The direct debit failure rate is 12% higher compared to August 2023, the latest Office for National Statistics reveals.

The latest figures show that the monthly direct debit failure rate has only increased 1% from July.

The total direct debit failure rate is made up of electricity and gas, loans, mortgages and water.

Mortgage failures were up 11% from August last year and 2% on July 2024’s figure.

Compared to August last year, the electricity and gas failure rate increased by 43%, loans by 11% and water by 20%.

Meanwhile, loans and water both increased 4% on a monthly basis while electricity and gas went up by 2%.