Credit, Collections & Insolvency News
Scottish Power and Utilita have been issued a provisional order by Ofgem compelling the energy suppliers to improve how it treats customers in debt. A review conducted by Ofgem into suppliers’ practices found a number of apparent failings around the way it sets debt repayment plans and deals with customers struggling with bills. Provisional Orders…
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Almost two in five households (38%) wrongly believe that the Government’s energy price guarantee means their bills cannot go above £2,500, according to new research from Uswitch.com, the comparison and switching service. The measures announced by Prime Minister Liz Truss will support people with their energy bills, and avoid the nightmare scenario of Ofgem’s price…
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New Prime Minister Liz Truss has announced plans that will limit energy bill rises for all households for two years. The measures will mean that a typical household energy bill will be capped at £2,500 annually until 2024, saving households £1,000 a year on the energy price cap announced for October. Commenting on the announcement…
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Between April and June 2022, the number of households falling behind on their utility bills grew by 14% (295,000), to hit 2.7 million, or one in 10 UK households, according to new figures released by credit reference agency Equifax. On 1st April 2022, Ofgem increased the energy price cap from £1,277 to £1,971. In the…
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A new report from the Resolution Foundation has examined the impact of rising energy bills on low, middle and high-income households this winter, with the price cap forecast to hit £3,600 in October and top £4,500 in January. The report notes typical energy bills will cost around £2,000 more this year than last year –…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The price cap increase comes as Ofgem’s CEO warns…
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Shell Energy Retail is to refund and compensate 11,275 prepayment customer accounts it has overcharged on its default tariffs. The total amount of customer detriment to be refunded is £106,000. Refunds will be issued automatically to affected customers. In addition, the supplier will pay £400,000 to Ofgem’s voluntary consumer redress fund and £30,970 in goodwill…
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The minimum wage should be increased to £15 an hour as soon as possible to help millions of low-paid workers struggling amid the cost of living crisis according to the Trades Union Congress (TUC) The current minimum wage for those 23 and over is £9.50 – with lower rates for those who are younger. The…
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Energy bills could hit £5,300 a year by next April according to predictions by Cornwall Insight. The research has found that households will face an 80% rise in bills going into the winter period when energy use soars. The predictions show a typical household will be paying £3,553 equivalent per year for their energy bills.…
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New analysis published by the TUC has shown that energy bills are now expected to cost more than two months of average take-home pay in 2023 – without government intervention. Average take-home pay (after tax) will be £2,054 per month in 2023 based on Bank of England forecasts, so at £4,108, two months’ pay will…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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Ahead of the autumn bill hikes, household energy debt is already standing at an all-time high of £1.3 billion – nearly three times higher than it was in September last year according to new research from Uswitch.com, the comparison and switching service. Six million homes – almost a quarter of households (23%) – owe an average of…
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Ofgem has announced that the energy price cap review will be updated every three months instead of six. The energy regulator says that the change will go some way to provide the stability needed in the energy market, reducing the risk of further large-scale supplier failures which cause huge disruption and push up costs for…
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