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

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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)

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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)

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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)

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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.

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A debt free path for a mental health sufferer

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Betar Bangla radio’s Ripon Ray: How fashionista turned political activist and debt advisor

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Shame no more to talk about domestic abuse and money trouble!

Silence can be a deadly killer for women of domestic abuse and instead of just hindering their recovery it could lead to their fatality. According to the Office of National Statistics (2015), two women are killed every week in England and Wales by a current or former partner in a relationship. The definition of domestic abuse has been expanded in recent times by legislation: an incident or pattern of incidents of controlling, coercive, threatening, degrading and violent behaviour, including sexual violence. Julia Oviedo, a victim and survivor of domestic abuse, shared her personal experience on ‘In Conversation with Ripon Ray…the Community Money Matters Show’ on Betar Bangla Radio. It may seem just another story to many listeners but for an individual to talk about such a personal experience requires bravery, confidence and the will to encourage other victims to come forward and share their experiences. In her case, it was physic...

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