Credit, Collections & Insolvency News
Citizens Advice has responded to new Ofgem data on unpaid energy industry bills left behind by failed suppliers. Alongside this, the charity has released new analysis showing consumers are now facing a £255 million bill following the collapse of these firms, which will be paid through higher energy bills of their own. The new analysis…
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Regulators have proposed rules to make banks and payment firms more resilient to major problems after MPs called for regulatory changes on the back of IT failures at the major banks. The Bank of England (BOE), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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SmartestEnergy has announced that they have acquired the Sussex-based energy supplier, Dual Energy. The deal enables SmartestEnergy to take their customer service to smaller businesses with Non-Half Hourly meters, laying the foundations for the transition to net-zero. Dual Energy are a small business supplier with a focus on installing smart meters to improve the quality…
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HSBC has announced that it will bring in a single overdraft rate of 39.9% for its customers from March 2020, quadrupling the rate it charges some customers. As part of the move, the bank is removing a £5 daily fee for going into an unarranged overdraft and introducing an interest-free £25 buffer on some accounts.…
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Experian has launched “Credit Limits” for balance transfer cards, a new, industry-first service so consumers can make more informed credit choices. Experian says currently, people looking to switch their existing debt to a balance transfer card do not know whether they’ll be able to transfer the amount they would like to until they complete the…
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