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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."



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