FCA Insight: Journey into distress part 1 – a study of the UK’s troubled borrowers

Regulatory Updates | 07/01/20

A study of the credit files of hundreds of thousands of people reveals the typical financial lives of those who fall into money problems. The findings confirm, but also confound many assumptions about financial distress. Many of us will be fortunate enough never to fall into distressed debt – watching the unpaid bills mount up, the County Court letter arrive, and the debt collectors knocking at the door. What went wrong for those people who do suffer financial distress? Are there symptoms that could be warning signs for those who would later become financially unwell?