Worrying news but not unexpected. Act now to protect your property portfolio and home before the debt spirals out of control

New research from StepChange Debt Charity reveals nearly a quarter of the 1.6m people who’ve accessed credit payment deferrals have subsequently missed repayments, while 50% say they have resumed repayments but with difficulty.

People struggling financially as a result of Covid can no longer apply for the standard payment deferrals put in place as temporary support measures and "the long tail of debt problems shows little sign of abating".

StepChange’s report found that nearly 80% of those whose income has been hit by Covid have not recovered financially. The charity estimates more than 14 million people have suffered a hit to their income which has affected their ability to pay for essential costs since March 2020.

£25bn of arrears and borrowing directly attributable to Covid has been built up since March 2020, with 10.6 million people having borrowed to make ends meet. Most worryingly, 2.8 million people have used high-cost credit to make ends meet in this period.

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