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Debt News (April 2024)

 

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 Thames Water hiring advisers amid fear of collapse, a student loan debt near £240,000,  a debt relief orders fee axed, an increase in unsecured debts, fake debt collectors stealing money and Kate Garraway facing debt for her late husband’s care. There are also bite-sized statistics to give an overview of the causes of debts in Britain. You can also catch up with previous Debt Talk podcasts.


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Debt News

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Thames Water hires restructuring advisers amid fears of collapse


Thames Water has assembled a team of City experts to lead urgent restructuring talks this week amid fears that its parent company may collapse by the end of the month.


More here: Link

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UK’s highest student loan debt exceeds £230,000, new figures show


The graduate with the most unpaid student debt in the UK owes more than £231,000, while another loan holder racked up interest exceeding £50,000, according to new data.


More here: Link

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Average unsecured debt at its highest level in a decade in 2023'


The average unsecured debt was at its highest level in a decade in 2023, according to a charity. The main drivers of the concerning statistics include mounting pressure from the cost-of living-crisis, as well as higher amounts of credit card and personal loan debts.


More here: Link

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Debt relief orders: Fee of £90 axed for poorest


People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April. Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.


More here: Link

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Fake debt collectors stole £410,000 from Northallerton businessman


The final member of a fake debt collecting agency who stole £410,000 from a North Yorkshire business owner has been jailed.


Liam Dinsdale, 38, of Varley Street, Colne, pressured the Northallerton businessman, aged in his 70s, into paying regular instalments of money.


More here: Link

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Kate Garraway has spoken out about the large debt she faces following the long-term care of her late husband Derek Draper.


The Good Morning Britain anchor took on significant care duties when Draper became seriously ill with COVID-19 in March 2020. After spending nearly 100 days in a coma, the former Labour lobbyist and psychotherapist remained in need of constant care for the rest of his life, from professionals and from Garraway.


More here: Link


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(Mar 2024) - Debt Talk: Consumer duty & debt sector (Podcast)


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Bite Size  stats:

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Currently £20 billion a year is loaned to around 1.5 million students in England each year. The value of outstanding loans at the end of March 2023 reached £206 billion. The Government forecasts the value of outstanding loans to be around £460 billion (2021‑22 prices) by the mid-2040s. (House of Commons Library)

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Individuals repaid, on net, £1.1 billion of mortgage debt in January compared to £0.9 billion in December. (Bank of England)

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5 million people are in a negative budget, including 1.5 million children - this has increased by 54% since 2020-1 (Citizens Advice)


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(Feb 2024) - Debt Talk: Council finance, tax and debt recovery (Podcast)

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