Will temporary payment holidays create the perfect debt storm for households? Government organisations, such as the Financial Conduct Authority (FCA), are working with Banks and lenders to try and alleviate some of the financial demands on households as many of us sit it out at home during the coronavirus pandemic However, Banks and mortgage lenders Read More
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RENT? What is being done to help those who rent, struggling during the crisis?
Many who pay rent in the UK are still waiting for the government to confirm its legal stance on evictions during the pandemic. Ministers initially claimed new legislation would ensure no tenants were evicted throughout the crisis. On Tuesday, however, Labour accused the government of betraying those who rent because the bill apparently only extended the eviction Read More
Breathing Space from debt for 60 days.
A 60 day breathing space to help those in debt, first announced in June of last year has been finalised by the government. The new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. A 60-day breathing space period will Read More
National Living Wage to increase in 2020.
The national living wage is set to rise. The question is by how much. What will be the new minimum amount for the national living wage? What is the national living wage? The National Living Wage is the hourly rate for the minimum wage depending on your age and whether you are an apprentice. The Read More
New Poverty report shows millions struggling to pay essential bills.
Poverty Report. A recent report published by the Universities of Birmingham and Lincoln reveals levels of rising poverty across all groups. These include people in work. In the poorest 20% of the population, 6 in 10 are deep in debt. Almost 1.6 million people fell behind with council tax payments. Over a million have been Read More
Increasing numbers of British Consumers living on financial knife edge.
A leading debt charity has said that it has received a record number of calls from consumers in the first half of 2019. The fear is that as a growing number of consumers are over-indebted and ill-equipped to cope with an economic shock, such as a no deal Brexit. Over 331,000 people contacted the charity Read More
Mortgage Lending approvals fell in March
March saw an unexpected fall in mortgage lending. Unsecured credit grew at its slowest pace in more than five years. Figures released by the Bank of England show that uncertainty over the UK’s exit from the EU has made consumers cautious. Mortgage lending drop – A sign of housing slowdown? According to their figures, the Read More
Money Charity have released their ‘money statistics.’
The Money Charity is the UK’s financial capability charity. They develop and deliver products and services which provide education, information and advice on money matters in an appropriate way for young people and adults. They have been producing a summary of the UK’s money situation since 2005. The latest UK money statistics from the Money Charity Read More
Homeless deaths in Wales rise to 90 in 5 years.
Homeless deaths in Wales have reached 90 in the last 5 years. It is a human tragedy that we are seeing increasing numbers of people living their lives in misery. “In one of the world’s wealthiest countries, no-one should be dying because of homelessness. It’s imperative that governments act now to stop this tragedy once Read More
The Nation’s households now owe an enormous £72.5 billion on credit cards.
£400m was added to credit card debt last November as Christmas approached. New figures show that the Nation’s households now owe an enormous £72.5billion on credit cards. The average unpaid debt on credit cards is £2.688 per household. Experts have warned that using credit cards is one of the most expensive ways to borrow money. Read More
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