Credit, Collections & Insolvency News
The government has launched a new online service that will enable graduates to easily keep track of their student loan accounts as part of improvements to the repayment system. Millions of graduates will be able to bin their paper statements and access their student loan account online as part of a major revamp to the…
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The House of Commons has approved the EU Withdrawal Agreement Bill at second reading. Commenting on the approval Chief Executive of UK Finance Stephen Jones said “This vote takes us one step closer to an exit from the EU but is only the beginning of what is required to restore the predictable legal and economic…
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Complaints about water retailers received by the Consumer Council for Water (CCWater) fell for a second successive quarter to raise hopes of a sustained improvement. The water watchdog received 835 complaints from business customers between 1 July and the end of September 2019 – the lowest number it has handled in a single quarter since…
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Ofgem has appointed British Gas to take on supplying Breeze Energy’s 18,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. British Gas is offering customers a competitive tariff. All outstanding credit balances, including money owed to both existing and former customers of Breeze Energy, will…
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Breeze Energy, a gas and electricity supplier with just under 18,000 domestic customers is ceasing to trade. Under Ofgem’s safety net, the energy supply of Breeze Energy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on all of Breeze Energy’s customers. This…
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Southwark Crown Court made a confiscation order against Dharam Gopee in the sum of £5,118,018.72. The effect of the order is to confiscate all his criminal proceeds as an illegal money lender. Gopee was also ordered to pay almost £230,000 in compensation to consumers. This follows the Financial Conduct Authority’s (FCA) prosecution in which Gopee…
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Banks have been urged by debt charity StepChange ‘not to shroud their repeated-overdraft use strategies in mystery’. With new rules on overdraft repeat use starting today (18th December 2019), the charity says that banks will need careful oversight by the Financial Conduct Authority (FCA) to ensure they break the cycle of financially vulnerable people getting…
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Water firms in England and Wales will have to cut the average bill by £50 over the next five years, under plans published by the industry regulator Ofwat. The move is part of water regulator Ofwat’s approval of a huge investment plan for water companies, aimed at improving their performance. The move was part of its…
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iSupply Energy is to pay out £1.5 million in redress after the supplier overcharged around 4,400 of its customers on default tariffs and failed to alert the regulator (Ofgem) and put things right quickly. The price cap for 11 million customers on default tariffs came into force on 1st January 2019 with all energy suppliers…
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With the Conservative Party winning a majority of seats in the House of Commons the Federation of Small Businesses (FSB) says that the result of a majority government brings the hope of stability for small firms. FSB National Chairman Mike Cherry said “Small business owners will be hoping that today’s result helps to bring stability…
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Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP have been appointed as joint administrators of high-cost short term lender MMP Financial. The brand was also known as My Money Partner and Swift Sterling. A company statement company website confirmed that the administrators had been appointed and that they were no longer…
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One in five (20%) energy customers, equivalent to 5.5 million households, have been put off switching to a new supplier following the collapse of 14 energy suppliers since the start of 2018, according to new research by comparethemarket.com. More than one million customers have been affected by a failed energy supplier since the start of…
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Energy customers still struggling to get accurate bills according to a new poll by Citizens Advice. The research is being released alongside the latest edition of the charity’s energy star rating which ranks domestic energy supplier on customer service. Bill errors are the most common problem for people contacting the Citizens Advice consumer service helpline.…
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