Almost two million households are in GBP280m debt to their suppliers – an average of GBP151 per person, and 241,000 households can’t afford to pay back the energy debt to their supplier.
Despite this, the UK gas suppliers have built up a GBP174m cash float while customers are ‘feeling the pinch’, the research reveals. This figure, which could equate to an additional GBP5.3m in interest that customers are missing out on.
According to the moneysupermarket.com, 80% of those owed money by their suppliers have not asked for their cash back, leaving GBP363m currently unclaimed.
Scott Byrom, utilities manager of moneysupermarket.com, said: “In 2008, we saw gas giants holding GBP225m of their customers’ cash ‘on float’ and while it is encouraging to see this has decreased by more than GBP50m this year, there is still cause for concern.
“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.”
