Credit, Collections & Insolvency News
Business confidence in the UK hit a four-month high, rising five points to 49% in July, two points higher than the 12-month average of 47%, according to the Lloyds Business Barometer. This was driven by an increase in economic optimism, reflecting the decline in global energy prices, the Bank of England holding interest rates and…
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Latest Bank of England data has shown that the total assets held by Credit Unions increased by nearly £100,000 to £4.99 billion in 2025, up 2% from the previous year. Membership also continued to grow, increasing by 0.80% to 2.29 million members. Total income increased by 6.03% in 2025 to £444.47 million, following growth of…
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The IoD Directors’ Economic Confidence Index, which measures business leaders’ optimism about prospects for the UK economy, fell marginally to -63 in July 2026, down from -61 in June. Business leader confidence in their own organisations also fell, to -2 in July from +7. The majority of the underlying indicators also declined; revenue expectations fell…
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The number of UK businesses entering insolvency-related processes fell in the second quarter of 2026, but a decline in new company registrations suggests business confidence remains subdued, according to R3 analysis. R3’s latest Quarterly Business Health report, based on data from Creditsafe found there were 6,854 insolvency-related activities in Q2 2026, down 6% compared to…
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Hodge Bank has announced that it has acquired the business and certain assets of Blue Motor Finance Limited through a pre-pack Administration process. Simon Edel, Alan Hudson and Richard Barker of EY Parthenon were appointed as Joint Administrators of the company, and the sale was completed immediately upon their appointment. The agreement means that the…
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New research from Trustpilot has found that 92% (over nine on ten) of financial services leaders say their organisation has a strategy focused on when and how their brand appears in answers from AI tools like ChatGPT or Google AI Mode (often called an ‘AI visibility strategy’). But nearly half (47%) are not collecting feedback…
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Businesses across the UK will benefit from greater transparency over the card fees they pay, after the Payment Systems Regulator (PSR) confirmed new requirements on Mastercard and Visa. The measures follow the PSR’s market review of card scheme and processing fees. Card scheme and processing fees are paid by businesses to accept card payments –…
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Blue Motor Finance Limited (BMFL) has been placed into administration. Simon Edel, Richard Barker and Alan Michael Hudson of Ernst & Young LLP have been appointed as joint administrators. BMFL operated as a motor finance lender; the firm had been running at a loss for several years and faced significant compensation liabilities it could not…
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The Information Commissioner’s Office (ICO) has executed search warrants across the UK as it cracks down on suspected nuisance marketing linked to car finance mis-selling claims as part of the joint regulatory taskforce. More than 12 million complaints about nuisance marketing text messages have been submitted by the public since September 2025, with up to…
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The Bank of England maintained interest rates at 3.75% in a 6-to-3 vote. The Committee said that it is appropriate to maintain the Bank Rate at this meeting. The Committee stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term. Commenting on the…
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New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. From 15th July 2026, BNPL providers will be required to carry out affordability and creditworthiness…
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A director has been sentenced after fraudulently inflating his company’s turnover to secure Covid support, which he used to pay off his personal debts. Faruk Chowdhury falsely claimed his company had a turnover of £150,000 and that the Bounce Back Loan would be used for legitimate business purposes. Chowdhury’s company, Learn & Earn Ltd, showed…
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As millions of UK holidaymakers prepare to head overseas this summer, new Freedom of Information (FOI) data obtained by Compare the Market has revealed that consumers paid £508 million in out-of-bundle international roaming charges in 2025, highlighting the continued cost of using mobile phones abroad for many travellers. The figures show consumers paid £508 million…
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