Credit, Collections & Insolvency News
Job creation looks set to continue at a strong rate after the furlough scheme ends, but a fresh rise in unemployment is still likely according to analysis by the Resolution Foundation. The Foundation has warned that about 900,000 people are still expected to be on the scheme when it finishes on 30th September. As a…
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Debt advice provider, PayPlan, says that it welcomes new Government guidance which asks local authorities to improve the way they collect council tax arrears and have more consideration for residents with vulnerabilities. But the organisation also believes there should be further reform. Alistair Chisholm, Head of Advice, Sector Policy and Partnerships at PayPlan, said “We’re…
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UK Finance has announced that the national roll-out of the new £100 spending limit for contactless card payments will begin from 15th October 2021. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority following a public consultation and in discussion with both the…
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As part of efforts to tackle the loyalty penalty, insurers in the UK (from 1st October) will be required to offer better value for money policies to existing customers. However, the Financial Conduct Authority (FCA) says too many firms were failing to meet existing regulatory standards let alone the tougher rules coming in. A new…
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The Government Debt Management Function has launched a Vulnerability Toolkit which ensures ‘vulnerable’ citizens who are in debt to the public sector are handled with compassion and support by frontline staff. The new guidance will be accessible to government departments and public bodies, enabling them to identify and assist people whose physical or mental health…
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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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