Credit, collections & insolvency news
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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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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Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…
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Energy giant Utility Warehouse has been ordered to pay £1.5 million in redress to its customers an investigation by Ofgem found it failed to adequately support those who were struggling in debt. The investigation by the energy regulator found that customers were not consistently offered support, such as debt repayment plans and energy efficiency advice,…
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Ofgem has appointed five energy suppliers to take on the more than 70,600 customers of six recently failed energy retailers. The news follows the announcement by Yu Group earlier in the week that it had taken over the supply of the 600 domestic and 2,000 non-domestic customers of Ampower. The suppliers will take on a…
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Business energy supplier. CNG Energy has announced they are ceasing to trade after almost three decades supplying power to non-domestic customers. The company, which served around 41,000 businesses, is the sixth supplier to exit the market so far this week and the 22nd to enter the supplier of last resort process this year. Under Ofgem’s…
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Omni Energy, MA Energy, Zebra Power and Ampoweruk have announced they are the latest energy companies ceasing to trade. Omni Energy supplies around 6,000 domestic pre-payment customers, MA Energy supplies around 300 non-domestic customers, Zebra Power supplies around 14,800 domestic customers, Ampoweruk supplies around 600 domestic customers, and around 2000 non-domestic customers. Under Ofgem’s safety…
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Consumers most in need of help could be missing out on essential extra support from their water company, despite record demand sparked by the Covid-19 pandemic according to the latest assessment by CCW, which ranks water companies according to their performance on a range of important measures, including customer satisfaction, service failures and complaints handling.…
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A review of the methodology for setting the energy price cap has been announced by Ofgem following the unprecedented rise in wholesale costs in recent months. In a letter to the industry, the regulator’s chief executive Jonathan Brearley also revealed plans to facilitate faster payments to suppliers of last resort and pause all new applications…
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The record energy price cap increase of £139 in October is set to push two in five families into debt with their supplier, according to the latest Household Financial Confidence Tracker from comparethemarket.com. 43% of families with children at home believe that if energy bills increase it will push them into debt with their energy…
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The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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