Credit, Collections & Insolvency News
New Resolution Foundation analysis has found that income gaps between different regions across Britain have remained resolutely high over the past thirty years, including during the pandemic upheaval and ‘levelling-up’ agenda, highlighting the scale of the challenge facing PM-in-waiting Andy Burnham as he seeks to tackle geographic inequality. The research shows that before-housing-cost income gaps…
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The era of near-invisible checkout credit is set for a major reset, as previously unregulated Buy Now Pay Later (BNPL) products come under the Financial Conduct Authority’s oversight. The new rules will apply to Deferred Payment Credit agreements, meaning lenders will need to carry out affordability checks, provide clearer information on repayment terms and fees,…
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More than one in five (22%) SMEs fear they could be forced out of business over problems paying tax bills in the next five years, according to new research from Premium Credit. The study of SME owners and managers found nearly two out of five (39%) say they have missed up to four tax bill…
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New data from Money Wellness has shown that Buy Now Pay Later (BNPL) has become an increasingly common feature of customers’ finances over the past four years, with June recording 4,520 customers seeking help with BNPL debt – the highest June on record and second only to the traditional post-Christmas spike seen in January. The…
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Ofcom has fined Virgin Media £28 million for putting customers on millions of calls through unreasonable effort, hassle and difficulty when trying to switch to another provider. In the UK’s competitive market, telecoms customers can choose from a wide range of providers, services and packages – often saving hundreds of pounds by switching to a new…
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The Business and Trade Committee has asked the Department to reconsider the Government’s ‘inadequate’ response to proposals to improve UK plans for small business growth. In February of this year the Committee reported that small businesses across the UK were facing cost pressures comparable to the conditions of the pandemic, but without pandemic-style support packages.…
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Nationwide has announced the appointment of Kim Dickinson as its new Lead Product Manager for Intermediaries, further strengthening its intermediary relationships team at a time of continued focus on supporting the broker community. Dickinson brings a wealth of experience in the mortgage market and working with intermediaries, having previously spent the last 10 years at…
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Specialist lender LiveMore has announced the appointment of Charles Roe as Industry Adviser. In this role, Roe will support LiveMore’s position as a consumer champion that is continually pioneering solutions for the evolving needs of borrowers, as well as helping to deepen the company’s relationships with its key commercial partners. Roe joins LiveMore with a…
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Fraud rates within Open Banking payments remain below wider UK payments industry benchmarks as adoption of Open Banking continues to grow, according to the first edition of the Open Banking Payments & Fraud Monitor, published today by Open Banking Limited (OBL). Drawing on data from account providers representing more than 60% of Open Banking payment…
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New data from Purbeck Insurance Services has revealed that applications for personal guarantee-backed finance rose 63% year-on-year in Q2 2026, reflecting sustained and growing demand for borrowing among small and medium-sized businesses. Behind every loan application is a director who has personally guaranteed a business loan, and the scale of that exposure is growing as…
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More than four in five (82.6%) student loan balances have grown since borrowers became eligible to start repaying them, according to new Freedom of Information data obtained by Compare the Market from the Student Loans Company (SLC). The latest figures suggest that student debt is continuing to grow for many borrowers even after they become liable…
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A new Insolvency Service taskforce will target ‘abusive phoenixism’ by company directors. The Insolvency Service will use AI to root out rogue directors who deliberately fold their companies to dodge tax and walk away from their debts. Phoenixism accounted for 22 per cent of the £3.8 billion in total tax losses in 2022-23, according to…
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Business activity in the UK financial services sector has sharply declined, according to the Confederation of British Industry (CBI). The net reading for business activity fell from 65 in March to -58 in June. Firms reported deteriorating profitability and cited poor investment returns as a key growth limitation. The quarterly survey also found that sentiment…
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