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Monthly Debt News (March 2023)

(March 2023)

Monthly Debt News looks at debts and the causes of debts in Britain from a variety of sources selected for professionals to make the debt sector simple


This month’s Debt News includes - extended energy bill support - FCA expects the debt sector to implement consumer duty - students in debt - Surrey Council insolvent - Bitesize stats.

Energy bill support to be extended as price rise looms. 

Support for energy bills from the government is expected to continue for three months from April, protecting consumers from an average increase of £500. Sky News understands the chancellor will cancel a reduction in support that would have seen typical annual bills rise from £2,500 to £3,000. 

More here: Link (Sky)


FCA wrote to COA/Director on  21 February of Debt Advice sector to implement Consumer Duty 

Consumer Duty is a significant shift in our expectations of firms. It introduces a more outcomes-focused approach to consumer protection and sets higher expectations for the standard of care that firms give customers. 

More here: Link (FCA)


Student loans: A third of university  students plunge into debt in cost of living crisis, ONS survey shows

Figures published on Friday by the Office for National Statistics (ONS) showed that 30 percent of students in England have taken on new debt in the past three months, with the majority saying it was because their student loan was “not enough to support their living costs”. 

More here: Link (iNews)


Surry council on brink of insolvency with debts of nearly £2bn. 

A local council in Surrey has signalled it is close to effective bankruptcy after amassing debts worth almost £2bn to fund a property investment spree, raising fresh questions over the fragile health of local authorities after years of austerity. 

More on here: Link (Guardian)


Bitesize Stats:

The proportion of UK families going without essentials due to the rising cost of living. Around 6 in 10 low-income households are not able to afford an unexpected expense, over half are in arrears and around a quarter use credit to pay essential bills. (Joseph Rowntree Foundation)


Citizens Advice Bureaux across England and Wales answered 469,854 enquiries in January 2023, 18.4% up from January 2022. Debt was the second largest advice category in January 2023 with 79,448 issues, behind Benefits and Tax Credits (104,944). (Money Charity) 


There were 26,538 individual insolvencies in England and Wales in November to January 2023, an increase of 0.8% from 26,328 for the same period in 2022. (Money Charity)



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