Credit, Collections & Insolvency News
Energy regulator Ofgem has announced a 6.4% increase of the energy price cap for the period covering April to June 2025. The energy regulatror says that a recent spike in wholesale prices is the main driver of today’s price rise, accounting for around 78% of the total increase. A small increase in policy costs and…
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Every energy supplier will be required to offer energy tariffs with low or no standing charges so customers can choose to pay these costs as part of the unit rate, under plans published by Ofgem. The regulator has launched a consultation on how proposals to introduce an option under the price cap that will cover…
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PRA Group and StepChange Debt Charity hosted a roundtable debate at the UK House of Lords. The debate focused on financial inclusion and consumer resilience. The event was chaired by Credit Services Association (CSA) CEO Chris Leslie, and also brought together stakeholders from banks, credit monitoring agencies, non-profits, and regulatory bodies. The discussion centered on…
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Energy bills are forecasted to rise by 5% from April, adding £85 a year according a latest forecast by consultancy Cornwall Insight. For a typical dual fuel household it is predicted that the April price cap to be £1,823 per annum. This is a rise of £85 and 5% from the current price cap which…
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CCW says millions of households now face an anxious wait to see whether they could face even steeper water bill rises after six companies choose to contest Ofwat’s price caps for the next five years. Northumbrian Water, Anglian Water, Wessex Water, Southern Water, Thames Water and South East Water have all asked for their final determinations…
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The Consumer Council for Water says customers of Thames Water will be incensed by the company’s decision to pursue even higher bill rises through an appeal to the Competition and Markets Authority (CMA). Thames Water was given the green light in Ofwat’s final determination before Christmas to increase customers’ bills by an average of 35%…
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In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and…
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Financial Ombudsman Service (FOS) has announced that professional representatives will be charged £250 to refer a case to the service, FOS says professional representatives can bring ten cases to the service for free each financial year. After that, every subsequent case they refer will be chargeable. They will receive £175 back in credit if the…
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The average annual water bill in England and Wales will rise by 26% or £123 in the next financial year according figures analysed by Water UK. Water companies have committed extra money for investment in infrastructure, such as reservoirs, and more help for struggling customers. To fund these new levels of affordability support and investment,…
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Latest data from Accountant in Bankruptcy has found that personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 3 (Q3) 2024-2025 decreased by 11.4% compared with the same quarter in 2023-2024, which totalled at 1,784. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland also decreased by 6% when…
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A coalition of organisations including StepChange Debt Charity, Christians Against Poverty, Money and Mental Health Policy Institute, Money Advice Trust and six others has written to the Government reiterating a call to end imprisonment for non-payment of council tax. The coalition claims the rule is “outdated” and “disproportionate,” as it continues to campaign for reform…
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Ofcom has announced new measures meaning that telecom providers must now set out upfront, in pounds and pence, any price rises that will apply to customer contracts. Ofcom says that in recent years, many phone, broadband and pay TV companies have included price rises in their contract terms that were linked to unknown future inflation…
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People in debt have lost £48.8 million on fees for failed Individual Voluntary Arrangements (IVA), with many steered into an inappropriate debt solution by unscrupulous firms offering bad advice according to research by Citizens Advice. The charity has found two thirds of people were not told a key piece of information before entering into an…
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