Credit, Collections & Insolvency News
Fears of a further rise in interest rates were heightened after new data showed the CPI rate of inflation remained stuck at 8.7% in May, the same rate it was in April but worse than the 8.4% expected. Core inflation rose to a 31 year high of 7.1% from 6.8% in the previous month. Services…
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The Civil Court Users Association (CCUA) is is calling on the Ministry of Justice (MoJ) and HM Tribunals and Courts Service (HMCTS) to consider far greater involvement by private sector court users in the enforcement of Judgments and Possession Orders to address performance issues. The call follows reports that some property possession appointments in the…
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Energy retailers have been urged to simplify the language used in consumer communications after a survey found the majority of customers (76%) are confused by their bill. Consumer group Which?’s research found almost half (48%) of all consumers said they experience a negative emotional response when reading their bills. The research that almost half (47%)…
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The Financial Conduct Authority (FCA) has announced a ban on referral fees for debt packager firms. The ban applies to all new debt packager firms and will come into play for existing firms in October 2023, and follows a review that found evidence of debt packagers appearing to manipulate customers’ details so that they meet…
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Energy bills will still be far higher than they were pre-crisis despite Ofgem’s announcement that the energy price cap will fall to £2,074 on 1st July according to the Resolution Foundation analysis. The Foundation notes that falling energy bills are projected to bring inflation down by 2.7 percentage points by July compared to the start…
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New research by National Energy Action has found that the number of households in fuel poverty is approximately 6.6 million. Energy bills are still approximately almost double the level of October 2021. Just 21 months ago, the typical household paid £1,271 a year, and even with the new price, 2 million extra UK households are in…
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Energy regulator Ofgem has announced its quarterly update to the energy price cap for the period 1st July – 30th September 2023. From 1st July, the energy price cap will be set at an annual level of £2,074 for a dual fuel household paying by direct debit based on typical consumption, which reflects recent falls…
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The rising cost of food will overtake the price of energy as the driving force behind inflation over the summer, hitting poorer households the hardest, according to a forecast by the Resolution Foundation. The Foundation says that the cost of living crisis is often thought of as a cost of energy crisis. That is an…
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Latest data from the Ministry of Justice (MoJ) has indicated that mortgage repossession claims increased by 40 per cent over the past year, as higher interest rates and rising living costs impact borrowers’ ability to service their home loans. The figures show that there were 4,035 mortgage possession claims lodged in the first quarter of…
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The Government has announced new private rented sector reforms. The Renters’ (Reform) Bill, introduced to Parliament will abolish section 21 ‘no fault’ evictions which will empower renters to challenge poor landlords without fear of losing their home. The new Bill also protects over two million landlords, making it easier for them to recover properties when…
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Three energy suppliers have been made to pay compensation totalling £8 million for failing to supply a final bill on time to more than 100,000 households that had switched provider. Apasrt of the measures energy customers who have been overcharged are to receive a combined total of £2.7 million from two suppliers – Good Energy…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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Water regulator, Ofwat says companies will be fined for failing to hit new customer service targets, under licence changes. The proposals for a dedicated customer licence condition will require water companies to improve communication with customers, fix problems in a timelier manner and provide services to meet diverse consumer needs. The measures have been set…
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