Credit, Collections & Insolvency News
Yorkshire Building Society (YBS) has announced that it has appointed Amanda Bryden as Director of Distribution and Incoming Managing Director of Accord Mortgages. Bryden brings more than 25 years of mortgage and intermediary leadership experience, most recently with Lloyds Banking Group. She has also held senior roles at HSBC, Santander and Coventry Building Society. Jeremy…
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Flexible finance, including small business credit cards, remains the most frequently used type of borrowing among UK SMEs, according to the British Business Bank however, research by Purbeck has warned that most directors sign up for this everyday form of finance without realising it carries the same personal risk as a six-figure business loan. The…
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New analysis from Lloyds Banking Group suggests that while younger adults have the digital know-how, it’s older generations who are using experience to make the most of tech when managing their money. The research showed that more than three in four (76%) 18 to 24-year-olds have used AI for personal finance – making them the…
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New research from StepChange Debt Charity has revealed growing concern about household finances, with millions of people worried about how they will cope as energy costs are expected to rise ahead of winter. The data shows that two in five (41%) British adults, equivalent to around 22 million people, expect their finances to worsen over…
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Energy regulator Ofgem has announced a 4% increase in the energy price cap for the period covering 1st October to 31st December 2026. The energy price cap protects around 22 million households on default tariffs by limiting the maximum rates and standing charges that energy suppliers can charge. It is updated every three months to…
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Latest figures from Energy UK show that domestic customer energy debt is likely to have hit a record £6 billion in the first half of this year and – with the price cap for October expected to be at a three year high which see energy debt reach £7 billion by the end of 2026. Energy UK had already warned about the growing debt problem earlier this year in a report, which revealed that the…
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Two-thirds of homeowners under 30 have mortgages lasting 30 to 40 years, with borrowers typically repaying them by age 59, according to analysis of 190,000 borrowers by Sprive. Analysis of more than 190,000 homeowners shows that two thirds (66%) of mortgage holders under 30 are now on terms of between 30 and 40 years. By…
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Debt charity, StepChange, has announced that it has enhanced its cybersecurity with digital transformation specialist ANS’ Security Operations Centre (SOC) service, giving the charity access to round-the-clock cybersecurity monitoring and threat detection without significantly expanding its internal security team. As demand for digital debt advice continues to grow, StepChange’s 2030 strategy focuses on delivering secure, resilient online…
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Outsourcer and software provider Target Group has announced the appointment of Paul Lynam as a Non-Executive Director. Lynam brings more than 35 years of leadership experience across the banking and financial services sector. He has held several senior executive and board positions, including serving as Chief Executive Officer of Equiniti Group and Secure Trust Bank.…
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Latest data analysis by FICO has shown that average credit card spending increased by 5.6% to £835 in June. The average active balance increased 1.4% to a record £1,975, marking a 4.7% increase on a year earlier, while the proportion of balances repaid fell 2.4% month-on-month to 33.3%, with this 4.4% below June 2025. Missed…
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A new trade credit report by Marsh has highlighted that confidence in resilience remains exceptionally high, while exposure indicators and loss experience point to sustained, broad-based financial strain. Around seven in ten respondents report that financial exposure has increased over the last 12 months across major risk areas, including supply chain disruption (69%), digital disruption…
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The latest Red Flag Alert research from BTG has revealed that the number of businesses in ‘critical’ financial distress in Q2 2026 stood at 53,756, following a year-on-year increase of 9.0% from Q2 2025. More than 53,000 UK businesses are now in critical financial distress, with a further 674,000 firms experiencing significant financial distress. The number of businesses in critical…
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New data from Cornwall Insights has shown that business energy costs have risen 25% since February, as the conflict in the Middle East continues to push wholesale prices higher. A typical average 12-month electricity contract for small industrial and commercial (I&C) businesses, such as a larger retail and leisure site or a small manufacturer site,…
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