Oldham debt expert's warning as figures show half of adults struggle to pay energy bills

Oldham-based debt expert Allan Cadman

An Oldham-based debt expert is urging people facing debt problems to seek help as new figures show that almost half of North West adults (48%) are finding it difficult to afford their energy bills, and almost a third (32%) are struggling to pay their rent or mortgage.

The figures from the Office of National Statistics also show one in 20 adults in the region (5%) is behind with their energy bills and a similar number is behind on rent or mortgage payments.

Allan Cadman, who is North West chair of the insolvency trade body R3, said: “The rising cost of living is taking its toll on household finances, as these figures show, and the North West is amongst the regions worst affected.

“The North West is second only to London in terms of the number struggling to pay their rent or mortgage, and on a par with the capital in terms of the number behind with their payments.

"This could be due to the rise in house prices and rents in the region in recent years, in particular in cities such as Manchester.

“The region is also amongst the worst affected in terms of people struggling with energy bills. In general Northern regions fare worse than the South - probably because they are not only less affluent but they are also colder so bills are higher.”

Mr Cadman, who is also an insolvency practitioner with Poppleton and Appleby, says debt problems are on the increase.

He added: “The past couple of years have been extremely tough for many people and household budgets are significantly more stretched than a year ago.

"The rise in the cost of living is showing no sign of slowing down, real wages have fallen, and more and more people are being forced to borrow to pay their bills.                 

“We urge anyone falling behind or struggling with debt problems to seek help from a qualified insolvency practitioner as soon as possible.

"While it is difficult to take that first step and talk to someone about your finances, discussing your concerns at an early stage means you’ll have more time and more options to resolve the situation.”

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