Credit, Collections & Insolvency News
Debt advice specialist, Money Wellness has warned the cost-of-living crisis is far from over despite the topic falling down news agendas in recent months. The organisation reiterated the warned after referring more than 21,000 people to food banks during the first six months of the year – up from 10,622 in the last half of…
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The number of people in full-time work, including those in jobs such as nursing, have increasingly been asking for advice on debt according to a new report from StepChange Debt Charity. The research has found that one in five (21%) StepChange clients in full-time employment are in a negative budget – meaning their expenditure exceeds…
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Debt difficulties may be a reality for the majority of households, but even this isn’t enough to stop many struggling in silence and running the risk of spiralling into persistent problem debt, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. The research on the hidden impact of the cost-of-living crisis reveals widespread…
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More than eight million people across the UK need to get debt advice and over 12 million more live on the edge, new figures from the Money and Pensions Service (MaPS) have revealed. Using its survey of 22,519 adults, conducted in July-September 2023, MaPS has calculated that one in seven people (15%, 8.1 million) require…
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The demand for online money help has surged by 34% in the first week of 2024, the Money and Pensions Service (MaPS) has confirmed. Total visits to MoneyHelper’s Money Troubles pages hit 10,187 in the first week of January this year, rising from 7,625 during the week up to Christmas Eve. January 1-7 also…
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The Money and Pensions Service (MaPS) has announced it is now consulting on proposals for the delivery of its debt advice strategy, seeking feedback on the proposals laid out and wants to hear alternative proposals or ideas that it could take forward. Organisations and individuals involved in delivering debt advice, organisations that support debt advice,…
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Housing costs are a source of concern to many, yet around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research in a new poll of adults, conducted by YouGov on behalf of StepChange Debt Charity. The research found that two fifths…
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Demand for debt advice has risen sharply this year, as debt charities StepChange, Citizens Advice and Money Advice Trust, report increasing numbers of people burdened by cost of living pressures. During the first half of 2023, StepChange has seen a 17% rise in new client volumes year-on-year. With more in need of support, the charities are…
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Between January 2020 and March 2023, the proportion of clients accessing debt advice who have a car finance debt has risen by 14.8%. In the same period, the average balance of a client’s car finance debt has increased by more than 20%, from £8,077 to £9,705. The charity’s research also found that clients with car finance debt tend to…
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New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money. To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice…
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The number of people helped by Citizens Advice has hit a record high, with the charity calling it ‘our bleakest-ever start to the year.’ There were record highs on 70 different advice issues, including homelessness, food bank referrals and debt. The analysis shows the charity helped more people in January to April than in the…
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Demand for debt advice is up 15% year-on-year according to StepChange Debt Charity’s client data for March, continuing a consistent trend of markedly higher year-on-year client volumes in each month of 2023. The charity says this indicates the beginning of an escalating debt crisis following a sustained period of high inflation. Meanwhile, the Bank of England’s Money…
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Debt charity StepChange has said that it helped or guided nearly half a million people last year, with more clients receiving full debt advice than in the previous year. Last year saw 171,000 people receive full debt advice compared to 158,000 people in 2021, while a further 312,000 clients used a StepChange money guidance or…
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