Credit, Collections & Insolvency News
StepChange Debt Charity’s 2024 Statistics Yearbook, published to mark the start of Debt Awareness Week, has revealed tha the average StepChange client is £3,911 in arrears on household bills, a jump of 25% from £3,124 in 2023. Overall, the average amount of debt per StepChange client jumped 7%, from £16,706 in 2023 to £17,936 in…
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Energy UK has warned that urgent action is needed to bring down energy bills in line with Government targets. The Government has set an ambition of reducing energy bills by ‘up to £300’ by 2030. A new report has highlights that reducing reliance on international gas prices is the only long-term solution. Being at the mercy…
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National Energy Action research has found that nearly half of adults (49%) expect to ration energy in coming months as average bills set to rise by over £100. The data follows on from Ofgem’s announcement that the energy cap will rise by 6.4% in April with the average energy bill rising to £1,849 a year…
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Energy regulator Ofgem has announced a 6.4% increase of the energy price cap for the period covering April to June 2025. The energy regulatror says that a recent spike in wholesale prices is the main driver of today’s price rise, accounting for around 78% of the total increase. A small increase in policy costs and…
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Every energy supplier will be required to offer energy tariffs with low or no standing charges so customers can choose to pay these costs as part of the unit rate, under plans published by Ofgem. The regulator has launched a consultation on how proposals to introduce an option under the price cap that will cover…
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Citizens Advice says energy network companies, which provide pipes and cables to people’s homes, have made nearly £4 billion in excess profits over the last four years. During this time, the charity has helped a record nearly 700,000 people in England and Wales struggling to afford their energy bills, and five million currently live in…
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Energy bills are forecasted to rise by 5% from April, adding £85 a year according a latest forecast by consultancy Cornwall Insight. For a typical dual fuel household it is predicted that the April price cap to be £1,823 per annum. This is a rise of £85 and 5% from the current price cap which…
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CCW says millions of households now face an anxious wait to see whether they could face even steeper water bill rises after six companies choose to contest Ofwat’s price caps for the next five years. Northumbrian Water, Anglian Water, Wessex Water, Southern Water, Thames Water and South East Water have all asked for their final determinations…
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The Consumer Council for Water says customers of Thames Water will be incensed by the company’s decision to pursue even higher bill rises through an appeal to the Competition and Markets Authority (CMA). Thames Water was given the green light in Ofwat’s final determination before Christmas to increase customers’ bills by an average of 35%…
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Compare the Market’s latest research has found that 79% of people are concerned that cold weather will drive up energy costs this winter. The research showed that nearly two-thirds (63%) are also rationing their energy usage by limiting essentials such as heating, lighting, and even the duration of baths or showers. A significant regional disparity…
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The average annual water bill in England and Wales will rise by 26% or £123 in the next financial year according figures analysed by Water UK. Water companies have committed extra money for investment in infrastructure, such as reservoirs, and more help for struggling customers. To fund these new levels of affordability support and investment,…
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Parents with children below the age of 18 have expressed widespread concern about the country’s economic outlook and its impact on family finances according to new research by Confused.com Life Insurance. The findings shed light on parents’ financial priorities, worries, and hopes for their children’s futures with an overwhelming 78% expressing concern about the UK’s…
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The Government has announced new proposals to introduce an Open Banking-style data sharing scheme in the energy sector. The scheme aims to give consumers could get greater control over their energy usage and save money on their bills under plans for an energy smart data scheme. Smart data is the process of securely sharing customers’ data, such…
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