There’s been a lot of media interest in the problem of British Gas’s direct debit hikes.
Almost all the people who responded to my email survey were facing increases far above both the 35% reported in the press and the 42% increase for direct debit customers reported by the Telegraph. The average figure was 81%.
The dramatic increase in interest income from British Gas parent, Centrica plc, suggests this is a deliberate strategy – building up cash balances to make money on interest. Since 2006, the interest income declared in their accounts has gone through the roof – doubling from £40 million in 2006 to £83 million in 2007. Interest in their interim accounts for first six months of 2008 (£43 million) is 54% higher than the £28 million interest income reported for the first six months of 2007.
I’d be amazed if it was just a Winchester problem and am interested in finding out who else has the same problem. Please feel free to email me with details at email@example.com or use the form below.