News | Debt Advice Foundation

News

Financial Conduct Authority set to tackle overdraft charges

The Financial Conduct Authority (FCA) has announced proposals to tackle overdraft charges as part of its review into the high cost of credit. The FCA revealed that in 2017, firms made over £2.4bn from overdrafts, with around 30% of that figure coming from unarranged overdrafts.  Of particular concern was the fact that more than 50% […]

Read More

Debt Relief Orders hit milestone

The Insolvency Service (IS) has reported that it processed the 250,000 Debt Relief Order (DRO) in November 2018. DROs were introduced by the Government in April 2009 as a low cost alternative to Bankruptcy for people with relatively straightforward financial situations.  DROs, which cost £90, are only available to people with less than £20,000 of […]

Read More

FCA proposes cost of credit cap in rent to own sector

The Financial Conduct Authority (FCA) has proposed a price cap in the rent to own (RTO) sector for domestic goods. The cap, which follows a successful similar scheme introduced in the payday lending sector, will come into force on 1st April 2019 and will restrict credit charges to no more than the price of the product […]

Read More

What are Debt Advice Foundation’s helpline statistics?

Why we create a monthly statistical report on debt  Every month, Debt Advice Foundation compiles a statistical resource based anonymously on those who have called us in the previous completed month. How we compile them When someone calls us for help, it is not always for debt advice. In August, we got calls about a […]

Read More

Government helps those on low incomes to save

Help-to-Save Scheme officially launches A new savings account has been launched by the UK Government in a bid to encourage low-paid households to save for a rainy day. Via a Help-to-Save account, an estimated 3.5 million people on working tax credits or universal credits will be given a 50% bonus on every £1 saved over […]

Read More

Generous Brits are at risk of losing £9.1 billion to their mates

Half of those who lend to friends and family say they won’t get it back According to price comparison site Finder, people across the UK loaned £16.6 billion to friends and family last year, but 55% don’t believe they will get all of their money back. The report states that 24.5 million had given out […]

Read More

What are the financial benefits to being married?

What changes financially after your wedding day? Marriage is falling out of favour, but we wondered, is there any benefit to getting married? Back in 2017, the Independent claimed that the average cost of a wedding was around £27,161, just short of the average yearly wage of £28,000 [Office of National Statistics] So what reasons […]

Read More

Report from Money Advice Service links mental health and debt

Over half of adults questioned have experienced mental health concerns due to financial worry According to research from the Money Advice Service more than 55% of adults have struggled with their wellbeing because of money problems at some point in their lives. 38% pointed the finger at debt as the biggest financial issue linked to […]

Read More

Consumer spending rises 5.1 per cent year on year in May

BarclayCard say good weather caused rise in non-essential expenditure Barclaycard has released a report that claims the hot weather over the early May bank holiday encouraged shoppers to head out and about, with an increase in consumer spending of 5.1%. Non-essential expenditure increased 4.6%, its highest level of growth in 14 months. The data showed […]

Read More

Report highlights high cost of rent-to-own

FCA investigation finds rent to own consumers paying hundreds more for appliances The Financial Conduct Authority has released a report on rent to own (RTO) retailers, as part of their investigation into high-cost credit. RTO companies provide household appliances that are in effect “rented” for a period of time, with buyers making weekly or monthly […]

Read More

Call for FREE debt advice on


0800 043 40 50

Monday to Friday 8am to 6pm