Credit, Collections & Insolvency News
New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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Research from Cornwall Insight has found that price cap projections have shifted just £38 since March, with a typical household now predicted to pay approximately £2,060 per year from July. The stabilisation of the forecasts reflects the decreased volatility in the wholesale energy market, with the relatively mild winter, higher than-predicted European storage levels and…
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British Gas has announced that it will no longer outsource forced installations of prepayment meters (PPM). The company says that the announcement follows a detailed investigation overseen by independent regulatory compliance consultancy, Promontory Financial Services. The report concludes that there are no systemic failings in the way British Gas handled the fitting of prepayment meters…
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More than 16 million households have over £6.7 billion in energy credit balances with their suppliers according to new research from Uswitch.com. Credit balances are £5.3 billion higher than last year against the background of a mild winter and household efforts to reduce energy use. Households also benefited from the £400 in Government energy support between…
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Households on traditional prepayment meters are being urged by the Government to redeem their energy bill support vouchers, with £160 million remaining to be claimed. Prepayment meter customers have so far claimed £620 million under the government’s Energy Bills Support Scheme (EBSS). New figures show that more than £780 million in EBSS vouchers have been…
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Latest ONS data has found that the cost of living crisis has seen as a fifth of households go without heating. The research found that around one in twenty adults (5%) reported that they had run out of food and couldn’t afford to buy more in the previous two weeks amd that almost half (49%)…
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Energy regulator Ofgem has revealed that British domestic energy suppliers have signed up to an updated Code of Practice and tougher Ofgem oversight of prepayment meters (PPMs) that are enforced under warrant installations or remotely switched without consent (all involuntary installations). The Code of Practice sets out clear procedures that suppliers must follow, strengthening protections…
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Low-income households will be left an average of £209 short on their energy bills this financial year, new Which? research has found, as the consumer champion calls for an energy social tariff to protect the most financially vulnerable. Even with the government’s decision to keep the Energy Price Guarantee at £2,500 for an average household…
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Ofwat is calling on more water companies to trial innovative ways of charging customers, to make bills more affordable and help encourage customers to use water wisely. Affinity Water, which supplies drinking water across South East England, plans to be the first to implement a charging trial under new Ofwat rules. Due to go live…
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Here is an overview of The Money Charity’s latest statistics for March 2023 Personal debt in the UK People in the UK owed £1,837.4 billion at the end of January 2023. The average total debt per household, including mortgages, was £65,434 and per adult was £34,546, around 105.2% of average earnings. Net mortgage lending rose by…
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New Government research has found that over 94,000 prepayment meters were forcibly installed in homes under warrant last year without customer consent – on average over 7,500 meters a month. After calling on suppliers to stop forcibly installing prepayment meters, the Energy Security Secretary Grant Shapps has now revealed the most overzealous suppliers, as part…
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Chancellor Jeremy Hunt has announced the Spring budget for 2023. Commenting on budget, Credit Services Association (CSA) Chief Executive Chris Leslie said: “For the collections sector, Jeremy Hunt’s Spring Budget has greatest relevance in its impact on the surplus money people have at their disposal and the cost-of-living squeeze that may affect an individual’s ability…
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Millions of households will get more support with high energy bills to help ease the cost of living, the Chancellor has announced ahead of the Spring Budget. The Energy Price Guarantee (EPG) will be kept at £2,500 for an additional three months from April to June, saving a typical household £160. Energy prices are 50%…
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