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Debt News (May 2024)

 

 Monthly Debt News examines debts and the causes in Britain from various sources to simplify the debt sector.


This month’s Debt News includes Halifax increasing mortgage rates, Thames Water warning of an increase in water bills, a housing association encouraging workers to take on debt, the court fined a driver for driving the wrong way, and a mother challenging an unfair penalty charge. You can catch up on bite-size debt states and monthly Debt Talk podcasts.


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Debt News

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Britain’s biggest mortgage lender Halifax among major banks to increase rates


Britain’s biggest mortgage lender Halifax has become the latest brand to reveal it will increase mortgage rates this week, following a slew of other hikes earlier this week.


More here: Link

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Thames Water warns of even bigger surge in bills under new plan

Thames Water wants to bring bills up to at least £608 a year by 2030 - and possibly even higher

More here: Link

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Housing association 'encouraging staff into debt' by offering loans as workers strike


A housing association has been accused of encouraging its workers to take on debt after it started offering hard-up staff access to loans instead of agreeing to increase pay.


More here: Link

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Court fines motorway driver who drove the wrong way down M6

A motorist caught driving the wrong way down a motorway has been fined by the courts.


More here: Link

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Mum goes to court over 'unfair' £300 parking fine and judge rules company should pay her


A mum refused to pay an "unfair" £300 parking ticket for two years until she was taken to court - where she 'won' and the company was ordered to pay her.


More here: link


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 (Apr 2024) - Debt Talk: Poverty & ethnicity premium (Podcast)



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Bite Size  Stats:

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At the start of Q2 of FYE 2024, London LAs reported £599 million outstanding overpaid HB, just over a third (36%) of the GB total. At the start of Q2 of FYE 2024, 90% of the outstanding overpaid HB in GB was in LAs in England, 3% in LAs in Wales and 8% in LAs in Scotland ( Gov UK) 


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 Ofgem has found that energy debt levels now stand at a staggering £3.1 billion—billion, not million—and that the average debt has increased by about 50% over the last 12 months, with the number of households in debt increasing by about 20%.(Hansard)


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38% of those seeking debt advice were full-time employed, however, recent data (December) for 2023 reveals a six percentage points increase to 44%. Compared to 2021, in 2023 we saw slightly more full-time employed clients who are women, aged 35-49, with children, and homeowners seeking debt advice (Step Change) 



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


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