Credit, Collections & Insolvency News
Ofwat has announced that water companies face fines for poor customer service, which could see the regulator impose fines of up to 10% of the company’s turnover. Ofwat expects all water companies to be focused on delivering a high level of customer service – from resolving complaints to making sure customers are informed and supported…
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Ofgem has published a policy consultation considering a new policy to run alongside the Supplier of Last Resort (SoLR) levy process that could help further protect consumers from costs of future supplier failures calling this the SoLR Levy Offset. Ofgem’s Supplier of Last Resort (SoLR) safety net ensures that when an energy company fails customers…
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Eight million households on means-tested benefits will receive their final cost of living payment to help with high food and energy bills this month, The £299 payment, the last of three instalments that totalled £900, will go directly into people’s bank accounts between now and 22 February, without the need to apply. It is part…
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Average water bills are set to rise by 6% in April to around £473 annually for combined services according to suppliers’ trade body Water UK. Water UK said, was below inflation and represents a real-term reduction since 2019, however, consumer body CCW urged the sector to go further in support of households struggling to pay.…
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The amount of debt racked up by prepay energy customers has hit £1 billion according to new research by Bfy Consulting. Over the past two years, the number of prepayment meter (PPM) energy customers in debt has risen by 220,000 to 750,000 – a 40% increase. The average debt balances have also risen by 40%…
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Households struggling with the cost of energy bills this winter are being encouraged to speak to their council about the financial help available from the Department for Work and Pensions’ Household Support Fund. The Government has invested over £2 billion into the Fund since it launched, with new statistics now showing more than £360 million…
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Energy prices will fall by 16% in April, according to a prediction by Cornwall Insight. The company says that tensions in the Red Sea have failed to derail the prospect of lower household energy bills from April. Predictions have fallen £40 p/a since December, with a typical dual fuel consumer now expected to pay an annual…
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Which? is calling on telecoms firms to halt any plans to press ahead with ‘unconscionable’ broadband and mobile price hikes in April, even after the industry regulator found the practice harms consumers and set out proposals to ban it Ofcom recently proposed a ban on the practice of inflation-linked mid-contract price rises, saying that they…
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The Insolvency Service has announced it is launching an investigation to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA). The Insolvency Service says that IVAs support a valid public policy objective by providing debt relief for individuals in financial distress. However, specific issues and concerns have been raised which…
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The Money and Pensions Service (MaPS) has announced it is now consulting on proposals for the delivery of its debt advice strategy, seeking feedback on the proposals laid out and wants to hear alternative proposals or ideas that it could take forward. Organisations and individuals involved in delivering debt advice, organisations that support debt advice,…
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Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…
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Chief Executive Officer’s of Energy suppliers have been reminded of their responsibility to treat customers fairly when installing involuntary prepayment meters, ‘Pay as you Go’ meters, and that they must follow Ofgem’s new rules or face tough action and fines. The warning from Ofgem’s Director General for Markets, Tim Jarvis, in a letter, comes as…
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Millions of pounds recovered from energy firms by Ofgem were used to help communities across the country in 2023. The energy regulator steps in when energy companies breach their licence conditions or are found to be failing customers. In 2023, the regulator recovered a total of £77.2m in fines, customer refunds, compensation and alternative action…
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