Credit, collections & insolvency news
Energy regulator Ofgem has announced that the energy price cap will increase by 5% on the previous quarter from 1st January to 31st March 2024. The cost for an average household paying by direct debit for dual fuel equates to £1,928, a rise of £94 over the course of a year – around £7.83 a…
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Latest Cornwall Insight’s analysis has suggested that the energy price cap is expected increase by five percent in the first quarter of next year, before declining from the end of March. Based on it;s analysis, for a typical dual fuel household, it has predicted that the Q1 2024 price cap will be £1,931, this is…
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Ofgem has announced a call for input on the ‘standing charge’ – how it is applied to energy bills and what alternatives could be considered. The standing charge is a daily charge that you pay your energy supplier each day to cover fixed costs of providing gas and electricity, regardless of how much energy you…
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Despite best efforts by utility providers, 25% of people report to be receiving more than 10 incorrect utility bills when moving home. This is causing a knock-on effect in the industry as one in five customers would consider leaving their utility provider if they were billed incorrectly, and more than one in 10 people have…
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Forecasts for the 2024 Default Tariff Cap (price cap) have risen in response to growing volatility in the global wholesale energy market according to Cornwall Insights. Latest predictions, place a typical1 dual fuel consumer’s January energy bill at £1,923 per year, with a small rise to £1,929 in April 2024. While already predicted to increase in…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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One in four people with energy debts (24%) are currently unable to repay, according to new research commissioned by National Debtline. The free debt advice service is leading a coalition of 13 organisations calling on the Chancellor to introduce a ‘Help To Repay’ scheme in the Autumn Statement. The findings, based on UK-wide research commissioned…
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Progress on rolling out smart energy meters remains too slow, and the Government has not done enough to convince the public of their benefits. A report published by the Public Accounts Committee (PAC) has warned that not enough has been done to ensure that the rollout, which has failed to meet its original targets and…
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Energy suppliers must prioritise enquiries from vulnerable customers who need help under new rules announced by Ofgem. The requirements, which take effect from December, will require suppliers to contact customers if they miss two monthly or one quarterly payment, check to see if they are struggling with bills and, if so, offer support such as…
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Household energy debt has hit a five-year high of £216 ahead of the winter, with the number of homes already owing money to their provider up 11% on last year new research from Uswitch.com, has revealed. The average household debt is up 13% on the £190 figure seen at this time last year, and the number…
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Ofgem has announced that it has appointed five New Non-Executive Directors. Responsible for bringing independent oversight and support, the new Non-Executive Directors will help guide Ofgem’s work on current and future challenges – from restoring resilience in the energy market to maintaining progress towards the UK’s net zero goals. The 5 appointees, who take up their…
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Fourteen energy retail companies have announced their collective commitment to go above and beyond current licensing conditions to help households struggling with energy bill debt this winter. The Winter 2023 Voluntary Debt Commitment, developed with Energy UK, Ofgem and Citizens Advice, means that energy suppliers are going further than existing regulatory obligations to provide better support…
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