Gas Suppliers Stockpile Consumers Cash

by Gary Parsons - Date: 2007-04-26 - Word Count: 268 Share This!

Have you checked your gas bill against your direct debit recently? According to research by moneysupermarket.com, gas suppliers are estimated to be stockpiling �490m of their customers' money due to the delays in adjusting payment amounts for direct debit customers. Suppliers are believed to be only checking systems every six months, leading the way to an overpayment in excess of �100, as found in one of eight of the 2407 research participants.

Mish Tullar, Director of media relations at British Gas was quick to reject these findings, saying: "We are not sitting on a big cash windfall", continuing to point out that their customers were on average �60 in debit and not overpaying.

Many people within the industry believe that whilst suppliers such as British Gas are offering cheap gas, they are too slow in reacting to the changes when it comes to customer payments. Particularly Powergen, who on average had the most cash "on float" at around �78 per household.

A new argument that is emerging is that of winter payments, when accounts are most likely to be in debit. This means a solution is needed to ensure good cash flow for suppliers, whilst recovering this debt from its customers. By placing the �490m in a typical business bank account, gas companies are likely to be earning �24.5m of revenue per annum.

So what can be done to ensure you don't continue to give even more money away? Contact your supplier and discuss your current tariff and average bills. They should be able to give you this information over the phone and come up with a satisfactory amount for direct debit.

Related Tags: cheap gas, gas suppliers

Always ensure you compare the market carefully when comparing gas suppliers to ensure you can obtain a cheap gas price.

Your Article Search Directory : Find in Articles

© The article above is copyrighted by it's author. You're allowed to distribute this work according to the Creative Commons Attribution-NoDerivs license.

Recent articles in this category:

Third Term - The Obasanjo Syndrome ... Ambition and the Place of God by Kissinger Akugue
I recently read a post in a blog (multibrand.blogspot.com) concerning President SBY of Indonesia amb
Black Veterans Still Not Receiving Their Due by Meta J. Mereday
With a Black President, many discussions have been re-kindled regarding the treatment of Blacks in v
Are Green Party Candidates Converting Voters? by Paul Tobey
Have you noticed that the Green Party Convention is hosting a few training sessions which include th
The National Debt: Young Americans Are Inheriting a Sinking Ship by J. Wesley Fox
The greatest fundamental weakness of the United States of America is its national debt. Debt weighs
America Must Return to Its Free Market Roots by J. Wesley Fox
The United States is the most prosperous country in the world. Its economy has been a constant engin
Policies Of President Obama And Democratic Congress Severely Undermine Job Opportunities For Young Americans by J. Wesley Fox
For Young Americans, this is the worst job market in decades. Despite politicians claiming we are on
The Virtues Of A Limited Federal Government And Why America Must Return To The Limited Federal Republic Laid Out In The Constitution by J. Wesley Fox
I consider the foundation of the Constitution . . . that 'all powers not delegated to the United Sta
Young Americans Have Largest Stake In Maintaining A Strong Military And Effective Homeland Security Policies by J. Wesley Fox
Americans are truly blessed to live in a country protected by the most powerful and effective milita
Why Hitler Wanted To Ban Guns by Andrew Wallace
Whenever the name Adolf Hitler is mentioned one automatically makes a connection to the Holocaust, N
What Happened To The Mohave County Downwinders? by Laura J. Taylor
I always get a bit frustrated when I hear that the reason Mohave County was excluded from the Radiat

Most viewed articles in this category:

Designer Shoes Come First In Global Poll Of Most Wanted Accessories by Martin McAllister
For both men and women, shoes have long been an essential fashion item. In fact, many women in popul
New US Ambassador for Indonesia Named by Cherry Aria
The US government has appointed Cameron R. Hume as the next ambassador to Indonesia, reliable source
1984 By George Orwell by Andrew Sandon
1984 by George Orwell In the book "1984" Orwell criticizes totalitarianism of all types and brings
Chaos Theory: Bush's delusions & Iraq's destiny (Part 2) by Stephen John Morgan
The classic counter-insurgency strategy of the US consists of the "ink-blotch" approach. This involv
Will Israel Attack Iran (Part 2) by Greg Reeson
In November of last year, I wrote an article speculating about whether or not the Israelis would tak
Rodrigues Island 'autonomy' by Alain Leveque
Rodrigues Island: 'Autonomy' The first few pages were qui
Obama Is Coming, Clear The Way! by James Opiko
"Obama biro, yawne yo!" (Obama is coming, clear the way)—Tens of thousands of cheering Luo "Tr
African Tribes by Andrew Sandon
African Tribes In this article the economies and lifestyles of such African tribes as the Lele and
This Is Not Your Dad's Republican Party Anymore by Richard Stoyeck
Stock markets are strange because they reflect the sum total of all our hopes, fears and prejudices
How to Drastically Reduce our Foreign Oil Dependency While Saving you Money at the Pump by Robert Riley
If you watch or listen to the news, discussions come up all the time about the price of a barrel of