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Energy, Family & Lifestyle, Money Saving

Does Your Energy Supplier Owe You Money?

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.

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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 This may be because you’ve cancelled your direct debit with them, your bank account is no longer active or due to an administrative error.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?

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  1. Wow thats a nice sum to be in credit for! I defo need to look in to this as I know we’ve been with the same supplier for a long time now. #fortheloveofblog

  2. We usually end up in credit over the summer and then it balances out in the winter, so we’re not too bothered. For us it’s more important to be able to pay a similar amount every month. But it’s really important to be aware of what you’re paying for! Thanks for joining us at #SharingtheBlogLove

  3. Now you’ve got me thinking. Certainly something to look in at. #SharingtheBlogLove

  4. Vicky says:

    We are terrible at looking at our energy bills and seeing if there is any saving to be had. The companies definitely profit from people who can’t be bothered to take the time to check they have a good deal, like me! Thanks for sharing with #fortheloveofBLOG

  5. This is definitely something to look into! Another way I wasted a lot of money was by having an inefficient boiler so it’s always a good idea to get someone round to take a look at it for you.

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