Direct Debit could save Brits £435 each year

With 87% of households paying more than they should for their energy, Bacs has issued a timely reminder showing that Brits could save up to £435 each year, simply by choosing to pay regular household bills, such as energy, internet and telephone, by Direct Debit.

Mike Hutchinson, head of marketing at Bacs, said: “Shopping around for the best deal can make a huge difference to what consumers ultimately pay for their household bills. Customers can also benefit from additional savings by electing to pay regular bills, including dual fuel, broadband and landline telephone, by Direct Debit instead of more traditional methods, such as cash or cheque.

“Saving money is just one of the many benefits or paying by Direct Debit; it also helps spread the cost of many regular household bills, saves time and allows customers to take greater control of their finances. Perhaps most importantly, Direct Debit ensures that payments are made on time, every time, ensuring customers don’t get penalised for late or missed payments.”

Direct Debit is a safe and reliable option and is the only payment method that is protected by a guarantee, which ensures that if an error is made in the payment of a Direct Debit, consumers have the right to claim a full and immediate refund from their bank or building society. The Direct Debit Guarantee also ensures that consumers will get advance notice of any changes to the date, amount or frequency of payments and the right to cancel at any time, ensuring they retain complete control of the payment.