Credit, Collections & Insolvency News
The amount of debt racked up by prepay energy customers has hit £1 billion according to new research by Bfy Consulting. Over the past two years, the number of prepayment meter (PPM) energy customers in debt has risen by 220,000 to 750,000 – a 40% increase. The average debt balances have also risen by 40%…
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Households struggling with the cost of energy bills this winter are being encouraged to speak to their council about the financial help available from the Department for Work and Pensions’ Household Support Fund. The Government has invested over £2 billion into the Fund since it launched, with new statistics now showing more than £360 million…
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The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…
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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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