Credit, Collections & Insolvency News
Energy retailers have been urged to simplify the language used in consumer communications after a survey found the majority of customers (76%) are confused by their bill. Consumer group Which?’s research found almost half (48%) of all consumers said they experience a negative emotional response when reading their bills. The research that almost half (47%)…
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Energy bills will still be far higher than they were pre-crisis despite Ofgem’s announcement that the energy price cap will fall to £2,074 on 1st July according to the Resolution Foundation analysis. The Foundation notes that falling energy bills are projected to bring inflation down by 2.7 percentage points by July compared to the start…
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Citizens Advice is calling on the government to introduce an energy social tariff by 2024. The charity believes targeted financial support in the form of a social tariff is the long-term solution to millions of people spending excessive amounts on their bills, both now and during what could be a decade of record prices ahead.…
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Poorer households are hit harder than wealthy households when it comes to rising energy costs according to new research by Interactive Investor. When factored into the other key areas of household expenditure, including food, housing costs (rent or mortgage) and transport, the research calculated that the poorest 10% of households face spending 26% of their…
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The Business and Energy Secretary Grant Shapps is calling on suppliers to do more to protect vulnerable energy users and has pledged to crack down on the mistreatment of energy users by suppliers, following reports showing some are doing nowhere near enough to support vulnerable customers. Shapps has written to energy suppliers calling on them…
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Energy consultancy Cornwall Insight has predicted that energy bills are expected to fall to about £2,200 from July. The decrease will mean that typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts show prices…
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In an open letter sent today to the Chancellor, Jeremy Hunt MP, 95 Charities and non-profit organisations across the UK have joined together to call for more targeted support in the form of a social tariff for the energy market to help older and disabled households heat their homes. New research by Age UK reveals strong…
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Almost half a million (450,000 people) could be made to pay their energy bills with a prepayment meter by the end of 2022 because they’ve fallen into debt according to new analysis from Citizens Advice. The charity analysed Ofgem data on the number of customers moved to prepayment meters due to their existing debt to…
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The decision by Liz Truss’s government to support energy spending could make blackouts more likely, according to analysis by the Resolution Foundation The Foundation says Liz Truss’s first major act as Prime Minister has been to set out an energy support package to hugely reduce the scale of the living standards catastrophe this winter by covering…
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The energy price freeze still leaves low-income families facing a vast gap compared to last year as rising costs outstrip government support, new research by the Joseph Rowntree Foundation (JRF) has found. JRF estimates today’s announcement – that energy prices will be capped at £2,500 including the £400 energy bill rebate – is worth on…
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New Prime Minister Liz Truss has announced plans that will limit energy bill rises for all households for two years. The measures will mean that a typical household energy bill will be capped at £2,500 annually until 2024, saving households £1,000 a year on the energy price cap announced for October. Commenting on the announcement…
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Energy bills could hit £5,300 a year by next April according to predictions by Cornwall Insight. The research has found that households will face an 80% rise in bills going into the winter period when energy use soars. The predictions show a typical household will be paying £3,553 equivalent per year for their energy bills.…
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New analysis published by the TUC has shown that energy bills are now expected to cost more than two months of average take-home pay in 2023 – without government intervention. Average take-home pay (after tax) will be £2,054 per month in 2023 based on Bank of England forecasts, so at £4,108, two months’ pay will…
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