Over five million UK households in credit with their gas supplier - to the tune of an average £89 each.
UK gas suppliers have built up a £174 million cash float while customers are feeling the pinch, according to new research from moneysupermarket.com.
According to the price comparison site, five million households are in credit to their gas supplier - with each bill payer owed on average £89; that leaves UK consumers £454 million out of pocket.
Worse still, a shocking 80 per cent of those owed money by their suppliers have not asked for their cash back, leaving a whopping £363 million currently unclaimed.
However, the research also reveals 1.8 million bill payers are in debt to their gas supplier, owing on average £151 per household, meaning they collectively owe £280 million.
Despite this, gas suppliers are still sitting on a staggering £174 million overall, a figure that could equate to an additional £5.3 million in interest those customers are missing out on.
"In 2008 we saw gas giants holding £225 million of their customers' cash ‘on float' and while it is encouraging to see this has decreased by more than £50 million this year, there is still cause for concern,” said Scott Byrom, utilities manager at moneysupermarket.com.
“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."
Another issue for bill payers in debt is their inability to change supplier for a better deal while they still owe money to their provider.
Over half of those in debt (53 per cent) do not plan to do anything about it, hoping the debt will even out over time, and 241,000 households (13 per cent) are not in a position to be able to pay the money they owe back, even if they wanted to, as they can't afford it. A further 14 per cent state they would find it hard to pay their debt off.
"The amount of people who have found themselves in debt to their supplier is concerning, as is the number of bill payers unable to pay this money back”, added Scott Byrom.
“We are facing a very competitive market at the moment, with prices changing constantly. Those in debt will not be able to change their supplier until the money is paid back, thereby limiting their chances of finding the best deal available to them.”
* It’s recommend that bill payers review their direct debit arrangements every six months to ensure they are paying the right amount for the energy they are using.
* If you are in credit then speak to your supplier to get that money back and adjust your monthly debit.
* Similarly, if you’re in debt to your energy supplier and unable to pay the money back, it is better to act now before it’s too late.
* Speak to your supplier about the best way to pay it back and, if necessary, discuss the possibility of getting on to social tariffs or any alternative options available to you."
