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The National Audit Office Report

The National Audit Office” report out on 6 September 2018 says that there are 8.3 million people struggling with personal debt in the UK, other worry factors include:

  • 40% proportion of reported debt problems in 2017-18 relating to debts owed to government, up from 21% in 2011-12
  • £15 billion total outstanding mortgage arrears in 2018
  • £18 billion the NAO estimates of personal debt owed to government, utility companies, landlords and housing associations;
  • 4 in 10 estimated proportion of people in the UK who cannot manage their money well day to day
  • 5,000 approximate number of consumer credit lenders regulated by the Financial Conduct Authority
  • 600,000 estimated number of people who need debt advice but are unable to access it

The NAO goes on to say that evidence shows that good debt collection practice both benefits individuals and boosts collection rates. Common best practice principles include timely assessments of vulnerabilities, affordable repayment plans, and signposting or referring people to debt advice.

To read more follow link: https://www.nao.org.uk/report/tackling-problem-debt/

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