Site suggests customer energy debt solutions

16/12/2009

Millions of UK householders are "in credit" with their energy provider, allowing the firms to raise a "cash float" worth £174 million.

This is the central claim of new research from Moneysupermarket.com, a price comparison website.

The report showed that around five million households are "in credit" by around £89 each to their gas supplier, while 1.8 million people owe the firms an average of £151.

Moneysupermarket.com calculated that this added up to £454 million of credit and £280 million of debt for the gas suppliers.

The analysis also highlighted the facts that 80 per cent of people in credit to their gas firms have yet to reclaim their money and that 241,000 indebted households "cannot afford" to pay their bills, suggesting that they might see benefits from seeking out debt advice.

Scott Byrom, utilities manager at moneysupermarket.com said: "This year bill payers have welcomed price cuts on online energy tariffs across the board however it's unsurprising customers are still finding themselves in credit with their gas supplier as direct debit arrangements may not have been updated to reflect these price changes.

"Even more concerning is that four fifths of bill payers with ‘cash on float' have not asked for their money back - a clear oversight, especially when many of us are feeling the financial pinch."

Tags; Housing Debt and Bills, Credit Card Lifestyle, Retirement Money Problems, Young Family Finances, Recent Graduate Debt,

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