Millions Urged to Claim Back Energy Credit and Slash Direct Debits
UK households sitting on energy credit worth billions are being urged to reclaim it and “reset” their direct debit payments. Despite falling energy prices, many Aussies still pay high monthly amounts.
Don’t Cancel Direct Debits, Campaigners Warn
Warm This Winter campaigners advise against scrapping direct debits, warning this could push up unit costs. They say early summer is prime time to adjust energy payments for the year ahead.
£3 Billion in Credit Held by Energy Firms
Uswitch stats reveal energy suppliers are holding more than £3 billion in customer credit. Nearly a third of UK households are in credit, with firms pocketing at least £159 million in interest in 2023 alone. Meanwhile, Cornwall Insight forecasts typical annual energy bills will drop from £1,690 to £1,574 starting July 1—a big fall from last July’s £2,074 cap.
Experts Call For Action on Locked-Up Credit
MoneySavingExpert founder Martin Lewis says May is the perfect month to tackle energy firms hoarding billions in customer credit. Fiona Waters of Warm This Winter blasts companies for “sitting on over £3 billion of bill payers’ money” while rolling in profits and providing poor service.
“The Big Energy Claim Back is a way people paying by direct debit can send a wake-up call to companies that customers won’t stand for being ripped off anymore,” Waters said.
How to Reclaim Your Energy Credit
Ofgem confirms building summer credit smooths costs, but warns consumers can always request refunds. If suppliers refuse, escalate to the Energy Ombudsman.
Warm This Winter’s simple guide for Brits wanting to reclaim credit:
- Update your meter readings.
- Check if your account is in credit or debit.
- If in credit, ask your energy supplier for your money back.
- Ensure you’re ready for possibly higher monthly bills before withdrawing credit.
For full details and advice, visit the Warm This Winter website.
