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Debt News (May 2023)

(May 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 DWP overpayment mistakes - the cost of living bites - homeowners trapped in high interest - opposition leader renegades on student fees - household time bomb - ethnicity and car high car insurance premiums - bite-size stats.

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The DWP is chasing the poorest for millions of pounds of its own mistakes - but one mum fought back (ITV X)

A single mum of two disabled children has fought back against the government after it tried to force her to pay more than £8,000 in benefits debt over its own mistakes.


More here: link

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Belfast food bank adds evening opening as cost-of-living crisis bites.


A food bank in Belfast has described the pressure it faces as a "tidal wave approaching".


More here: Link 

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The people trapped paying 8% interest on their mortgages: 'I lie awake at night and I'm petrified all the time'


Homeowners paying over 8% interest on mortgages they can't switch away from say "relentless" rate rises over the past year have destroyed their mental health and left them living as "hermits". 


More here: Link

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UK opposition Labour leader likely to scrap free university pledge


The leader of Britain's main opposition Labour Party Keir Starmer said on Tuesday he is likely to scrap his pledge to provide free university tuition, blaming economic circumstances for the probable u-turn.


More here: Link

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Households in debt time-bomb, says Citizens Advice


Fears of a "debt time-bomb" have been raised by Citizens Advice, which said growing numbers of households faced a "wild west" when seeking help.

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Household finances: Govt To Issue Blanket Ban On Financial Cold Calls 

The government announced today that all cold calls offering financial products will be banned to protect consumers from scams, writes Bethany Garner.

More here: Link

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Unpacking the controversial issue of an ‘ethnicity penalty’ in car insurance premiums

Insurance Times speaks to industry experts following Citizens Advice revealing that POC are paying more for car insurance than their white counterparts.

More here: here

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Bite size stats:


19.1% Increase in the price of food and drink in the year to March 2023, the fastest rate in over 45 years. (Money Charity)

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70% Percentage of Buy Now Pay Later users reporting that they are paying through this means as a direct result of the cost of living crisis (Money Charity)

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There were 29,017 individual insolvencies in England and  Wales in Q1 2023, 517 fewer than in the previous quarter. The largest increase since the current series began in 2010 was seen between Q2 2020 and Q3 2020. (Bank of England)

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Public sector net borrowing (PSNB ex) in March 2023 was £21.5 billion, £16.3 billion more than in March 2022, and the second-highest March borrowing since monthly records began in 1993 (ONS)

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