Checking your bills could save you money
May 14, 2008
Many households are currently struggling to keep on top of repayments as a result of rising living costs, high mortgage and rent payments, and other rising financial commitments that are placing a real strain on household finances. However, according to industry officials many of us may be paying out more than we need to on our bills simply because of an error by the provider, which could be easily sorted out if we are more vigilant about the amounts that we are being charged on various bills.
Officials state that whilst bills have gone up as a result of inflation, many people end up paying more than they need to on their bills due to an error by the provider, and with so many of us failing to check whether the bills are accurate many companies may be raking in extra cash at our expense. Industry officials estimate that in the last three months alone around eight million of us may have received inaccurate bills that were too high. During this period 17% of consumer found inaccuracies on their bills, and over the last twelve months 34% of us found mistakes on our bills.
It is thought that around 50% of us do not bother to check if our bills are accurate, and instead simply pay whatever is asked of us, which in many cases may be way over the odds. One industry official said: “The staggering amount of people who’ve been hit with an incorrect bill only goes to show how inadequate some providers can be. Consumers are already facing increased living costs, the last thing they need is to be charged for something they never had. Worryingly there are millions of people who still don’t check their bills, meaning they could be paying over the odds for a service they have never received. If you don’t check all your bills you’re leaving yourselves open to being taken advantage of.”
He went on to state: “People should monitor every bill they receive - especially if they pay by direct debit. If payments are made automatically against incorrectly charged bills, suppliers are raking in millions of extra pounds. Also, anyone who doesn’t pay by direct debit should check whether they would be hit with extra charges as some suppliers, such as BT and Virgin, charge for not paying by direct debit. Consumers are already going through a hard time with rising living costs, it is about time suppliers started treating them fairly.”
In the past energy suppliers have been found to be amongst the worse offenders when it comes to sending out inaccurate bills. It is not just things such as inaccurate estimates that result in consumers ending up paying more than they have to – suppliers and other firms also mess up with direct debits, resulting in consumers ending up paying more each month than they should be paying. Officials are now urging consumers to make sure that they check their bills carefully to ensure that they are accurate and correct, as this could save them a small fortune in unnecessary payments.
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