Last week, the company appealed to the Competition and Markets Authority (CMA) to raise bills higher than the 35 per cent previously approved by Ofwat between 2025 and 2030.
It will first receive a “tranche” of £1.5bn, keeping it afloat until September 2025.
While Thames Water has said the loan will allow it to improve its infrastructure and wastewater services, customers have told The i Paper they fear the money will line investors’ pockets while even more sewage is poured into England’s rivers.
“I am a member of the Labour Party and I am also a Labour councillor, but for this purpose, I am a Thames Water customer who is increasingly enraged by them,” he said.
Martin Abrams is a Labour councillor but opposes the Government’s approach to Thames Water (Photo: supplied)“Just last week, my family was without water for two days and had very low water pressure because there was a burst water main nearby.
“People are going to have to use their imagination slightly to [picture] how utterly disgusting that starts to get when you don’t have any water.”
“The prospect of paying even more than 35 per cent basically just makes my blood completely boil.”
“The company has extracted billions in profit and completely neglected to invest in the region’s water infrastructure.
“It is one of the most stunning acts of corporate greed that I think has ever happened in this country.”
Lois Davis, 70, from south London, said she feels that she is “being exploited” by Thames Water and has decided to boycott her bills in protest of the company’s inadequate services.
“They are blatantly not doing what they are statutorily obliged to do.
“How can they need a loan when they’ve got a guarantee income? It’s just outrageous.
“I am a bus user and even buses are being held up by water mains being burst everywhere and they are just sticking a plaster on it.
Lois Davis, 70, from south London, said she feels that she is ‘being exploited’ (Photo: supplied)
Joe Davies, from south-west London, is a member of Take Back Water, a campaign aimed to force the Government to take Thames Water back into public ownership through “mass non-payment“.
“People are at breaking point. We tried marches, we tried writing to MPs, water testing, we’ve tried everything. And it’s not worked.
By taking out a £3bn loan, Davies said the company is “kicking an inevitable can down the road.
“So it just means that the collapse will happen later on, but once again we are asked to foot the bill.
A Thames Water spokesperson said that any customer concerned about their ability to pay their bills should reach out to the company for support.
Matthew Topham, lead campaigner at We Own It, a group calling for Thames Water to be brought under public ownership, said customers are trapped in a “doom loop” as the company will endlessly raises bills to pay off its increasing debt.
“The situation with new shareholders coming in is really distressing for customers because – yes, some of that cash could be used to pay off some of these debts – but that also means the money is not be going into fixing the dire state of the infrastructure that people are relying on for their survival.”
How much bills could increase as Thames Water seeks £3bn bailout
Read MoreHe cited a bid by infrastructure investor Covalis Capital, which offered to provide about £1bn upfront and raise a further £4bn from the sale of the Thames Water’s assets.
A Thames Water spokesperson said: “We offer comprehensive support for customers struggling to pay their bill, rated among the best in the sector. We’re already helping around 450,000 customers pay their bills, and by 2030, one in ten households could be in receipt of support, including a discount of 50 per cent on their bill.
“However if a customer chooses not to pay for their water or waste water services, when they can afford to do so, then it may negatively impact their credit file and result in a debt collection process.
A spokesperson for the Department for Environment, Food and Rural Affairs said: “The company remains stable and the government is closely monitoring the situation. It would be inappropriate to comment further on the financial matters of a private company.”
The Consumer Council for Water and Ofwat have been contacted for a comment.
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