Average arrears on essential bills increases by 29% in Scotland

New figures from StepChange Debt Charity Scotland have indicated that client average arrears on essential bills have increasing by 29% from £2,302 in 2020 to £2,961 in 2021. The charity says that it helped over 28,600 clients with debt advice, and 8,433 went through a full debt advice process, with a growing proportion of clients…

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One in seven adults is behind on at least one household bill

21st March 2022 Arrears and Recoveries | #arrears

One in seven (an estimated 7.9 million) UK adults is behind on at least one household bill and one in eight (an estimated 6.2 million) have gone without heating, water or electricity in the last three months as a result of rising costs, according to new research from the Money Advice Trust. The charity, which…

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2.5 million households missed payments in January

28th January 2022 Arrears and Recoveries | #arrears

New research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…

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Households using savings to fund soaring cost of living

10th January 2022 Arrears and Recoveries | #arrears

New research by the Officer for National Statistics (ONS) has found that one in four people whose cost of living has increased are using their savings to counter rising energy and fuel prices. The research also shows that two in three people surveyed said their cost of living has increased in the last month. Fuel…

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Unsecured debt levels increase in line with spending

8th December 2021 Arrears and Recoveries | #arrears

New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…

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Warning that fuel poor older households will top a million by the Spring without financial help

New analysis by Age UK has shown that without more Government financial help, fuel poor older households will top a million by the Spring. The charity has warned that soaring energy costs will push an estimated 150,000 extra older households into fuel poverty this winter as a result of of soaring energy prices. With around…

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Mortgage arrears continue to fall to near historic lows

12th November 2021 Arrears and Recoveries | #arrears

Mortgage arrears continued to fall to near historic lows, with the government’s Coronavirus Job Retention Scheme remaining in place until September. according to the latest UK Finance statistics. Possessions meanwhile have slightly risen in absolute terms, off a low base, as the courts work through a backlog of cases that built up during the possessions…

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Millions of low-income households pulled under by arrears as living costs rise

21st October 2021 Arrears and Recoveries | #arrears

New research by the Joseph Rowntree Foundation (JRF) has found that a third of low-income households are unable to pay their bills, The research found that 3.8 million low-income households are behind on rent, bills or debt payments,  which is up threefold since the pandemic hit, revealing the growing cost of the living crisis facing…

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Bank of England issues warning over potential loan default rise

A Bank of England (BOE) survey of lenders suggests that more households are expected to have defaulted on mortgages and other loans by the end of November. The Bank’s credit conditions survey asks banks and building societies to detail the climate over the previous quarter and what they expect in the next three months. While…

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