Industry News

885,000 homeowners in energy debt

Research suggests 5% of homeowners owe their energy supplier money

 
The survey from GoCompare of over 1,000 homeowners revealed that those in debt generally owe on average £121.20 to their energy provider.

Government to launch new personal finance advice and pensions’ body

The Government has announced that pension and debt services should be combined, after originally wanting to launch two new guidance bodies.

Payday lender banned by the Financial Conduct Authority

Wage Payment and Payday Loans Limited has been suspended by the FCA 

 
Trading as ‘Payday Overdraft’, 'DoshLoans' and 'WagePayday' the FCA has refused Wage Payment and Payday Loans Limited’s (WPPL) application for authorisation to carry out regulated financial activities such as lending to consumers. WPPL failed to co-operate properly with the Financial Ombudsman Service when complaints were received from customers about the firm.

Nearly three-quarters of people fork out on unexpected expenses at least once a year

Low levels of savings put millions at financial risk from unexpected bills

New research from the Government’s Money Advice Service shows that 40% (16.8 million) of working-age people in the UK have less than £100 in savings.

Payday lender accidentally charges borrowers twice

Wonga has revealed that it double-debited 7,000 customers for their loans on Friday.

 
The UK's biggest payday lender blamed an internal system error which resulted in extra payments being taken from bank accounts.

Could you still be financially linked to your ex?

Your ex’s finances could affect you more than you realise. 

 
There are many things you know you’ll end up sharing with a partner - children, friends and belongings. But what about unpaid overdrafts? A bad credit score? Joint debts?

Government clarifies how the Lifetime ISA will work

The Government has published its Savings (Government Contributions) Bill which sets out legislation describing how the Lifetime ISA (LISA) will work.

 

Young care leavers are falling into debt because they aren’t receiving any financial education

A charity has claimed that those leaving care are falling into debt and financial difficulty due to insufficient guidance.

 
A report by the Children’s Society says that with no family to support them when they reach adulthood, they are being let down by local authorities and facing harsh benefit sanctions, pushing them into financial difficulty. 

Borrowing money from friends or family

Do you rely on friends and family for money?

 
32% of people in the UK have borrowed money from friends or family, according to research from Equifax.

Millions are paying more than 40% of their income on debt repayments

The TUC and Unison have released a report which states that many families in the UK are living with "extreme problem debt”.

 
The report blames a drop in wages for plunging around 1.6 million families into extreme indebtedness as the value of real UK wages went down by 10.4% between 2007 and 2015.