Credit, Collections & Insolvency News
Ofgem has appointed Octopus Energy to take on supplying UKEIH’s 3000 domestic customers following a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the supplier have paid into their accounts will be protected, where they are in credit. Domestic customers will also…
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The Consumer Council for Water (CCW) has published a report charting the progress that has been made over the past year in delivering the proposals set out in its independent review of water affordability on behalf of the UK and Welsh Governments. The report shows 6 of its 10 key recommendations have been implemented as part…
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Energy companies’ customer service standards have fallen to a new record low according to the latest Citizens Advice research. The table rates customer service between January to March this year. Amid rising call waiting times and customers saying they can’t get hold of their supplier, the average score (2.8 stars) is the lowest on record.…
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Customers will need to pay an estimated £2.7 billion to cover the costs of 28 energy suppliers failing since June 2021, in addition to the cost of running Bulb Energy. While the supplier failures were caused by substantial increases in wholesale prices, Ofgem’s approach to licensing and monitoring suppliers over previous years increased the risk…
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Energy regulator Ofgem has announced the next steps in their plans to prevent the kind of energy supplier failures we saw last year and to better protect consumers’ money if they do fail. The plans set out tough new measures to improve the financial health of energy suppliers meaning they can stand up to future…
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Over half (58%) of people were most concerned about energy bills. This compared to 12% who were most concerned about transport and 8% who were most concerned about food and other household essentials according to new survey by BEIS The survey found that around one in ten (11%) were equally worried about all of them…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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More than half of UK households (52%) cutting back on gas and electricity use according to the latest Office for National Statistics (ONS) figures. Average energy bills for families on a standard variable tariff went up by 54% in April after a change in the government price cap. The research found that more than 40%…
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Tenants in privately rented properties risk ‘falling through the crack’ when it comes to the recently announced energy bill support, Citizens Advice has warned. The charity has conducted research which found more than one in eight private renters – equivalent to half a million (585,000) people – may miss out on vital support to cope…
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Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreThe Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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New research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…
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Water regulator, Ofwat has published new guidelines for water companies to help household customers across England and Wales pay bills, get help and repay debts. The new guidelines cover several areas, including requiring companies to: Offer more flexible payment options for customers on irregular incomes and zero-hours contracts; Talk sensitively with customers struggling to pay…
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