Credit, Collections & Insolvency News
Almost half of households (46%) equating to 13 million consumers did not switch on their heating during cold snaps last winter in an attempt to save on their energy bills as the cost of gas and electricity soared new research by Which? has found. Almost nine in ten households (85%) tried to cut back on…
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Annual energy bills for a typical household are expected to fall at least £150 from October, according to new figures from Cornwall Insight. The research suggests that he energy price cap will drop to £1,925 when announced by regulator Ofgem next week, down from £2,074 for the current period, from July to September. Dr Craig…
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New analysis from Cornwall Insight and Smart Energy GB has revealed the substantial cost-saving potential of household flexible electricity initiatives such as time-of-use tariffs, smart meters, solar PV, and batteries. The data reveals national wholesale and system electricity costs could be cut by an annual £4.6bn in 2030 and £14.1 billion in 2040 if flexible energy solutions…
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The Government has launched a new bespoke energy advice service to help thousands of hard-to-reach households save on bills. The new measures will mean that more than 125,000 consumers to receive face-to-face advice on home efficiency upgrades and new advice services, backed by £20 million of government funding to try and help those in hard-to-treat…
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Millions of households across the country could be in line for compensation under class action lawsuits being filed against six water companies. Claims are being made against six water companies on behalf of 20 million customers for alleged under-reporting of pollution incidents. If successful, water companies face paying out as much as £800 million in…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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Consumer Council for Water (CCW) has announced that Chief Executive Emma Clancy will step down form her role at the end of September to take up the position of CEO at Salix Finance. Salix has appointed Clancy to lead its organisation in the next stage of its development championing the delivery of energy efficient public…
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Water regulator, Ofwat has launched a consultation on new guidance for water companies setting out how they should support their customers who require extra help in accessing water services by identifying vulnerabilities and supporting customers facing financial difficulties. Those who require extra help may include people with long-term as well as temporary circumstances such as…
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Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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Water regulator Ofwat has made three senior director appointments to strengthen its senior leadership team. The role of Senior Director in Sector Performance will be taken by Helen Campbell, Lynn Parker will be Senior Director, Casework, Enforcement and Customers and Kate Kendall will be Senior Director in Major Projects & Markets for a 12-month interim…
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Building trust and putting customers first is the focus of new guidance being published by the Consumer Council for Water (CCW), as part of wider efforts to transform the culture of the water industry. The CCW is asking water companies to embrace the challenge of creating a culture that is focused on people and strengthening relationships…
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Sector regulator Ofgem says a number of energy companies do not meet its financial resilience standards. While it did not specify which companies were falling short of its standards, it warned that around a third of the market is below the target. The energy regulator has written to energy companies warning them that an expected…
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Prior to the upcoming introduction of the July Default Tariff Cap (price cap), Cornwall Insight has predicted that the energy price cap will drop, starting from October 2023, to £1,871 per annum for a typical consumer, and from January 2024, £1,900 per annum. The fall in average price cap predictions can be directly attributed to…
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