Credit, Collections & Insolvency News
Millions of eligible householders are not receiving financial support that is available through their water company due to low awareness, according to the Consumer Council for Water (CCW). The water watchdog has urged low-income households are not to miss out on financial support from their water company to help absorb the impact of looming energy…
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6.5 million people in the UK (14 percent) will struggle to heat their homes as much as they need this Christmas due to the impact of the cost of living, according to findings from National Debtline. The findings show 2.7 million people (5 percent) are having to choose between buying food or presents and four…
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Credit Connect hosted its third in-person Credit & Collections Technology Think Tank in mid-November in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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Here is an overview of The Money Charity’s latest statistics for November 2023 Personal debt in the UK People in the UK owed £1,845.6 billion at the end of September 2023. The average total debt per household, including mortgages, was £65,724 and per adult was £34,700, around 100.7% of average earnings. Net mortgage lending decreased by…
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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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