Credit, Collections & Insolvency News
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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Zog Energy has ceased trading, the company claimed that it was unable to secure the gas hedges it previously agreed with its gas shipper CNG. The energy company has served around 11,700 domestic gas customers, is the 27th energy retailer to exit via the Supplier of Last Resort process so far this year. Under Ofgem’s…
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Ofgem has appointed Scottish Power to take on supplying Entice Energy and Orbit Energy’s combined total of approximately 70,400 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,…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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New analysis by Age UK has shown that without more Government financial help, fuel poor older households will top a million by the Spring. The charity has warned that soaring energy costs will push an estimated 150,000 extra older households into fuel poverty this winter as a result of of soaring energy prices. With around…
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Ofgem has announced the collapse of two more energy firms as number of households affected by a supplier failure nears 4 million. That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, Entice Energy, which comprises both Entice Energy Supply and Simply Your Energy, and Orbit Energy, are to…
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Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
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More than three in four (76%) families with children at home are worried that the impact of using the heating more will lead to higher energy costs this winter, according to research by Comparethemarket.com. More than a third (35%) of families say a large increase in energy costs over winter will lead them to cut…
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Energy regulator, Ofgem has decided to accept commitments from PayPoint and a donation of £12.5 million to the regulator’s Energy Industry Voluntary Redress Scheme, following an investigation into whether PayPoint has infringed Chapter II of the Competition Act 1998. PayPoint provides services to energy suppliers which enable their energy prepayment meter customers to top up…
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