Credit, Collections & Insolvency News
Despite over half of British homes now having a smart meter, new research from Citizens Advice suggests millions of households are being let down by meter problems suppliers are failing to fix. The charity says new rules are needed to ensure energy suppliers identify and fix problems as quickly as possible. Citizens Advice is particularly…
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Cornwall Insight has announced its final forecast for the July-September Quarter 3 2024 Default Tariff Cap (price cap) indicating that for the typical dual fuel household it predicts that the July price cap will be £1,574.37 per annum. This is a fall of approximately 7% from the current price cap which was set at £1,690…
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New research conducted by YouGov on behalf of StepChange Debt Charity reveals that one in four (24%) adults have recently used a form of credit to pay for essentials such as household costs and groceries. StepChange’s analysis estimates this is the equivalent of 13 million people. Analysis shows among the one quarter (24%) of UK…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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Higher interest rates could add £29 billion to household energy bills, according to new research published today (Monday) by the Resolution Foundation. The research considers how to fund the major power sector upgrade needed to cope with rising demand for electricity in a decarbonising economy. By 2040, Britain’s homes will consume 45 per cent more electricity…
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Scottish Power Energy Retail says it will pay £1.5 million in refunds and compensation after it charged customers above the price cap during the height of the energy crisis. Ofgem agreed the redress package after the supplier confirmed that between 2015 and 2023, it mistakenly overcharged 1,699 direct debit customers a higher rate, which should…
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Customer research published by Ofwat and consumer watchdog CCW has revealed that the vast majority of people do not trust water companies to do what’s right for the environment. Less than a quarter (23%) of respondents said they trust their water provider to do what is right for the environment down from 31% in 2021.…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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The number of households seeking help to deal with court action over their unpaid energy bills has doubled in the last year, according to Citizens Advice. Citizens Advice said while the numbers affected are small at the moment, the number of people it helped who received a county court judgement (CCJ) from their energy supplier…
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New research from Go.Compare has found that just over one third (38%) of consumers are haggling on their bills, with another 17% revealing that they are anticipating negotiating with their providers this year. The comparison site surveyed over 2000 bill payers about their negotiating habits when it comes to their household bills. It found that…
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The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…
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A consultation on how to develop the price cap so customers remain protected as the energy market evolves to a smarter, more flexible system has been launched by Ofgem. The price cap, along with the temporary ban on acquisition-only tariffs, have worked well to protect customers from the ‘loyalty penalty’ where customers on default tariffs…
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