1 in 8 will miss a bill payment next month

One in eight people will miss a scheduled bill payment over the next four weeks.

This is according to comparison site MoneySuperMarket, which has released its latest survey. It found that credit card and loan repayments were the most likely to be skipped, with 15 per cent of respondents admitting they will not make their required instalment. 

Childcare and rent or mortgages are the next two payments most likely to be missed, with the study finding people aged between 18 and 34 were the most likely to go unpaid. Indeed when it comes to accommodation costs, the survey reported 11 per cent of respondents in this demographic have failed to meet their requirements at least once in the past year.

The research claimed Britons have missed a total of 15 million bill payments over the last 12 months, totalling £882 million. This equates to £175 per household. Of those who have reported failing to make an instalment, 27 per cent advised they had been repeatedly contacted by their creditors, while a further 43 per cent have incurred extra charges or interest penalties.

Additionally, one in five respondents claimed missing payments has caused them to damage their credit rating, while eight per cent have been served with a County Court Judgement. The situation is not expected to get better, with one in 20 of those questioned admitting they will probably bury their heads in the sand if they are faced with a bill they cannot pay. Meanwhile, just under 16 per cent admitted to researchers they waited until the very last minute before making their payment.

Clare Francis. editor-in-chief at MoneySuperMarket, commented: "It's when times are tight that we need to be the most open and honest about paying bills, and absolutely not retreat into denial. Working out monthly outgoings and budgeting is crucial."

The study also found other coping strategies adopted by those in debt included two-fifths of respondents advising they would cut back on nonessential spending and a further one in five stating they will cut back on other bill payments. Two fifths of those surveyed advised they were unable to make their instalment because they simply could not afford it, while a further 28 per cent claimed they were forced to prioritise one thing over another.

By Amy White