Demand for debt advice service surged 34% in first week of 2024 

30th January 2024 Arrears and Recoveries | #debt advice

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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MaPS opens debt advice strategy consultation

11th January 2024 Consumer Collections | #debt advice

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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Two in five uncomfortable speaking to mortgage lender or landlord about budget pressures

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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Charities warn of harmful misleading debt advice adverts

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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Debt charity sees increase in car finance debt advice

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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One in five people would not seek support if they owed money

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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Number of people helped by Citizens Advice at record high

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 continues to rise 

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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Half a million people supported by debt charity last year

19th April 2023 Company News | #debt advice

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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Charity sees 22% rise in demand for debt advice

More than 18,000 new StepChange Debt Charity clients completed full debt advice in January 2023, which is at least 22% higher than any single month in 2022, suggesting that more and more people are struggling with debt in the new year following almost 12 months of rising living costs. Latest Bank of England data for January showed…

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FCA announces proposals to ban debt packager referral fees

2nd February 2023 Arrears and Recoveries | #debt advice

The Financial Conduct Authority (FCA) has announced that is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest…

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Money Advice Trust launches enhanced debt advice services

1st February 2023 Company News | #debt advice

The Money Advice Trust has announced major enhancements to its National Debtline and Business Debtline services, as the charity’s new contracts with the Money and Pensions Service (MaPS) go live.  National Debtline and Business Debtline – which offer free, independent and confidential debt advice by phone, webchat and online – will help 440,000 people in…

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Cost of living pressures sees debt help enquiries increase by 350%

23rd January 2023 Consumer Collections | #debt advice

Debt advice provider, MoneyPlus Advice has seen enquiries for debt help significantly increase this month already, with initial enquiries rising by 353%, compared with the same period last year. Over the last 6 months, people citing the cost of living as their main reason for financial difficulty has more than tripled, and this worrying trend…

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