Credit, Collections & Insolvency News
An estimated 4 million people in Britain have so far been eligible for a Cold Weather Payment this winter, according to analysis from comparethemarket.com on data from the Department of Work and Pensions (DWP). Among those 4 million people eligible in total across Britain, 13,000 lived in the six areas where weather stations have been…
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Ofgem has appointed Yü Energy Retail to take on supplying customers from Whoop Energy and Xcel Power. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they are in…
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Ofgem has confirmed that two small energy retailers have become the latest suppliers to exit the market. Whoop Energy and Xcel Power have announced they are ceasing to trade. Whoop Energy supplies 262 unique customer accounts, gas and electricity, 50 domestic and 212 non-domestic. Xcel Power has 274 unique customer accounts, gas only, and all…
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StepChange Debt Charity and OVO Energy have announced a new partnership that will provide a package of support to the charity worth up to £2 million over the course of 2022 to support people facing financial difficulty. To help provide the immediate resource StepChange needs, OVO will be funding additional frontline services in 2022, worth…
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Water UK has announced that water bills are set to rise from April, adding to the cost of living crisis due to hit households across the country. As water companies issue customers’ water bills for next year, showing an average increase of 1.7%, or about £7, Ofwat has called on water companies to make providing…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people are either already struggling financially, or expect to do so in the very near future. With inflation jumping to 5.4%, its highest level in almost 30 years, increasing numbers are finding it challenging to make…
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Research from Cornwall Insight has shown that conditions could be in place for volatile wholesale energy prices to continue into 2030 and beyond, unless the UK develops a long-term strategy to cope with changes in energy production and unstable economic, geopolitical, and ecological systems. Cornwall Insight’s Benchmark Power Curve, which looks at energy investment and…
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Rising energy prices will risk more Scottish consumers turning to food banks, Citizens Advice Scotland (CAS) warned. The charity says more and more people in Scotland are asking for information on paying their energy bills because they are facing a ‘nightmare scenario’ as the cost of living crisis bites. The energy price cap will rise…
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Over half of the UK’s remaining small energy suppliers are at imminent risk of collapse, according to Price Bailey analysis. Of the 22 gas and electricity suppliers left outside of the so-called ‘big six’, 12 companies have negative assets on their balance sheets meaning they are technically insolvent and at risk of collapse. city trade…
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New research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…
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Household bills fell marginally over 2021, with annual costs falling by £37 during the past 12 months, according to new data from comparethemarket.com. This new research which analyses the cost of energy, home, and motor insurance, based on comparethemarket.com’s switching data, shows that household bills were cheaper last year than the two years prior. A typical…
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Ofgem has appointed British Gas to take on supplying Together Energy’s approximately 176,000 domestic customers and 1 non-domestic customer. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they…
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Charity, Age UK is calling for urgent action as research by the company shows over 80 per cent of over-65s think the Government should step in to help poorer older people. More than three in five over-65s (62 per cent) – equivalent to 7.8 million older people – are worried about heating their homes compared…
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