Martin Lewis urges millions to check energy accounts NOW – you could be sitting on hundreds of pounds in wasted credit.
The MoneySavingExpert guru warns UK households are overpaying, as energy firms hold a staggering £3 billion in unused bill credit. Many customers paying by monthly direct debit may be owed cash they don’t even know about.
Why You’re Overpaying Your Energy Bills
Energy companies set direct debits to spread costs evenly over the year. This means you often overpay in summer and underpay in winter. The result? Credit builds up in your account.
“In summer, you’re likely to build up credit. That’s expected. But when energy firms keep too much, they’re earning interest on your money,” says Martin Lewis.
How to Grab Your Energy Refund
- Take a meter reading (unless you have a smart meter).
- Log into your energy supplier account.
- Check if you’re significantly in credit – more than one or two months’ payments.
Martin’s money tip:
“If your monthly direct debit is £200 and you’re £500 in credit, I’d ask for at least £200 back.”
Contact your supplier to request the refund. Don’t be shy – it’s your cash!
What If Your Provider Plays Hardball?
If your supplier refuses your refund, Martin points to Condition 27 of the Gas and Electricity Licence which demands fair treatment:
“They must justify their charges. If they keep too much credit without reason, complain — and if needed, escalate to the free 1.”
Also, ask for compensation if your refund is wrongly denied.
Before You Dash to Withdraw Your Credit…
- If budgeting is tough, leaving credit on your account can provide a buffer.
- Or stash refunds in a high-interest savings account ready for the winter chill.
- If you receive means-tested benefits, check if a cash refund might affect your entitlements.
Martin Lewis stresses today is usually when you hold the most credit – making it the perfect time to claim what’s yours.
