Energy regulator Ofgem has laid out plans to make firms offer tariffs without standing charges from next winter. The new plans also outline better support for households struggling with debt. The regulator will consult on introducing an option under the price cap to include zero standing charge tariffs alongside existing tariffs, offering consumers the ability to choose…
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Almost one million pensioner households in England and Wales could be living in water poverty by 2029/30 if the UK Government doesn’t introduce a single social tariff, according to a shocking new report by charity Independent Age. This is an increase from 2022/23 when there were 750,000 pensioner households living in water poverty. The report,…
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Latest mortgage lending data from the Bank of England and FCA shows that the value of outstanding mortgage balances with arrears is 18% higher than a year earlier and has risen to £21.9 billion, albeit this has declined by 0.4% compared to the previous quarter. New mortgage arrears cases (as a proportion of total outstanding balances…
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New forecasts from Cornwall Insight have seen price cap predictions rise to £1,762 a year for a typical dual fuel consumer. This would represent a 1% increase from January’s price cap of £1,738 announced in November. Cornwall Insight says that the increase in the cap forecast largely reflects the movement in the wholesale market, where…
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The Ministry of Justice has announced its response to a Government consultation on the proposal to allow for the names of claimants of money judgments, in the County Court and High Court, to be published on the Register of Judgments, Orders and Fines in England and Wales. Currently, only the name of the defendant is…
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A new survey by credit management company, Lowell has found that almost three-quarters (74%) of households rely on credit products like Buy-Now-Pay-Later schemes and credit cards to manage Christmas expenses, with repayments stretching into mid-April. The average family is set to allocate over half (53.6%) of their monthly salary—approximately £1,546 based on the national average…
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A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice. The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent). While 21 per cent have…
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Here is an overview of The Money Charity’s latest statistics for November 2024 Personal debt in the UK People in the UK owed £1,868.1 billion at the end of September 2024. The average total debt per household, including mortgages, was £65,777 and per adult was £34,594, around 95.3% of average earnings. Net mortgage lending increased by…
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A new All Party Parliamentary Group (APPG) report has criticised the Financial Conduct Authority’s (FCA) handling of issues affecting mortgage prisoners. Commenting in response to the report, Leon Diamond, CEO of LiveMore, said “As hard-hitting as the APPG report is, it is a stern reminder to the industry of how serious this issue is for…
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New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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New analysis by Pepper Advantage, on its portfolio of over 100,000 UK residential mortgages has shown that the arrears environment for residential mortgages has continued to improve – albeit slightly – with a 0.8% drop in the arrears rate relative to Quarter 2 (Q2) 2024. However, the arrears rate for Buy-to-Let (BTL) mortgages continued to rise,…
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