What is about energy firms? Are they all out to stitch us up?
Yes once again, energy firms are under the Money Hospital microscope!
Gas firms have stockpiled hundreds of millions of pounds of our money, according to a survey.
Suppliers have built up a £490 million pound cash float, as consumers' direct debit payments have failed to drop in line with gas prices, says impartial price comparison service moneysupermarket.com.
However, British Gas (Britain's largest domestic energy supplier and more than likely the company that has kept most of our money...) rejected the findings as "spurious".
The moneysupermarket poll of over 2,000 British adults found that almost 9 million households are in credit to the tune of an average £56 pounds. One in eight of those in credit have overpaid their gas supplier by more than £100.
Some 61% of us currently pay our gas bill by monthly direct debit. These have risen steeply along with higher domestic gas prices throughout last year, but have yet to fall in the wake of subsequent price drops, said moneysupermarket.
The survey showed that Powergen's customers had the highest amount of cash held on float at an average £78 and the largest proportion of customers in credit by over £100 pounds (26%) compared to the national average of 12%. Customers of npower and Scottish Power had also overpaid more than the country-wide average; at £67 and £58 pounds.
British Gas and Scottish & Southern Energy had stockpiled customers' cash to an average £55, it said, while London Energy/ EDF were sitting on a typical £46 per customer.
Paul Schofield, head of utilities at moneysupermarket, said most suppliers reassess the level of customers' direct debit payments every 6 months, but urged consumers to prevent companies building up larger reservoirs of unspent money by asking for an immediate review.
"Households have been taking the strain of higher gas prices for far too long, and with an energy price war finally gathering pace, it is vital customers reap the rewards as soon as possible," said Schofield. "You only need ask yourself the simple question: who needs my money most?" (we think the answer to that is fairly simple don't you?)
However, British Gas (who has 10 million gas customers and nearly 6 million electricity accounts) said that, far from sitting on overpayments, its average direct debit customer had a £60-pound debit on their account (hmm do we believe them?)
"This is normal because we would expect customers' accounts to run into debit during winter and credit during the summer; winter consumption is around three times higher," a spokesman said. "However, over a year the direct debit level is set so it balances out. We think moneysupermarket's findings are spurious."
He added that British Gas reassessed its customers' direct debit payments every three months, meaning that its customers were already seeing the benefits of recent price cuts.
So, fellow energy consumers, do we believe the energy companies that they haven't stockpiled big fat wad of our cash, or do we think they might not be sharing the entire truth with us?
If you are unsure, here are some useful contact details for your energy suppliers just in case you need to ask them yourself!
British Gas
Powergen
Southern Energy
London Energy/EDF Energy
npower
Scottish Power