Gas giants build £225 million cash float as customers feel the pinch
- Almost six million UK households in credit to their gas supplier by an average £79 or £449 million1 in total
- Yet almost two million households are in debt to suppliers to the tune of nearly £224 million2 - an average of £126 per customer
Despite bill payers having to fork out an extra 47 per cent3 for gas since the start of this year alone, research from moneysupermarket.com reveals gas suppliers have built up a float of over £225 million4 of customer's cash.
According to the UK's leading price comparison site, nearly six million households are in credit to their gas suppliers; with each bill payer owing on average £79; that leaves UK consumers £449 million out of pocket. It also seems the majority of people are unwilling to reclaim their cash as research reveals 79 per cent of those who are currently in credit have not asked for their money back.
The research also analyses how many bill payers are indebted to their supplier and found nearly two million households in Britain are collectively in debt to the tune of £224 million - an average of £126 per household. With this taken into account, gas suppliers are sitting on a whopping £225 million overall.
Scott Byrom, utilities manager at moneysupermarket.com said: "Bill payers have borne the brunt of unprecedented increases to gas prices this year, and worse still, it has come at a time when we are all feeling the financial pinch. Almost four fifths of consumers have made no attempts to ask for their money back from providers and this is worrying in the current financial situation."
Another issue for those in debt is their inability to change supplier for a better deal while they still owe money to their current provider. However, many bill payers are in the unfortunate position of not being able to pay back their debts, even if they wanted to. One in six (15 per cent) reveal they cannot afford to pay their supplier back, while nearly a fifth (18 per cent) say they will only pay it back if asked. A further two fifths (42 per cent) think the money they owe their supplier will even out over time or when their direct debit is updated.
Scott Byrom said: "Some Brits will have the financial stability to leave cash 'on float' with their supplier, but for many others the prospect of reclaiming their money will be very welcome, especially those with substantial amounts in their provider's pot.
"With the price of wholesale gas falling, customers shouldn't think they will see a fall in energy bills any time soon. The energy consumption we are likely to use over the winter months would have been bought in advance of recent gas price falls, so we may have to wait until the New Year before we see any change for the better.
"I recommend bill payers reassess their direct debit every six months to ensure they are paying the right amount. There is a clear call to action here - if you are in credit by a huge amount then speak to your supplier to get that money back and adjust your monthly debit. Similarly if you are in debt and feeling financially strained, don't bury your head in the sand. Speak to your supplier about the best way to pay it back and if you need to, discuss the possibility of getting onto social tariffs or other options available to you."
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