Whether your energy is supplied by one of the big six suppliers or one of the smaller ones, we all pay a significant chunk of cash to them each year. According to This Is Money, the average household pays £1625 on energy annually. Money can be tight when you’ve got children and it’s not always easy to make ends meet. So, it’s worth taking the time to speak to your energy supplier to see whether they owe you money.
Claiming your cash back
Accessing your balance with your current supplier is as easy as logging into their online portal and reviewing your statement. You should then be able to see whether you have a credit or debit balance. Research from Go Compare Energy has found that 39% of households have overpaid by £85, while, 24% have overpaid more than £100.
Call or email your supplier and tell them you want a refund. They may want to check your balance is accurate, so be sure to have your latest meter readings available. Many customers make the mistake of not providing regular meter readings to their supplier. However, it’s advisable to get into the habit of giving these at least once every three months. Your supplier should honour your request for a refund, providing everything is above board and your cash should be returned to you within their normal refund timescale.
Don’t forget about previous suppliers
Energy suppliers are sitting on millions from closed accounts. Sometimes they struggle to make contact with their former customer and so their cash remains in the business’s bank account. If you have reason to believe that one of your former suppliers is holding on to some of your hard earned cash, get in contact with them to find out if they owe you money.
Getting your cash back
We recently switched energy suppliers and when we were final billed, we had more than £200 credit. Therefore, I made sure the cash was returned to us swiftly. While, many suppliers will contact you to advise you’re owed money, they don’t always cough it up. This may be because you’ve cancelled your direct debit with them, your bank account is no longer active or due to an administrative error. Never assume they’ll pay it within the time frame they state. Instead, regularly check your bank account until the cash is safely deposited.
Do you suspect your energy supplier may owe you money?