Credit, Collections & Insolvency News
The Access to Cash Action Group has announced two early steps to support customers who depend on cash: the extension of shared Bank Hub pilots, and the rapid rollout of ‘cashback without purchase’ to thousands of smaller shops. The group (also known as CAG) was formed earlier this year and is chaired by Natalie Ceeney,…
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Thames Water has agreed to pay over £11 million to 13,800 non-household customers and water retailers for errors in its data which led to customers being billed the wrong amount. In addition to the compensation package, the water company has proposed a series of undertakings which, among others, include strengthening its internal processes and controls…
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The TUC is calling on the government to establish a permanent short-time working scheme as ‘a post-pandemic legacy’ to help protect working people through periods of future economic change. The trad reunion says the furlough scheme, while far from perfect, is one of the major successes of government policy during the pandemic, protecting millions of…
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The number of evictions by landlords in England and Wales hit 1,516 in June in the first month since the ban on evictions ended on 31st May according to the latest Ministry of Justice (MOJ) figures. Possession claims rose from 3,023 to 7,000, orders from 656 to 5431, warrants from 274 to 3,709. However, the…
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Energy regulator, Ofgem has appointed E.ON Next to take on customers of Hub Energy. Hub Energy had approximately 6,000 domestic customers and 9,000 non-domestic customers. Ofgme says that the appointment ollows a competitive process run by Ofgem to get the best deal possible for customers. E.ON Next is offering customers a competitive tariff. Outstanding credit…
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Payment services provider Paypoint has offered to pay £12.5 million into Ofgem’s voluntary redress fund following an investigation into whether it breached competition rules. The investigation was opened in 2017 and looked into whether the company had abused a dominant position in a way that was likely to restrict or distort competition in the market…
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Energy supplier Hub Energy has ceased trading. Energy regulator Ofgem, the outstanding credit balances of the company’s 6,000 domestic customers and 9,000 non-domestic customers will be protected and a new supplier found. Ofgem will choose a new supplier to take on all of Hub Energy’s customers. This supplier will contact these customers shortly after being…
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Energy regulator Ofgem has announced that the energy price cap will increase from 1st October for the 15 million customers it protects. Those on default tariffs paying by direct debit will see an increase of £139 from £1,138 to £1277. Prepayment customers will see an increase of £153 from £1,156 to £1309. The regulator says…
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Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…
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Over a quarter (27%) of household bill-payers say an increase of more than £10 a month in their energy bills could force them into debt. The research by USwitch.com is just days ahead of an expected hike in the price cap which will be announced by the energy regulator, Ofgem, which is due to announce…
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Energy suppliers have increased the cheapest energy deals by £180 in a year, since the start of July 2020, with the new price cap level expected to rise for millions of households, according to research from comparethemarket.com. The increase comes as energy deals have reached the highest cost for more than two years. The average…
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The Financial Conduct Authority (FCA) was successful in obtaining a High Court Order to remove around 625 charges, notices or restrictions registered in the name of illegal money lender, Dharam Prakash Gopee’s, former companies. This application is the latest in several legal proceedings commenced by the FCA against Gopee arising out of his illegal money…
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The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…
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