Credit, Collections & Insolvency News
Together Energy has become the first supplier of 2022 to cease trading following weeks of speculation about the company’s future. The energy company, which was founded in 2016, included subsidiary and former council-owned supplier Bristol Energy. It served 176,000 domestic customers and one non-domestic customer Under Ofgem’s safety net, customers’ energy supply will continue and…
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Single adults on low incomes could spend more than half their income on bills if the energy price cap rises in April, according to a report by the Joseph Rowntree Foundation (JRF). The analysis found that households on low incomes will be spending on average 18% of their income after housing costs on energy bills…
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The number of households suffering from ‘fuel stress’ spending at least 10 per cent of their family budgets on energy bills is set to treble overnight to 6.3 million households when the new energy price cap comes into effect on 1st April according to new research by the Resolution Foundation. The research shows that the…
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The anticipated £700 increase to the default tariff cap is set to put energy bills as a proportion of benefit levels at a generational high and tip many more into hardship, new research by Citizens Advice has revealed. Citizens Advice is calling on the government to provide a one-off grant this April to support families…
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Charity, Age UK is demanding immediate government action to prevent millions more from falling into fuel poverty. The Charity has written to the Secretaries of State for Business, Energy and Industrial Strategy (Rt Hon Kwasi Kwarteng MP) and for Work and Pensions (Rt Hon Thérèse Coffey MP), published in full below, calling for immediate action…
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Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…
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Nearly half of consumers(44%) want urgent help in managing their own money, according to a new opinion poll highlighting the dire state of the personal finances of millions of people. The findings come from a poll by Opinium of 4,000 people commissioned by the leading think-tank, the Centre for Social Justice (CSJ), and credit management company…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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Energy suppliers will undergo financial stress testing from January to measure their resilience against a range of scenarios in a raft of new measures announced by Ofgem which aims to boost financial resilience in the energy sector. Ofgem says that where stress testing reveals weaknesses, the regulator will agree an improvement plan for companies to address any concerns, particularly where consumers are…
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New research Opinium has found that 8% of retired people are concerned about being able to pay bills. The research found that 41% said being able to pay their bills in retirement was a realistic goal. Worryingly 8% did not think it was a realistic prospect, whilst 11% did not think it was realistic that…
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Ofgem failed to act against unfit energy suppliers for nearly a decade, leaving the market vulnerable to this year’s spike in wholesale prices according to a major new report from Citizens Advice. The charity has found that mistakes and missed opportunities left the market in a precarious position when gas prices surged in 2021. Since…
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Ofgem has appointed EDFto take on supplying Zog Energy’s combined total of approximately 11,700 domestic customers. 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 credit. Domestic customers will also be protected by the energy price cap with…
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New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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