Sarah Pennells comments on the FCA’s findings on people falling behind on their bills

Responding to the FCA's findings on people falling behind with their bills, Sarah Pennells, consumer finance specialist at Royal London says:

"While it's good news that fewer people are struggling to pay their bills, there are still far too many who are not asking the companies they are in debt with for help. Our cost of living research shows that the vast majority of people; four out of five, have not approached anyone for help with the cost of living, even though approximately one in four say they're overdrawn at the end of the month - either every month or from time to time - or have to borrow. Most of those who had asked for help with the cost of living approached family and friends, rather than talking to, for example, their bank, energy company or mortgage lender.

"However, there is a lot of help available, and millions of people are missing out on initiatives such as extra time to pay their mortgage, or social tariffs for water and broadband. The key message is not to suffer in silence as the earlier you ask for help the more options may be available to you."

For information and options for help with the cost of living visit:

Where to get help with the cost of living - Royal London