Ofgem and Energy UK are warning that a massive £240 million in unused energy credit is sitting in closed accounts across the UK, and millions of people could be owed a share of it.
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If you’ve moved home, switched supplier, or closed an account in the last five years, there’s a chance your old energy company still owes you money.
Why this happens
When you pay your energy bill by direct debit, suppliers estimate your yearly use and take a set amount each month. That often means you build up credit during warmer months.
If you move home or switch supplier, that credit should be refunded once your final bill is sorted. But with 1.9 million accounts still holding money, many refunds have gone astray because contact details weren’t updated.
According to Ofgem, most suppliers automatically return balances, but payments can’t always be made if an address or bank detail has changed.
Tim Jarvis from Ofgem said:
“Moving house requires a lot of life admin, and it’s understandable that some things get missed. But with almost two million closed accounts currently in credit, the message is clear – if you’ve moved in the last five years, reach out to your old supplier, provide them with the correct information, and you could be due a refund.”
How much could you be owed?
Uswitch estimates the average unclaimed refund works out at £126 per household, though some people could be owed hundreds.
Ben Gallizzi from Uswitch said:
“The idea of £240 million in energy credit lying unclaimed should spur recent home-movers into checking their bills sooner rather than later. £100 or more could make a real difference during winter when bills are higher.”
Alastair Douglas, CEO of TotallyMoney, added that suppliers are legally required to pay you back, no matter how long ago the account was closed.
How to check if you’re owed money
- Make a list of any suppliers you’ve used in the past five years.
- Check old emails, texts or letters for final bills or account details.
- Contact your old supplier with your name, old address and (if possible) account number.
- Ask for your final account balance and request any remaining credit to be refunded.
- Keep your direct debit active until your final bill has been settled. Cancelling it too early can cause problems.
Under Ofgem’s rules, energy suppliers must send your final bill within six weeks of closing the account and refund any credit within 10 working days. Delays usually happen when they don’t have the right details to send it back.
How long does it take?
Research from Uswitch shows that nine in ten households who ask for a refund receive it within four weeks, as long as their details are correct.
If your supplier fails to refund what you’re owed or keeps delaying, raise a complaint. After eight weeks with no resolution, you can contact the Energy Ombudsman, who can step in and order a refund or compensation.
Skint Dad says:
If you’ve moved home in the last few years, it’s worth making one phone call today. Your old supplier might still be sitting on money that’s rightfully yours. £126 on average is no small change, especially when energy prices are still squeezing budgets. Go get your share back.
Ricky Willis is the original Skint Dad. A money-making enthusiast, father, and husband to Naomi. He is always looking for unique ways to earn a little extra.
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