Credit, Collections & Insolvency News
Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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Consultancy firm Cornwall Insight predicts that annual energy bills for a typical household are expected to rise by £73 to £1,996 in January. Under Ofgem’s energy price cap, the typical annual bill will be £1,923 between October and December, with this down from the £2,074 seen in the July through September quarter. Dr Craig Lowrey,…
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The Ofgem energy price cap will fall to £1,923 from October for a typical household, but over one-in-three households across England – 7.2 million in total – will face higher bills this winter than last, highlighting the urgency of further government support for hard-pressed families according to the Resolution Foundation. The Foundation notes that the…
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Latest research by Citizens Advice has found that 7.8 million people borrowed to pay their energy bills in first six months of 2023. A total of 46,431 people with energy debts contacted the charity for advice in the first six months of 2023, a 17% increase on the same period last year. Citizens Advice says…
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Over one-in-three (35 per cent) English households, equivalent to 7.2 million households, will see higher energy bills this winter than they did last winter, including almost half (47 per cent) of those in the poorest tenth of households, according to new Resolution Foundation research. Ofgem is expected to announce a reduction in the energy price…
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Almost half of households (46%) equating to 13 million consumers did not switch on their heating during cold snaps last winter in an attempt to save on their energy bills as the cost of gas and electricity soared new research by Which? has found. Almost nine in ten households (85%) tried to cut back on…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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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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