Is your energy supplier holding onto your money? While it normally works the other way round, and you may have previously owed your supplier money, sometimes the relationship goes in reverse and it’s you that is in need of payment.
This is actually quite common. At the end of last winter, more than four in 10 households had £136 worth of credit with their energy supplier, according to research from price comparison website uSwitch. A tenth were owed more than £200.
But how do you find out if you’re supplier is holding on to any of your cash? Simply check your online account or latest statement. If you see that you’re in credit, then you can claim it back.
While it’s your money and you might want it back as soon as possible, it’s worth considering whether it’s actually the best move to make. For a start, some energy companies, such as Ovo, pay interest on your balance. Also, you may want to leave the money on your account during summer and autumn to cover higher energy costs in winter. So balance up the pros and cons of taking back your money or leaving it with your supplier.
Find out if your previous supplier owes you money
If you’ve moved home or changed supplier, it’s worth checking if your previous supplier owes you money. Just give them a call or contact them through their website.
You may get an automatic refund
The process is much simpler with some energy companies that will automatically refund your credit. Of the 13 biggest energy companies, according to Which? only British Gas, EDF Energy, Eon, Npower, Scottish Power, SSE and Utliity Warehouse will automatically refund your credit.
How to claim what you’re owed
If you don’t get an automatic refund, then you’ll need to claim back your money yourself. Read our guide to claiming back energy credit and you’ll soon be back in pocket.
Don’t stop there
No one enjoys chasing round utility companies to fix their bills or claim back money. But now you’ve started down that road, and started taking more control of your energy bills, why not go the extra mile and consider whether you could get a better energy deal elsewhere?
Switching energy supplier is quick, straightforward and could save you around £300 on your annual energy bill. If you’re ready to make the switch, see our guide on how to go through the process painlessly.
By taking these measures, you’ll be a couple of steps closer to taking control of your energy bills. But you can go further still by signing up to Loop. With Loop, you can find out how to use electricity, then make smart decisions about using less - try Loop risk free for 45 days with our no quibbles, money-back guarantee.
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