Energy companies criticised for direct debit policies
The UK energy sector has come under renewed attack this week with the revelation more than 60% of UK households are currently in credit with their energy companies, where funding is collected by direct debit. The figures breakdown to show the average energy customer using direct debit to cover their charges has overpaid by £74 for electricity and £84 for gas.
A quarter of the UK population are owed more than £100 by their energy suppliers and 8% are in credit to the tune of over £200. However, there have been significant complaints with regards to these credits and the fact that many energy companies are very slow to return them or in some cases refuse to do so citing increased charges in the future as the reason.
Aside from the fact that UK consumers are missing out on additional capital and potential interest, the ongoing overpayment by the vast majority of UK homeowners is allowing energy companies free access to significant funding and the ability to earn interest on these funds. While on the surface figures of £74 and £84 for the average energy customer in the UK may not sound massive, it looks very different when you replicate this across the board!
The energy watchdog is currently looking into the situation with pressure expected to be heaped upon UK energy companies to revise their operations in relation to direct debit payments.
Share this..
Related stories
How much has the UK recession cost us?
While it is very difficult to comprehend the billions upon billions of pounds being mentioned in budgets, national debt and other discussions, how much has the UK recession cost UK taxpayers?
One way to look at this particular subject is to look at government debt and how this is financed. To give an example of where we are at the moment, it will cost the UK government a massive £2...
UK car industry going from strength to strength
The UK car industry last month reported a 31.6% increase in like-for-like sales compared to the same period last year. This is a massive increase and ultimately down to the UK government's car scrappage scheme which has now been extended and has actually proved to be very successful. So what next for the UK car industry?
While there is no doubt that the extension to the UK governmen...
UK government deficit increasing by £3 billion a week
As we approach the end of 2009 the government forecast of a budget deficit for 2009 of £175 billion looks now to be dead in the water. Recent figures show that the budget deficit is now increasing by £3 billion a week and the UK government is in severe trouble as we approach the next general election. Despite the fact that Gordon Brown has pledged to half the budget deficit within four years thi...
Read MoreIs Debt Counselling The Final Option?
As the UK debt mountain continues to rise, more and more people are on the verge of serious financial trouble. Bankruptcies are on the up and credit card companies are starting to squeeze many of their clients for early repayment of debts at a time when they can ill afford extra outlay. Debt counselling is very much back in the frame, but is it really a last resort?
Many people fa...
Have We Seen The End Of The Property Programs On TV?
The rise and rise of such programs as Channel 5's 'How to be a property developer' have reflected the massive public support for financial advice programs where it seems very easy to make a fortune. Many people have followed these programs and invested into the property market, even though a great number were not experienced in the first place, often banking big bucks in the process. While it wa...
Read More