Credit, Collections & Insolvency News
A cleaning boss has been banned as a company director after transferring almost £200,000 out of his insolvent business into his new company. Leicestershire-based Philip Walker was the director of Solus Facilities Limited, a company providing cleaning services for restaurants. However, by April 2023, the company was in financial difficulty and unable to pay its…
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Research from St James’s Place has shown that average household wealth has fallen 17.5% over the last year, dropping from £126,482 to £104,329. More than a third of people said their financial position has worsened over the last twelve months, while one in five households now say they are struggling financially. The data finds that…
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More than half (57%) of businesses say a combination of supply chain pressures and higher energy and fuel costs are among their biggest challenges as they grapple with the impact of conflict in the Middle East, according to new research from accountancy and advisory firm BDO. The bi-monthly survey revealed that supply chain pressures including…
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Afin Bank has announced that it has appointed Beth Jeffs as Head of Product and Proposition. Jeffs joins from the Nottingham Building Society, where she was Senior Mortgage Propositions Manager. She has previously held roles at providers including HSBC, Coventry Building Society and Sainsbury’s Bank in product and credit risk areas. She will oversee the…
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Latest data from UK Finance has shown that the overall proportion of mortgages in arrears remains low, at 0.91 per cent of homeowner mortgages and 0.47 per cent of BTL mortgages. In the first quarter of 2026, there were 79,110 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance. This…
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The UK economy grew by 0.6 per cent in the first quarter of the year, the fastest rate of growth in a year, according to the Office for National Statistics (ONS). Growth was driven primarily by the services sector, which rose 0.8 per cent over the period. The ONS data also reported that GDP grew…
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Energy regulator Ofgem has announced it closed its investigation into British Gas on its treatment of customers who had a prepayment meter (PPM) installed without their permission, with consumers set to benefit from the settlement agreement made with the regulator. Ofgem’s investigation concluded that British Gas failed to meet the standards required of an energy…
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Concentrix and Flexys have announced a strategic partnership that brings together Flexys’ digital-first debt management and collections software, with Concentrix’ global delivery capability, operational resilience and scale. The partnership will enable Flexys to scale more effectively in response to increasing client demand, with Concentrix providing systems integration, delivery and support expertise. Claire Christie, GVP, Service…
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Water companies are failing to win back customers’ trust amid deepening concerns over the fairness and affordability of water bills, a new report has revealed. Trust in water companies across England and Wales has reached a new low, according to the Consumer Council for Water’s (CCW) annual Water Matters report, which has been tracking household…
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Households reduced spending in April, marking the first annual decline in card spending since late 2024. Barclays reported a 0.1% fall overall, with travel spending dropping 5.7% as consumers became increasingly cautious. Fuel spending rose sharply due to higher oil prices and concerns linked to Middle East tensions. The data showed that consumer card spending…
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Small businesses have welcomed new legislation aimed at curbing late payments, calling it a historic moment. The King’s Speech introduced measures that empower the Small Business Commissioner to investigate and fine firms that consistently delay payments. The Late Payments Bill enforces a maximum payment term of 60 days and mandates interest for late payments at…
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New data from Twenty7tec’s April 2026 Mortgage Market Snapshot (MMS) has revealed a significant slowdown in mortgage search activity following the heightened levels seen earlier this year, underscoring the market’s continued sensitivity to broader economic pressures and borrower affordability concerns. Total mortgage searches fell by 20% month-on-month in April, dropping from 2.15 million in March…
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Financial guidance shared by ‘finfluencers’ on popular social media platforms is generally low quality, despite being widely used by UK adults, according to new research released by Queen Mary University of London, supported by Aberdeen Group Charitable Trust. The research analysed nearly 2,500 finfluencers on Instagram, TikTok and YouTube, alongside a survey of more than…
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