Credit, Collections & Insolvency News
Inflation held steady in June, with the latest figures from the Office for National Statistics (ONS) showing price growth remained at the Bank of England’s target rate of 2%. Commenting on the data, Matt Hartley, Director of Engagement at the Money Advice Trust, the charity that runs National Debtline, said “Millions of people are still…
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The new Government’s Bills and priorities have been announced as part of the King’s Speech. The speech announced new legislation to improve rights for people renting privately, alongside commitments to improving living standards, job security and wages across the UK. Commenting on the speech Richard Lane, Chief Client Officer at StepChange, said “It’s encouraging to…
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The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…
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Cornwall Insights has forecasted that the October-December energy cap will drop to £1,723 a year for a typical dual-fuel consumer, a reduction of nearly £40 annually compared with our forecast in May. Cornwall Insights says that despite the drop in the prediction, this cap level would still represent a 10% increase from the £1,568 a year…
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Over 200 organisations committed to ending poverty have called on the people most likely to be the next Prime Minister to put tackling hardship at the top of their agenda from day one. Frustrated by the “stark lack of focus” from Rishi Sunak and Keir Starmer during the campaign, the diverse network of organisations placed…
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Nearly 11 million households could risk overpaying on their energy bills by a collective £30 million if they delay submitting a meter reading before 1st July, research by Uswitch.com, the comparison and switching service, has found. To benefit fully from the new cheaper price cap which comes into effect in July, households on standard variable…
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Customer service ratings across the energy industry are among the lowest ever and are showing no signs of improving according to Citizens Advice. The Chrarity, which tracks customer satisfaction levels through its star ratings, claims that the only way to improve the situation is by implementing a consumer duty into Ofgem’s framework of regulatory requirements.…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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New research by the Institute for Fiscal Studies (IFS) has found that few policies introduced during the 14-year period of the Conservative government are likely to have as significant a long-term impact as the introduction of universal credit (UC) – an integrated means-tested benefit that is replacing six ‘legacy’ benefits, combining out-of-work support with support for…
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Summer energy bills will fall to their lowest level since the beginning of 2022 as a result of the latest Ofgem price cap for July to September 2024 falling to £1,568. But the legacy of a 60 per cent rise in average energy bills in 2024 compared with three years ago still casts a long…
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Energy regulator Ofgem has confirmed the energy price cap will fall by 7% from 1 July to 30 September 2024, compared to the previous quarter. For an average household paying by direct debit for dual fuel, this equates to £1,568, a drop of £122 over a year. The average household paying by prepayment meter for…
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Despite over half of British homes now having a smart meter, new research from Citizens Advice suggests millions of households are being let down by meter problems suppliers are failing to fix. The charity says new rules are needed to ensure energy suppliers identify and fix problems as quickly as possible. Citizens Advice is particularly…
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