Credit, Collections & Insolvency News
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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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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