Credit, Collections & Insolvency News
New Which? research has found energy and broadband customers lost an estimated £298m and 27.3 million hours to poor customer service in a year, as the consumer champion challenges firms to make urgent improvements. Which? surveyed more than 4,000 people to uncover how many people had a customer service issue in the year to May…
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With energy prices set to rise 10% in October, new research from Go.Compare Energy has revealed that half of consumers (51%) would consider switching energy providers to manage the cost of their bills, with one in four (25%) actively looking for a new tariff. The new Price Cap will increase from £1,568 to £1,717. Ahead…
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Energy company OVO is to pay £2.37m in compensation for customer complaint failures. Energy regulator Ofgem said OVO will pay £378,512 directly to affected customers, with an additional £2 million to the Energy Industry Voluntary Redress Scheme in recognition of the severity of consumer detriment caused. The regulator identified that 1,395 OVO customers were affected…
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Vulnerable customers will be able to access support services more quickly and easily, thanks to a project driving forward Priority Services Register (PSR) data-sharing between energy and water companies. At a summit meeting, Ofgem and Ofwat announced plans bring together suppliers, customer groups and experts to work towards a transformation in customer service culture across…
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Energy regulator, Ofgem is urging the government to grant it more powers so it is better placed to take action against suppliers which fail to meet the required standards of customer service. As well as new powers, the regulator is also exploring the introduction of a consumer duty which is similar to that adopted by…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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A fifth of people (20%) over the age of 55 have consistently spent more than they’d expected to during their retirements so far, with an additional 11% expressing that this occurred early on in their retirement, according to new analysis by PensionBee. Daily living expenses emerged as the largest financial burden for retirees, with 28%…
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Energy regulator Ofgem has announced that, from the 1st October 2024, the price cap will increase by £149 to £1,717, an increase of 10% from the previous price cap which was £1,568. The price cap which sets a maximum rate per unit and standing charge that can be billed to customers for their energy use,…
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38% of older people (65+) living on a low household income (under £15k per year) in England and 29% in Wales are either finding it a constant struggle – or a struggle from time to time – to keep up with their water bills, according to new research by Independent Age. The charity has teamed…
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Millions of households across the UK will be left in the cold and dark this winter, with energy prices forecast to rise by more than £150 a year according to Fuel Bank Foundation. The Foundation says that households using prepayment meters who are forced to pay upfront for their gas and electricity will be hardest…
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Energy prices are expected to rise by 9% in October according to consultancy Cornwall Insight. The data shows that for a typical dual fuel household we predict the October price cap to be £1,714 per annum. This is a rise of 9% from the current price cap which was set at £1,568 per year for…
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Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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The Government has launched a consultation to double reimbursement for water company customers when their basic water services are hit. The new measures aim to crack down on water companies failing their customers. Under new plans, households and businesses will be entitled to higher compensation rates from water companies, and in a wider range of…
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