Direct debit 'is cheapest for paying energy bills'

Over 50s looking for the most effective way of paying their energy bills will find that direct debit remains the easiest method, according to a finance industry body.

Mike Hutchinson, head of marketing at the not-for profit organisation Bacs, has stated that direct debit remains "the most cost-effective method of payment" for both consumers and companies.

Mr Hutchinson pointed to the fact that many suppliers offer discounts for direct debit customers, as well as highlighting that automatic payments eliminate the risk of missing a deadline and incurring a penalty.

For these reasons, figures supplied by the body suggest that direct debit is the most popular method of paying energy and heating bills, with 74 per cent of those surveyed stating that they use it.

Bacs also welcomed forthcoming Ofgem regulations which will require suppliers to provide clearer explanation of the process of calculating debit payments.

Mr Hutchinson said: "Whether it's being put on the providers by the regulators, or whether it's self-regulation, I'd support anything that makes the whole process as transparent as possible for consumers."

To view businesses and services in our Finance section click here

Homebase is the UKs second largest home improvement retailer and is recognised for choice, style ...
Silver Travel Advisor
Have your say and you could win a Greek Island villa holiday. If you like holidays and ...
For some of the most talked-about TV, get Sky TV. In all, we've 100+ digital entertainment ...
Make a Will Online
Make a Solicitor checked Will Online with Gloss Legal
Travel News
All-inclusive holidays 'offer value for money'
Finance News
Recession 'causing problems for over 50s abroad'
Dating News
Online dating 'can give over 50s another chance at love'

We Luv Sweets
New Zealand Holidays
Kirra Tours 100 Percent Kiwi New Zealand Holidays by New Zealanders. Although larger than the UK, New Zealand has a ...
The only prostate supplement with 100% pure Beta-Sitosterol