Credit, collections & insolvency news
Improving the energy efficiency of the UK’s buildings will permanently bring down energy bills for households and boost energy independence, say four leading associations. Energy UK, the Local Government Association, the Federation of Master Builders and the National Housing Federation are calling on the Government to continue to prioritise energy efficiency as a core solution…
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Over three million low-income households have said they have not been able to keep their home warm because they aren’t able to afford it as dangerously cold weather sets in according to new research by the Joseph Rowntree Foundation (JRF). JRF says plummeting temperatures terrify the hundreds of thousands of low-income households who can’t afford…
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Energy regulator Ofgem has announced its quarterly update to the energy price cap for the period 1st January – 31st March 2023. The price cap is set to rise to an annual level of £4,279 in January 2023, but bill-payers remain protected under the government’s Energy Price Guarantee (EPG). The energy price cap level indicates…
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New research from specialist lender Hodge has found 88% of British householders is concerned about the rising cost of energy. When asked if they have changed the way they run their homes in light of increased energy costs, 69% revealed they had done that too. Hodge asked 2,000 people how they felt about the current state…
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A fifth of households (20%) will only be able to cope with rising bills this winter by cutting back their energy use, according to new research from Uswitch.com, the comparison and switching service. Despite the Government’s energy price guarantee and £400 bill support, energy bills are still set to increase from the 1st October, and…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The price cap increase comes as Ofgem’s CEO warns…
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New analysis from Citizens Advice has indicated that one in four (24%) people won’t be able to afford to pay their energy bills in October based on current forecasts. This is double the number already in the red ahead of the price cap rise. The figure could jump to one in three(34%) people in January…
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Energy bills for a typical household could hit £4,266 next year, according to new predictions by Cornwall Insight. The higher estimate means the average household would be paying £355 a month, instead of £164 a month currently. Cornwall Insights says that the increase in forecasts since last month reflects both the increase in the wholesale…
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Energy regulator Ofgem has told a number of energy suppliers to take immediate and urgent action after a review found a range of weaknesses or failings in the way they charge customers direct debits. Out of a total of 17 large suppliers in the market, the majority were found to only have minor issues, but…
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New forecasts from Cornwall Insight are predicting that typical gas and electricity bills in England, Wales and Scotland could reach £3,363 in the new year. The figures have increased significantly from the £3,003 figure forecasted two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now sit at…
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Tenants in privately rented properties risk ‘falling through the crack’ when it comes to the recently announced energy bill support, Citizens Advice has warned. The charity has conducted research which found more than one in eight private renters – equivalent to half a million (585,000) people – may miss out on vital support to cope…
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The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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Households spent 7% more on their energy bills in April compared to March, as the increase in the energy price cap first hit household budgets. According to the latest Spending Power Report, which includes regular standing order and direct debit payments alongside card payments in its analysis, energy spending increased by almost a third (28%)…
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