Millions of Octopus, British Gas, EDF energy customers urged to contact bank for extra support
It’s no secret that the cost of living crisis has been hitting everybody hard, especially when it comes to the price of energy bills.
Despite a recent drop in the energy price cap, many people may still be struggling to keep up with their payments. And if this if you, there could be some extra help available if you contact your bank.
Millions of customers across the UK with suppliers such as British Gas, Octopus, EDF and E.On have been urged to speak to their bank in order to find out about any additional support, as many continue to struggle.
It’s estimated that around 7.4 million people in the UK find it difficult to pay bills – a figure which has fallen from last year, according to the Financial Conduct Authority (FCA).
However, many households still feel ‘heavily burdened’, Birmingham Live reports.
Sheldon Mills, executive director of consumers and competition at the FCA, said its survey showed “many people are still struggling with their bills”, but added it was “encouraging to see some benefitting from the help that’s available”.
The FCA urged people who are concerned about paying their bills to contact their bank ‘straight away’.
Conor D’Arcy, interim chief executive of the Money and Mental Health Policy Institute, said it was “encouraging” that the number of people struggling with bills had dropped, but millions are still struggling, which shows “the impact of the cost of living crisis on our finances and mental health is likely to last a long time”.
According to the expert, lenders could be doing more to help customers in need, including “reaching out to customers with support before people seek it”.
Richard Lane, chief client officer at StepChange, said people on lower incomes were “particularly struggling to repay significant household debt and relying on credit to keep up”.
“Research has shown that people in financial difficulty are often struggling with anxiety, embarrassment and stigma, and tend to try and juggle their finances and cope for too long before seeking help, when they could benefit from lender support and free debt advice sooner,” he added.
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