Credit, Collections & Insolvency News
The Government has launched a new bespoke energy advice service to help thousands of hard-to-reach households save on bills. The new measures will mean that more than 125,000 consumers to receive face-to-face advice on home efficiency upgrades and new advice services, backed by £20 million of government funding to try and help those in hard-to-treat…
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Millions of households across the country could be in line for compensation under class action lawsuits being filed against six water companies. Claims are being made against six water companies on behalf of 20 million customers for alleged under-reporting of pollution incidents. If successful, water companies face paying out as much as £800 million in…
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The Government has published a summary of responses to a call for evidence to inform its review of the personal insolvency framework in England and Wales. The responses cover a review of the underlying purpose of the personal insolvency framework and where the balance should fall between providing debtors with a fresh start and providing…
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Plans to ban cold calls for financial products such as sham cryptocurrency schemes, mortgages and insurance have been set out with the launch of a consultation, marking the next step in delivering the Government’s Fraud Strategy. The eight-week consultation will cover proposals to ban cold calls offering any financial products to clamp down on fraudsters…
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Water regulator, Ofwat has launched a consultation on new guidance for water companies setting out how they should support their customers who require extra help in accessing water services by identifying vulnerabilities and supporting customers facing financial difficulties. Those who require extra help may include people with long-term as well as temporary circumstances such as…
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A number of national news outlets are reporting that the Treasury is considering shelving plans to regulate the Buy Now Pay Later (BNPL) industry. Following news that there could be delays to regulation of the Buy Now, Pay Later sector, Richard Lane, Director of External Affairs at StepChange Debt Charity, said “We’re alarmed to read…
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Ofcom says that it is concerned about the number of complaints it has received from Virgin Media customers who have tried to leave but said the company had made it difficult. The regulator says that some people have struggled to get through to an agent on the phone, and some found their call was dropped…
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Sector regulator Ofgem says a number of energy companies do not meet its financial resilience standards. While it did not specify which companies were falling short of its standards, it warned that around a third of the market is below the target. The energy regulator has written to energy companies warning them that an expected…
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The Financial Conduct Authority (FCA) has made rulebook changes in an effort to grant households relief from rising mortgage rates. Lenders will be able to offer borrowers a switch to interest-only payments for six months. They will also be able to offer an extension to mortgage terms to reduce monthly payments, with borrowers given the…
Read morePrior to the upcoming introduction of the July Default Tariff Cap (price cap), Cornwall Insight has predicted that the energy price cap will drop, starting from October 2023, to £1,871 per annum for a typical consumer, and from January 2024, £1,900 per annum. The fall in average price cap predictions can be directly attributed to…
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A new research paper from Beagle Street has estimated that over £400 billion of mortgage debt is not covered by life insurance in UK Beagle Street Associate Marketing and Distribution Director, Beth Tait, said “With this study, we aimed to give intermediaries the powerful evidence they need to recommend that customers take the critical step of protecting…
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Energy regulator Ofgem has publishing measures to strengthen rules to protect struggling prepayment meter (PPM) customers, and address the issue of debt related costs. All energy suppliers signed up to a voluntary Code of Practice earlier this year after alarming evidence surrounding enforced PPM installations came to light. Now, today, the regulator is launching a…
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UK banks have agreed to give mortgage holders a 12-month grace period before their homes are repossessed should they fall behind with their repayments. Homeowners will also be able to switch to interest-only for six months or temporarily lengthen mortgage terms for the same period without affecting credit ratings in new measures announced by Jeremy…
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