1.3m with mental health problems spend less on essentials to pay their mortgage

26th January 2024 Arrears and Recoveries |

Latest research by Money and Mental Health Policy has found that homeowners with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments, and are also at greater risk of falling behind on mortgage bills compared to other homeowners. While many mortgage holders…

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Nearly two million people face debt over self assessment tax bills this month

Around 1.8 million taxpayers will turn to overdrafts this month to pay unexpected self-assessment tax bill amounts, according to research from Royal London. Income tax receipts are expected to soar by around £35 billion by 2028/29 thanks to the phenomenon of fiscal drag, where rising incomes and frozen tax thresholds tip greater numbers of workers…

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More than five million in debt to energy supplier

24th January 2024 Arrears and Recoveries | #energy debt

The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…

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One in two Scottish people are worried about their financial situation

24th January 2024 Arrears and Recoveries |

A new survey for StepChange Debt Charity, carried out by YouGov, has found that one in two people in Scotland (47%), equivalent to 2 million people, are worried about their financial situation. The research also found that two in five (42%) people in Scotland, around 1.8 million, think their household financial situation will get worse…

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One third of adults will run out of money by end of January

22nd January 2024 Arrears and Recoveries |

One third of adults in the UK will run out of money by the end of January, a new survey by Credit Karma has found. The research said that by 20th January, 56% of adults will have spent their entire monthly income, due to higher winter bills and financial strain from Christmas expenses. As a…

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Warning over surge in missed mortgage and credit card payments

Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…

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Second charge mortgage figures falls by 6%

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…

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Two in five say financial situation will get worse in the next 12 months

17th January 2024 Arrears and Recoveries | #debt

Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…

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Poorest face doubling of debt to energy suppliers

17th January 2024 Arrears and Recoveries | #energy debt

The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…

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Four in ten councils at risk of financial failure over next five years

Four in ten local authorities in England are at risk of going bust over the next five years, according to analysis by Grant Thornton. Since 2021, six councils have issued section 114 notices, meaning they have declared themselves effectively bankrupt with Grant Thornron suggesting that 40% of councils at risk of financial failure over the…

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Eight in ten say January will be toughest yet financially

15th January 2024 Arrears and Recoveries |

According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…

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Financial resilience gap increases as the debt crisis impacts low earners

New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…

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Charity forced to double energy bill financial support

Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…

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