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. ——————— Debt News ——————— 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: Lin k ——————— 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 ——————— Housing association 'encouraging staf
What is the debt advice sector saying about DRO? I am sure you have heard of the abolition of £90 if a Debt Relief Order Intermediary administers a Debt Relief Order (DRO) with the Insolvency Service to write off qualifying debts on behalf of debtors. This is undoubtedly a positive outcome for many who have recently been under the mercy of many Individual Voluntary Arrangement providers. To make it clear, this abolition came into effect on 6th April 2024. Other noticeable changes have been introduced with the DRO, and the debtor may have to wait a bit longer. The maximum amount of qualifying debts will increase to £50,000 and the cost of an increase in a vehicle to £4,000, and they are to come into effect on 28 June 2024. Anyone who knows about DRO will know that the qualifying debts were no more than £30,000 before these changes were implemented. The vehicle's value must be less than £2,000 unless it is specially adapted due to disability. Moreover, any assets the debtor owned mu