Credit, Collections & Insolvency News
Energy prices will fall by 16% in April, according to a prediction by Cornwall Insight. The company says that tensions in the Red Sea have failed to derail the prospect of lower household energy bills from April. Predictions have fallen £40 p/a since December, with a typical dual fuel consumer now expected to pay an annual…
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Bereavement service Settld has announced that it is working with Octopus Energy to unlock a new service streamlining account administration for those handling the affairs of an Octopus Energy customer who has died. Octopus Energy, already noted for its excellent customer service during the bereavement process will now be able to notify all other relevant service providers nationwide of a death,…
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British Gas came bottom in Which?’s annual energy firm survey, as the consumer champion calls on providers to improve unsatisfactory customer service and ensure they are providing value for money. Energy prices have stayed punishingly high this winter – with the price cap currently at £1,928 a year for a typical household. Cornwall Insight predicts…
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Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…
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Chief Executive Officer’s of Energy suppliers have been reminded of their responsibility to treat customers fairly when installing involuntary prepayment meters, ‘Pay as you Go’ meters, and that they must follow Ofgem’s new rules or face tough action and fines. The warning from Ofgem’s Director General for Markets, Tim Jarvis, in a letter, comes as…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to 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 has increased by up to 6% in the past year.…
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Millions of pounds recovered from energy firms by Ofgem were used to help communities across the country in 2023. The energy regulator steps in when energy companies breach their licence conditions or are found to be failing customers. In 2023, the regulator recovered a total of £77.2m in fines, customer refunds, compensation and alternative action…
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As the UK officially enters winter on households are once again faced with the dilemma of when to switch on the heating. But with the high cost of energy, many households are engaging in a ‘thermo-spat’, with one in three (32%) couples having already bickered over who controls the heat, according to a poll from…
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Forecasts for the April 2024 Default Tariff Cap (price cap) show a fall of 14% in the second quarter of the year, with a typical dual fuel consumer expected to pay £1,660 per annum, a £268 decrease from January bills of £1,928 according to Cornwall Insights. The trend is currently expected to persist throughout the year,…
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Ofgem has announced that energy debt has reached £2.9 billion and may look to recover this by raising the price cap and increasing energy bills. The energy regulator says that the scale of energy debt means that they must take action to protect market and ensure customers are protected from uncontrolled rises This follows an…
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New rules which mean that energy suppliers will now have to help struggling customers with their energy bills have now come into effect. Energy regulator says the new rules will make it easier for domestic customers to contact their supplier, help provide support for domestic customers who are struggling with their energy billsand compel suppliers…
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Water regulator, Ofwat has set out expectations for the minimum standards water companies should provide for all customers, specifically recognising vulnerable householders. The new vulnerability guidance recognises that some customers need extra help to access water and wastewater services, such as those who are sick, have a disability or have mental health problems. It will…
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