Credit, Collections & Insolvency News
The Bank of England has held the base rate at 4% which affects a wide range of consumer loan agreements from credit card to mortgage payments. Commenting on the MPC’s decision not to change the Bank Rate from 4%, Andrew Gall, Head of Savings and Economics at the Building Societies Association (BSA) said “Many aspiring homebuyers…
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The Bank of England has maintained interest rates at 4% following a close vote by the Monetary Policy Committee (MPC). The rate-setting Monetary Policy Committee voted in a 5-4 split in favour of holding the rate, with four members preferring to cut rates by 0.25% to 3.75%. Commenting on the Bank of England’s decision to hold…
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Energy regulator Ofgem is assigning a new supplier for 8,400 customers after energy provider Tomato Energy collapsed. Ofgem intervened to protect supply for all affected, confirming that energy provision and funds, including credit balances, are secured under its ‘supplier of last resort’ safety net. Tomato Energy was banned from taking on new customers in April…
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New research by the Anti-Scam Alliance (GASA), in partnership with Cifas and Tietoevry has found that scammers stole an estimated £9.4 billion from consumers over the past 12 months with the report highlighting that one in five (20%) adults say they were targeted and had money taken, with the average victim having £878.60 stolen. The…
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Thousands of people at risk of experiencing homelessness will be able to open bank accounts for the first time through a new pilot between Shelter and five major banks, which will allow Shelter to support people without a fixed address removing a major barrier which stops people being able to get paid work. Lloyds, NatWest,…
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Latest figures from The Equity Release Council have shown that the equity release market space continued to demonstrate resilience in Quarter 3 2025, with total lending rising to £639 million, up from £636 million in Q2 and 4% higher than the same period in 2024. While total plan numbers were lower this quarter, customers released…
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The Financial Conduct Authority has provided a further update on its motor finance redress consultation, raising feedback that analysis of the extensive market-wide data is taking firms a while and therefore extending the consultation deadline until 12th December. Final rules are now expected to be published in either February or March 2026. Commenting on the…
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TSB has reported an 11% increase in purchase fraud cases from January to September 2025, with these scams making up 63% of bank transfer fraud, up from 52% in 2024. Victims lost an average of £452 per scam. Experts advise consumers to verify sellers and use secure payment methods to avoid falling victim to these…
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Pub insolvencies saw a marked increase during Q2 and Q3 of 2025, reversing a tentative recovery seen earlier this year. According to accountancy firm Price Bailey, 219 pubs entered insolvency in Q2, followed by 189 in Q3. Q1 saw 161 establishments not able to pay their debts. 84 pubs become insolvent in June, the highest…
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The Treasury has unveiled its Financial Inclusion strategy which will aim to bring a focus on building financial resilience for households most at risk of problem debt. The Financial Inclusion Committee’s mission is to tackle barriers to individuals and households’ ability to access affordable and appropriate financial products and services. The Treasury said its new…
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New research by Purbeck Insurance Services has revealed that one in three SME loans has a personal guarantee (PG) in place. With 36% of these loans for working capital to keep the business afloat, Chancellor Rachel Reeves is being urged to avoid any further measures that would raise operating costs and increase the burden on…
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Fraud prevention service, Cifas has announced a partnership with Trend Micro to deliver JustMe, a first of its kind mobile app designed to protect individuals from identity fraud and online scams. Fraud accounts for as much as 44% of all recorded crimes in England and Wales, with an estimated £219 billion annual cost to the UK…
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New data from the Vanquis Financial Wellbeing Index has shown that these people lack the confidence to have children or grow their families, with many taking on second jobs and cutting back on non-essentials to cope financially. The report shows that only 14% of householders earning under £40,000 feel confident in their ability to afford…
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