Credit, Collections & Insolvency News
A West London building contractor who overstated his company’s turnover by almost £200,000 to secure a maximum-value Covid Bounce Back loan has been banned as a director and ordered to repay the money he was not entitled to. Tahir Haq obtained a £50,000 Bounce Back loan for building completion and freight transport company Integral Maintenance…
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Latest data from the Bank of England has found that mortgage debt increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to £0.8 billion in April. The number of mortgages approved for home purchases in the UK rose to 63,000 in May, an increase of…
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Rising energy prices over the last two decades have squeezed incomes for low-and-middle income families and contributed to a ‘comfort crunch’ as more of their budgets are spent on household essentials, according to new Resolution Foundation research. The report notes that non-housing essentials – food and drink, utility bills, clothing and footwear, childcare, and road,…
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Online businesses in the North West are securing much larger advances than their southern counterparts, reflecting the region’s growing digital economy and the impact of regional investment in tech hubs. The median advance approved for online businesses in the North West of the country has now increased by 483% year-on-year, to an amount of £175,000…
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A new Government report has highlighted how Companies House is transforming from a passive register to an active gatekeeper, providing examples of how the agency is actively tackling economic crime and improving register data. Key to Companies House progress is strengthened collaboration with The Insolvency Service and other law enforcement agencies to present a unified front…
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The IoD Directors’ Economic Confidence Index, which measures business leaders optimism in prospects for the UK economy, fell back to -53 in June 2025, having risen to -35 in May. Business leaders’ confidence in their organisations also fell to +3, having reached +15 in May. Investment intentions fell to -10 in June 2025, from ±0…
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The Financial Conduct Authority (FCA) has announced that it is developing new rules aimed at helping consumers move their savings from cash into shares, with the regulator looking to reduce the ‘advice gap.’ The proposed rules would allow financial firms to offer targeted support, replacing the current system that distinguishes between ‘guidance’ and ‘financial advice’. …
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Citysave Credit Union and Fusion Credit Union have announced that the two companies have completed a merger. The merger integrates all Fusion members into Citysave’s operations. It expands Citysave’s reach throughout Birmingham, Sandwell, Warwickshire, Cannock Chase, South Staffordshire, Solihull, Redditch, Bromsgrove, and Lichfield. Citysave CEO, Sean Lynch said “By combining our strengths, we are better…
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New research from Zurich Municipal has found that an increasing number of parents are struggling to fund the cost of school trips for their children. Over one in ten (13%) revealed they have had to work overtime to meet the cost of the away day or residential trips, with a similar number (9%) admitting they…
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A new report from the Resolution Foundation has found that the average UK household will see income grow by only 1 per cent, around £300, between 2025 and 2030, whilst the poorest families may see a 1 per cent decline in living standards. The Foundation says the outlook for living standards across Britain is bleak.…
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Almost a third of Gen Z (31%) and Millennials (28%) aren’t confident managing their current financial situation according to new research from the Investment Association. Money is a taboo topic for many with people more likely to discuss politics and current affairs (50%) than money and finances (29%) at the dinner table, according to new…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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New analysis from Premium Credit has shown that the Construction sector borrows the most to fund insurance premiums. The Professional and Scientific sector saw the most growth in terms of using credit for insurance. The data showed that 54% of SMEs use some form of credit to pay for insurance premiums, borrowing an average of…
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