Credit, Collections & Insolvency News
The Government has announced new proposals to introduce an Open Banking-style data sharing scheme in the energy sector. The scheme aims to give consumers could get greater control over their energy usage and save money on their bills under plans for an energy smart data scheme. Smart data is the process of securely sharing customers’ data, such…
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According to a free money advisory service, nearly 4,000 people searched for debt help over Christmas. Data from the Money Wellness website showed that 3,994 people visited the website on Christmas Eve, Christmas Day, and Boxing Day seeking advice on dealing with unmanageable debt. Almost 2,000 (1,835) people in London searched for support, followed by…
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Energy regulator Ofgem has laid out plans to make firms offer tariffs without standing charges from next winter. The new plans also outline better support for households struggling with debt. The regulator will consult on introducing an option under the price cap to include zero standing charge tariffs alongside existing tariffs, offering consumers the ability to choose…
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The Ministry of Justice has announced its response to a Government consultation on the proposal to allow for the names of claimants of money judgments, in the County Court and High Court, to be published on the Register of Judgments, Orders and Fines in England and Wales. Currently, only the name of the defendant is…
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Energy regulator Ofgem is been urged to do more by Citizens Advice to protect consumers as soaring energy costs drive billing issues. Citizens Advice helped over 52,000 people with energy bill problems between January and October this year – equivalent to one person every two minutes. This is an 83% increase compared with the same…
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A new All Party Parliamentary Group (APPG) report has criticised the Financial Conduct Authority’s (FCA) handling of issues affecting mortgage prisoners. Commenting in response to the report, Leon Diamond, CEO of LiveMore, said “As hard-hitting as the APPG report is, it is a stern reminder to the industry of how serious this issue is for…
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Energy regulator Ofgem has announced a 1.2% increase of the energy price cap for the period covering January-March 2025. The change to the price cap – which sets a maximum rate per unit and standing charge that can be billed to customers for their energy use – will rise by £21 for an average household…
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Latest figures from the Office for National Statistics (ONS) have shown inflation surged to 2.3% in October, up from the three year low of1.7% in September. The increase was driven largely by higher energy costs and increased housing costs. For a typical household, annual gas and electricity bills went up by about £149 last month…
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E.ON Next has paid £14.5 million after failing to provide final bills and refund customer credit balances to prepayment meter customers. An investigation by the energy regulator, Ofgem, found almost 250,000 prepayment meter customer accounts were affected between February 2021 and September 2023 due to an error within its billing system, which E.ON Next self-reported…
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Cornwall Insight has announced its final forecast for the January – March Q1 2025 and as a result, households using a typical amount of gas and electricity will pay £1,736 a year from January. The increase would be a £17 a year rise, or a 1% increase, compared with the current typical annual bill of…
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New proposals to crack down on subscription traps have been unveiled as the Government launches a consultation on measures to make it easier for consumers to get a refund or cancel unwanted subscriptions. “Subscription traps” are instances where consumers are frequently misled into signing up for a subscription through a “free trial” or reduced price offer.…
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A new report, from the Credit Services Association (CSA), the trade body for the debt collection and purchase sector, has recommended an urgent in-depth review of rising financial services regulatory costs, and their impact on innovation, growth and competition. The report warns that if the sector continues to face rising regulatory costs, firms, markets, and…
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Consumer debt advice organisation MoneyPlus is calling for further reforms in the personal debt advice sector. Chris Davis, Chief Executive Officer at MoneyPlus, said “The country has now been in a cost-of-living crisis for more than two years and those who are struggling with debt need some reassurances that when the pressure is really on and…
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