (FCA) has proposed new regulations for Buy Now, Pay Later (BNPL) providers, requiring them to ensure that borrowers can afford repayments and to offer support in the event of financial difficulties. The rules will come into effect when BNPL falls under the FCA’s oversight next year, granting borrowers protections similar to…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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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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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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New analysis of 24 million subprime credit applications conducted by Data On Demand in partnership with the University of Salford Business School and Seattle Pacific University has found that young adults and homeowners driving surge in subprime credit, The analysis revealed a significant shift in borrowing patterns, with essential living costs replacing discretionary spending as…
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Boshhh Group has announced that it has partnered with Yapily to launch a fintech solution with an aim to end irresponsible BNPL lending amid the upcoming FCA affordability clampdown. The new FCA regulations tackling the lack of comprehensive affordability checks in BNPL lending come into effect in 2026 with lenders currently failing the financially vulnerable…
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