Credit, collections & insolvency news
Latest figures from Ofgem show energy debt levels have broken records again, with £3.69bn now owed.
Debt charity, Money Advice Trust has highlighted the need for urgent debt help with energy arrears breaking record levels.
The figures come ahead of the latest energy price cap increase, which comes into effect on 1st October, when energy bills will rise by 9.5% to £1,717 for the average household.
Responding to the latest arrears figures, leading debt advice charity, the Money Advice Trust is calling for dedicated support for people trapped in energy debt through repayment matching and debt write-off.
Steve Vaid, Chief Executive of the Money Advice Trust, the charity that runs National Debtline, said “These latest record-breaking energy debt figures only highlight what we have been saying for some time – without urgent support for households facing unaffordable arrears, energy debt will only rise further.
“Colder months and higher energy prices are set to add to the pressure many people are already under as they struggle to keep up with their bills.
“A Help to Repay scheme, with repayment matching and debt write-off options, is needed now more than ever.”
More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…
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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found. The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial…
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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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