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Household bills leaving consumers high and dry

With Britain still firmly ensconced in recession, the last thing cash-strapped Brits want to discover is that they have been overcharged with their household bills over the last year.

Research has been conducted by finance experts to reveal that almost six in ten consumers (57%) have overpaid for a household bill in the last year.

More shockingly, the findings indicate that one in ten (13%) were unable to get their money back after discovering they had been overcharged.

It is alarming news as the majority of Brits assume their bill is a true reflection of the cost of running their home.

Experts are emphasising the importance for consumers to review their household bills themselves as 95% of cases were identified by the customer and not the provider.

The research shows that companies who provide household bills from utilities to mortgages could have been overcharged by more than £6 billion.

Finance expert Ann Robinson stated: “There has been an epidemic of overcharging on household bills in the last year and yet we are still potentially looking at the tip of an iceberg.

“It seems to be down to consumers to spot where they have been overcharged and, with some household bills being so complicated, more instances will undoubtedly have slipped through the net.”

The past twelve months have seen almost six in ten consumers (57%) receive at least one overcharged household bill.

Over a quarter of consumers have made at least two payments that were, in fact, overcharged and one in ten (10%) have experienced at least three cases of overcharged payments.

Robinson continued: “What this does tell us though is that people must look at their bills and not take it for granted that a company has got its sums right.

“With 95% of overcharging spotted by customers rather than the bill provider, it’s imperative that consumers are able to spot and resolve any mistakes quickly.”

Consumers are facing the most challenging of times, yet when it comes to their finances, and with many people struggling to make ends meet each month, people cannot afford to be paying off overcharged household bills.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074