Rise in water costs may lead to debt management for many
Rise in water costs may lead to debt management for many
Thursday 26th November 2009
The body ruled that on average bills would fall by £3 per year, but this is before the impact of inflation has been considered and some customers will actually see their water bills rise.
Initially, it had intended to impose a cut of £14 a year to all water bills, but has now stepped back from this option.
The Consumer Council for Water has warned that price changes will vary from company to company, with bills in some regions falling more than others.
For some people, Ofwat's failure to drastically cut water bills might mean they need to talk to a debt management company.
Debt consolidation loans and debt management plans are just two of the solutions available to help those struggling with money that they owe.
Water companies have been accused of putting pressure on Ofwat, and said that they would be unable to fund urgent investment work to prevent leakage if bills were slashed further.
Chief executive of Ofwat Regina Finn said: "People can shop around for the best deal on many things, but not water. Our job is to do this for them.
"We will now make sure the companies deliver on their promises. If they don't, we'll take action to protect customers."
Earlier this week it emerged that petrol prices are due to rise, hitting £5 per gallon before Christmas in some areas, which is likely to put more pressure on consumers.
News article brought to you by Debt1 – UK debt management specialists
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