Do you have a credit on your bill from your energy provider that just gets larger? Have you changed energy suppliers but not received the money owed? This guide will hopefully help you in dealing with suppliers and getting what you’re owed.
There was research done in 2015 which revealed nearly 50% of UK residential customers are in a credit position, as a result the UK energy retailers hold over £1bn (equivalent to an average £93 per residential customer) which should be paid back.
The news is slightly disconcerting as in 2014 the energy suppliers agreed to launch My Energy Credit a scheme which it’s specific aim was to help get credit back to ex-customers. It’s thought the industry owed ex-customers over £150m. So a household that makes a switch to a new energy supplier whilst in credit in the last 6 years, could be owed money.
The energy regulator Ofgem has put in place new rules which makes it easier for UK households to get the overpayment from their supplier if the request is made. The supplier will have to make the refund of credit unless they have a substantive reason to deny the reimbursement.
Households that make a request for a refund should have a current meter reading which will be used to reconcile the account.
How would you find out if you have a credit balance?
To find out if there is a credit that is accruing, the latest bill will show balance denoted with a prefix “cr” and if the account is managed online the account balance will show a positive balance.
Current refund patterns
The “Big Six” which currently dominate the market have differing refund methods. British Gas, E.on, Scottish Power and EDF will automatically refund you. British Gas and EDF Energy will refund any excess every 12 months. E.on will make the refund if the credit balance is greater than £5 and Scottish power will reimburse if the credit balance is greater than £75
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