Credit, Collections & Insolvency News
The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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Ofgem has appointed E.ON Next to take on supplying Enstroga, Igloo Energy and Symbio Energy’s combined total of approximately 233,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of Enstroga, Igloo Energy and Symbio Energy have paid into their accounts will be protected, where they are in…
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New research by Citizens Advice has warned that energy customers face being hit with a £30-a-month price hike when their energy company ceases to trade. The charity says people will face ‘desperate choices’ this winter without targeted support. The research has shown that people who get moved to a new energy company because their supplier…
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A further three energy retailers have ceased trading impacting 233,000 customers. The failures of Igloo, Symbio and Enstroga Energy take the total number of market exits so far this year to 12, exceeding the previous record of nine set in 2019. Together the suppliers represent less than 1% of domestic customers in the market. Under Ofgem’s safety net, the energy supply…
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Ofgem has appointed Shell Energy to take on supplying Green Supplier’s approximately 255,000 domestic customers, and a small number of non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Green Supplier will…
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Ofgem has appointed Octopus Energy to take on supplying Avro Energy’s approximately 580,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Avro Energy will also be honoured. Domestic customers will also…
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Energy companies, Avro Energy and Green Supplier energy companies have announced they are ceasing to trade. The collapse of two energy companies means nine energy suppliers have been exited the sector this year with more expected to collapse soon. The closures mean that the UK gas crisis has claimed another two energy companies, bringing the…
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Ofgem has appointed EDF to take on supplying Utility Point’s approximately 220,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. EDF is offering customers a competitive tariff. Outstanding credit balances, including money owed to both existing and former customers of Utility Point will also be…
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Ofgem has confirmed two more energy companies are to exit the market impacting more than half a million customers People’s Energy, a social enterprise formed in 2017, supplied 350,000 consumers and 1,000 non-domestic customers, while Utility Point had 220,000 billpayers. Under Ofgem’s safety net, the energy supply of Utility Point and People’s Energy customers will continue and outstanding credit balances…
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Ofgem has appointed British Gas to take on supplying PfP Energy’s approximately 82,000 domestic customers and 5,600 non-domestic customers, and MoneyPlus Energy’s approximately 9,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. For existing customers of both failed suppliers, energy supplies will continue as normal as they switch over to British Gas. Customers of PfP Energy and MoneyPlus Energy will be contacted over the…
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The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services companies. The FCA says that Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection…
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Two energy companies, PfP and Moneyplus who had nearly 94,000 customers between them, have cease trading as energy prices have reached record highs. PfP has left 80,000 domestic customers, and 5,000 non-domestic customers without an energy supplier, and MoneyPlus has left about 9,000 domestic customers. Industry regulator, Ofgem, will choose a new supplier for all…
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The Online Collections Technology Think Tank 2.1 has confirmed its agenda and speaker line-up ahead of the event next Thursday (16th September). The third Collections Technology Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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