This is a sizeable figure and one that could grow if the economic impact of COVID-19 worsens. According to one BBC report, two million people deferred repayments on credit cards and loans at the height of the pandemic in spring – by October this had dropped substantially although there were still almost 162,000 agreements in place.
Clearly, the pandemic stress-tested even the most robust financial institutions, as call volumes and the number of defaults on personal debt increased. Not everyone who is in arrears is classed as vulnerable, but it’s well-known that those who suffer from mental illness, including addiction, are more susceptible (and vice-versa).
