Water affordability woes impacting more than half of homes

As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…

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Grieving families face financial strain because we’re not talking about dying

12th May 2022 Arrears and Recoveries |

Grieving families in Britain are being put under additional financial strain due to not discussing end-of-life wishes with loved ones, SunLife’s annual Cost of Dying Report has revealed. The research revealed that families unsure of what the deceased would have wanted often overspend compared to those who had shared their wishes in advance. Almost half (48%) of…

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Average households expects £100 a month spending deficit on income against expenditure

The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…

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Cost of living pressures predicted to drive significant rise in credit card borrowing

Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…

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Borrowing increases as cost of living pressure rises

New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…

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Electricity distribution network operator pays £14.9m after failing vulnerable customers

4th May 2022 News |

Western Power Distribution (WPD), the largest electricity distribution network operator in the UK, has agreed to make a voluntary redress payment of £14.9 million after accepting it failed to meet its obligations to provide information to some of its most vulnerable customers. Network companies are required to provide additional services to households in vulnerable circumstances who are…

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Money Statistics: April 2022

3rd May 2022 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for Apri, 2022 Personal debt in the UK People in the UK owed £1,773.2 billion at the end of February 2022. The average total debt per household, including mortgages, was £63,803 and per adult was £33,526, around 107.9% of average earnings. Net mortgage lending rose by…

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Energy debt doubles to £1 billion with a quarter of consumers in debt

The amount of money that households collectively owe to their energy suppliers has doubled in the past year to reach £1 billion, with a quarter (23%) of consumers now in energy debt, according to new research from Uswitch.com, the comparison and switching service. The number of households in debt to their supplier has risen by…

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Average rents costs increase for the sixth consecutive quarter

Average UK rents have increased for the sixth consecutive quarter, according to The Deposit Protection Service (The DPS). The research also showed that some tenants are paying above the going rate to secure a property. The UK’s largest protector of deposits, which safeguards 1.8m rent securities, says that average rents now stand at £849 a…

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Over 200,000 renters served notices in three years

More than 200,000 private renters in England have been served eviction notices without doing anything wrong in the three years since the government first promised to ban the practice according to research by Shelter. The research found that every seven minutes a private renter in England is handed a Section 21 no-fault eviction notice by…

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One in four households finding it difficult to pay bills

The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…

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Household savings fall by 71% as living costs soar

13th April 2022 Arrears and Recoveries | #bills

Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save. A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80…

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Households face pay squeeze deepens despite unemployment figures fall

Real average weekly pay packets fell by 1.3 per cent in February, with a far deeper squeeze coming in the months ahead, despite the jobs market continuing to tighten and last year’s furlough flattering the headline pay data, the Resolution Foundation says in response to the latest ONS labour market statistics. The UK jobs market…

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