Credit, Collections & Insolvency News
Ofgem has announced that it has appointed five New Non-Executive Directors. Responsible for bringing independent oversight and support, the new Non-Executive Directors will help guide Ofgem’s work on current and future challenges – from restoring resilience in the energy market to maintaining progress towards the UK’s net zero goals. The 5 appointees, who take up their…
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Fourteen energy retail companies have announced their collective commitment to go above and beyond current licensing conditions to help households struggling with energy bill debt this winter. The Winter 2023 Voluntary Debt Commitment, developed with Energy UK, Ofgem and Citizens Advice, means that energy suppliers are going further than existing regulatory obligations to provide better support…
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Energy regulator, Ofgem has announced the launch of a consultation to assesss options to protect the energy market and consumers from the risk of spiralling debt. Figures obtained by the regulator this summer show that energy debt reached £2.6 billion, its highest ever level, due to a combination of the rise in wholesale energy prices,…
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Consultancy firm Cornwall Insight predicts that annual energy bills for a typical household are expected to rise by £73 to £1,996 in January. Under Ofgem’s energy price cap, the typical annual bill will be £1,923 between October and December, with this down from the £2,074 seen in the July through September quarter. Dr Craig Lowrey,…
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Introducing social tariffs has the potential to reduce the energy bills of the country’s most vulnerable by over £330 a year, at a relatively low cost to the government according to analysis from Cornwall Insight. The research says that the introduction of the October Default Tariff Cap (price cap), offering discounted deals to low-income households,…
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Ofgem has announced that energy suppliers have been banned from forcibly installing prepayment meters for people over 75 with no support in their house and homes with children aged under 2, The energy regulator has confirmed that the Code of Practice for the involuntary installation of prepayment meters (PPMs) will be made mandatory. It has…
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Latest research Hargreaves Lansdown has found that the average renting household has just £180 left at the end of the month, while a household with a mortgage has £337. Renters are less likely to have enough emergency savings to cover three months of essential spending. Only 45% cross the threshold, compared to 72% of those…
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Victim-survivors of economic abuse are being failed by the criminal justice system according to a new report by the charity Surviving Economic Abuse (SEA) – with a new case being reported to the police every 20 minutes. Despite this high prevalence and economic abuse now being recognised in law, the charity’s report, ‘Seen Yet Sidelined’…
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The Ofgem energy price cap will fall to £1,923 from October for a typical household, but over one-in-three households across England – 7.2 million in total – will face higher bills this winter than last, highlighting the urgency of further government support for hard-pressed families according to the Resolution Foundation. The Foundation notes that the…
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The Competition and Markets Authority (CMA) is launching a 10 year review of the concurrency arrangements, which set out how the CMA and the eight sector regulators – including Ofgem, Ofcom, and Ofwat – work together to enforce competition law and promote competition in the regulated sectors so that UK consumers can enjoy more competitive…
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Ofgem has announced that its energy price cap will drop to £1,923 from 1st October 2023, a decrease of 7 per cent compared to April’s level but £646 higher than two years ago. The drop reflects further falls in wholesale energy prices, as the market stabilises and suppliers return to a healthier financial position after…
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New analysis from Cornwall Insight and Smart Energy GB has revealed the substantial cost-saving potential of household flexible electricity initiatives such as time-of-use tariffs, smart meters, solar PV, and batteries. The data reveals national wholesale and system electricity costs could be cut by an annual £4.6bn in 2030 and £14.1 billion in 2040 if flexible energy solutions…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly by 1.7% in July 2023 when compared to June. The personal insolvencies figures totalled 8,268 compared to June’s total of 8,131, and decreased by 10.1% compared to July 2022’s figure of 9,202. Personal insolvencies decreased by…
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