Credit, Collections & Insolvency News
New data from Updraft has shown that social media–fuelled travel fear of missing out (FOMO) is the largest driver in credit card debt, with September now emerging as a peak month for overspending. In a survey of 2,002 UK adults and 274 recent credit card loan recipients, 46% said they overspent this summer after feeling…
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Over half (54%) of pensioners on a low income find it a struggle to keep up with bills and credit commitments, causing misery and worry to hundreds of thousands of retirees. The findings are revealed in new research by the Living Wage Foundation based on polling of pensioners who are on a low income. The…
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A fraudster has been jailed after illegally securing three Bounce Back Loans and using the funds to buy and ship goods to Ghana for resale. Eric Agyeman obtained £130,000 in three Bounce Back Loans for DOK Logistics UK Ltd when businesses were only entitled to a single loan under the scheme. Agyeman invented turnover figures…
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New research by Capital on Tap has found that 46% of business owners don’t have a business credit card, with 54% of consumers actively avoiding them For business owners, cash flow management is the main purpose of a credit card, with 80% highlighting this as their reason for use. Employee-related expenses such as payroll and…
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Aldermore Group has announced that Steven Cooper is stepping down as Chief Executive Officer (CEO). Cooper, who joined Aldermore in May 2021, has decided to leave for a new opportunity outside the banking industry where he has built a 20-year career. In his four and a half years with Aldermore. Raj Makanjee will step into…
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Small and medium enterprises (SMEs) in the UK are increasingly pivoting to focus on internal talent during a tough labour market, latest research from Shawbrook reveals. When asked about their plans for the rest of 2025, just under half (48%) of SMEs leaders revealed they are looking to upskill their current team, by far the…
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UK Finance’s latest Business Finance Review shows that SME lending by the main high street banks increased by 8 per cent in the second quarter of 2025 to £4.24 billion, compared with the same period last year. Within this total, gross lending to small businesses (with a turnover of up to £2 million) increased the…
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Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s eighth Credit & Collections Technology Awards 2025. The Credit & Collections Technology Awards are the UK’s celebration of technology innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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Consumer card spending grew just 0.5 per cent year-on-year in August, down from 1.4 per cent in July and lower than the latest CPIH inflation rate of 4.2 per cent, according to new data from Barclays. Essential spend declined, however, discretionary spend rose 2.0 per cent, as clothing, furniture and health & beauty stores all…
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A Joiner whose two companies failed to pay more than £300,000 in tax has been sentenced after ignoring a director disqualification. Robert Kurzawa was banned as a director for three years in 2017 after his RK UK Construction Ltd company went into liquidation owing more than £195,000 in tax. However, Kurzawa continued acting as a…
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Chetwood Bank has announced it has appointed Alan Cleary as Interim Managing Director (MD) of its mortgages division. Cleary, who has worked in specialist lending for more than 30 years, is best known for co-founding Charter Court Financial Services, which merged with OneSavings Bank (OSB Group) in 2019. He led the Precise Mortgages, Kent Reliance…
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Ultimate Finance has announced that it has appointed Paul Hansen in the newly created role of Asset Finance Sales Director. Hansen brings over 30 years’ asset finance sales experience, including more than a decade in senior leadership roles across both lenders and brokerages. He will lead the asset finance sales strategy, accelerate new business growth…
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The Financial Conduct Authority (FCA) has announced new proposals that would enable contactless card payments to exceed £100 and potentially become unlimited under new proposals to allow banks and other providers to set limits. The regulator says that it wants to give card providers the flexibility to decide the right limit for themselves and their…
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