'Some people will be able to cope but many will struggle'
poverty, energy poverty and over-indebtedness were some of the challenges facing financially vulnerable people discussed at last week’s Cost of Living conference in Glasgow’s Royal Concert Hall.
While the 2022 Act has helped cool private sector rent increases over the last 10 months and slow the rate of evictions, an unintended consequence has been to increase the overall volume of cases with high levels of housing debt and complex needs. Last week’s conference heard from a number of advice workers worried about staff morale and the retention of colleagues amongst their charities. There have been few pay awards in Scotland’s third sector which is now the very poor relation of the public and statutory employment sectors.
Extrapolating from UK Finance’s figures there will be around 200,000 people affected by mortgage price increases inSome people will be able to cope but many will struggle and undoubtedly there will be households pushed into mortgage default with the risk of repossession. The options for homeowners in serious financial difficulty can be stark. The Scottish Government’s Homeowner Support Fund which operates the mortgage to rent and shared equity schemes would appear to be significantly under-resourced and has had a small output in recent years.
Exploring such options will require skilled independent free advice to ensure the best solution for a person is identified in relation to their circumstances.
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