Debt

A major study by the new Money and Mental Health Policy Institute has found more than 70% of those with mental health problems believe their condition has hit their finances – and almost 60% have taken on additional borrowing as a result.

Stark survey results showing some creditors and debt collectors continue to add charges despite knowing those repaying are in financial difficulty have sparked renewed calls for a 'breathing space' scheme for people struggling with debt.

The new tax year starts today, and while in the past the cheers were for the new ISA allocation, today it's time to pop open the champagne for a huge change that means for all but bigger savers an ISA now holds little point.

The Money Advice Service – the official organisation created to offer consumers free advice on their finances – is to be replaced by a new "slimmed down" body under plans set out in the 2016 Budget.

A major new policy institute dedicated to researching and finding solutions to the devastating link between mental illness and money problems was launched today, funded by a donation of at least £2 million from MoneySavingExpert.com founder Martin Lewis.

MoneySavingExpert founder Martin Lewis and the StepChange Debt Charity have called on the Government to fix the rules for people struggling with temporary debt. The move comes as new figures show one in five people making unsecured debt repayments have been left unable to afford food.

The financial watchdog says competition in the credit card market is working fairly well for most consumers, although it has expressed concerns about the scale of potentially problematic credit card debt and claimed more could be done to help struggling borrowers.

People in England and Wales with low levels of debt will now be able to avoid bankruptcy, which can have a serious impact on future finances, as the Government has increased the minimum level of debt that can force people into this last resort option to £5,000 from £750.