New figures from debt charity StepChange have revealed that thousands of households’ finances are at breaking point as a result of the Covid-19 crisis. The research reveals just how vulnerable people are to changes in personal circumstances with three out of four new clients identified a life event or income shock as the main reason for…

Here is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…

Joseph Rowntree Foundation (JRF) has urged the Government to go further to protect people on low incomes from the impact of coronavirus. The Government has rightly committed to several bold and compassionate measures that will offer security to many businesses and employees. But new data published today by the DWP shows that the country entered…

Britain is facing an unprecedented time, with the Covid-19 pandemic threatening jobs; particularly freelancers, the workforce on ‘zero-hours’ contracts, leisure workers and small business owners. New research by TransUnion commissioned just before the outbreak, has found that that one in five consumers (21%) wouldn’t manage financially if they lost their job tomorrow, and this number…

Barclays, HSBC and Lloyds have become the first major banks to review overdraft charges, as it aims to help customers struggling financially through the coronavirus crisis. Barclays will waive overdraft charges for a fixed period while Lloyds Banking Group and HSBC are increasing fee-free overdraft buffers to £300. Barclays account holders will have any interest…

The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak.  The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…

Citizens Advice says it has seen record-breaking demand for advice since the escalation of the coronavirus pandemic with the highest daily number of visitors to its website being topped four times last week. The debt charity says that web data shows a clear picture of the changing narrative of how this crisis is affecting people…

The Government has confirmed a £500 million hardship fund will provide council tax relief for vulnerable households. Local Government Secretary Rt Hon Robert Jenrick MP has confirmed the government’s £500 million Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by coronavirus. The government has set out…

The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service.  The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…

The TUC has called on the government to provide urgent aid to Britain’s five million self-employed workers. A new report published today says the current measures in place for self-employed workers are “inadequate” with many facing severe hardship over the coming months. The report calls on ministers to extend the wage subsidy scheme announced on…