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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A debt free path for a mental health sufferer

It’s a well-known fact that individuals who suffer from a hampered mental capacity - be it mental health or learning difficulties - are most likely to be vulnerable in our communities. They are also more likely to be victims of miss-sold products and services by companies, even though organisations that are providing financial products and services have a duty under the Financial Conduct Authority (FCA) to take extra care towards these individuals. This is what the FCA has to say about vulnerable customers: ‘ The vulnerability of the customer, in particular where the firm understands the customer has some form of mental capacity limitation or reasonably suspects this to be so because the customer displays indications of some form of mental capacity limitation (see ■ CONC 2.10) But due to a culture of intensive selling to consumers, generated by employers placing and enforcing - often difficult and unrealistic - performance goals wh...

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

PUBLISHED: 09:02 13 March 2019 | UPDATED: 09:03 13 March 2019 Emma Bartholomew Ripon Ray: Picture: Rukya Khan Debt advisor and radio talk show host Ripon Ray tells Emma Bartholomew how he’s seeing more and more people who are unable to just pay the basic bills Ripon Ray: Picture: Nick De Marco Self-confessed “arty-farty creative” Ripon Ray originally set out to be a fashionista in life, when he “found his calling” and changed track to become an activist. He’d been studying at the London School of Fashion, but going on an anti-fascist protest “triggered a couple of things”. “I dumped my studies and went to Kingsley College where I was doing full-on activism, and organising protest marches,” he told the Gazette . “I loved it but I got kicked out of there because I was too much of an activist and I wasn’t focusing on my studies.” He knuckled under, bagged a history degree and started out in the charity sector as a housing advi...

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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