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Monthly Debt News (July 2023)


(July 2023)

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

This month’s Debt News includes: Debt collectors illicitly obtained French citizens data -  Ofgem brings measures for debt recovery - UK household pay down mortgage and use savings - FCA introduced mortgage breathing space - UK Govt renationalising Thames Water.  Finally, bite-size stats on student loans, universal credit fraud, financial exclusion and renters in poverty.

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Debt collector of UK fines ‘illicitly’ got data of drivers in France

That is the claim of 102 plaintiffs who have filed a complaint over fines relating to low-emission zones in London 


More here: link 

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Ofgem proposes £13 allowance in PPM price cap for energy suppliers

The measure is part of Ofgem’s new plan to protect PPM customers and help energy suppliers recover bad debts. Energy regulator Ofgem has today announced new measures to enhance rules protecting struggling prepayment meter (PPM) customers and addressing debt-related costs 

More here: Link

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UK Households Pay Down Mortgage Debt and Raid Savings

Britons made a net repayment of mortgage debt for a second month in May and withdrew a record amount of savings as higher borrowing costs added to the cost-of-living squeeze.


 More here: Link

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FCA enable firms to provide mortgage breathing space

The FCA has moved quickly to make changes to its rulebook to support key commitments made by lenders at last week’s mortgage summit held by the Chancellor. 

More here: Link

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UK government looks at nationalising Thames Water as crisis deepens

Ministers on standby to intervene in debt-laden business a day after the abrupt exit of chief Sarah Bentley.


More here: Link 

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The loan sharks profiting from the pain of soaring prices

"D", not his real name, has worked as an illegal moneylender for two decades and says business has never been so good. 


More here: Link


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Bite-size stats

The average (student) loan in England at $18,200 was substantially higher than in any other country included in the analysis. The next highest was Norway at $11,900. 96% of students in England received loans, again above any other country (Australia and New Zealand were the next highest at 83% and 76% respectively. (Hansard) 

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Under-declaration of income from work undertaken (Earnings/Employment) remained the largest source of Fraud (for universal credit), despite decreasing from 3.9% in FYE 2022 to 2.9% in FYE 2023. (DWP)

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Around 7.1 million people (one in seven, or around 14% of the adult population) in the UK fall into the definition of ‘financially excluded’, meaning they could struggle to access affordable and fair financial services.(LexisNexis)

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Social and private renters have poverty rates of 46% and 34%, respectively, compared with 12% for owner-occupiers. And they are also far more likely to be materially deprived or to live in food insecurity. (IFS)


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