MILLIONS of customers could be paid back £100s worth of unclaimed cash which is sat in closed accounts.
Around £240million of unclaimed credit balances in closed accounts are waiting to be returned to consumers, according to data from energy regulator Ofgem.
The energy regulator said up to 1.9million accounts have cash in them which is going unclaimed.
The amount owed to customers can vary from account to account, but could range from a few pounds to more than £100.
There are a number of reasons as to why you may have unclaimed cash sitting in an account from an old energy supplier.
That can include if you moved house and switched to another supplier.
Under Ofgem’s guaranteed standards of performance, suppliers must issue a final bill within 6 weeks to those who have closed an account.
You should expect a refund within 10 working days but missing customer details are delaying this, Ofgem said.
Tim Jarvis, director general for retail at Ofgem, said: “Moving house requires a lot of life admin – and it’s understandable that some things will be missed.
“But with almost 2 million closed accounts currently in credit, the message is clear – if you’ve moved in the last 5 years, reach out to your old supplier, provide them with the correct information, and you could be due a refund.”
More than 90% of closed account balances are returned automatically according to Energy UK.
How YOU can claim cash back
If you think you could be owed money back from an old energy supplier it is important to get in touch with them to get back what you are owed.
Head to your old suppliers website and look for any contact information such as an email or phone number.
When contacting suppliers, you should share full name, previous address, account number, switch details, and contact information to help locate old accounts.
Your supplier must refund any credit they hold. It doesn’t matter how long ago the account closed.
If you are not happy with their response you can complain.
Every supplier should have a formal complaints procedure process on their website or on your energy bills that explains how to do this.
If you wish to write them a letter you can use complaints letter template, such as the one provided by Citizens Advice.
This can be found by visiting http://www.citizensadvice.org.uk.
Suppliers have to pay you compensation you are entitled to within 10 working days. If they do not, they have to pay you an extra £40.
However, if a breach happened before 2 January 2025 you could only get £30.
Claim back credit on a live account
You could also be owed credit on a live account with your current supplier.
This can occur if you are using less energy than you pay for.
For example, your supplier could overestimate your bills if they don’t have regular, accurate meter readings.
You can ask your supplier to refund you at any time, but this may not always be a smart move as you may need the credit balance later if usage or costs could increase.
As a rule, you shouldn’t have more than two and half months’ worth of energy costs in credit.
4 ways to keep your energy bills low
Laura Court-Jones, Small Business Editor at Bionic shared her tips.
1. Turn your heating down by one degree
You probably won’t even notice this tiny temperature difference, but what you will notice is a saving on your energy bills as a result. Just taking your thermostat down a notch is a quick way to start saving fast. This one small action only takes seconds to carry out and could potentially slash your heating bills by £171.70.
2. Switch appliances and lights off
It sounds simple, but fully turning off appliances and lights that are not in use can reduce your energy bills, especially in winter. Turning off lights and appliances when they are not in use, can save you up to £20 a year on your energy bills
3. Install a smart meter
Smart meters are a great way to keep control over your energy use, largely because they allow you to see where and when your gas and electricity is being used.
4. Consider switching energy supplier
No matter how happy you are with your current energy supplier, they may not be providing you with the best deals, especially if you’ve let a fixed-rate contract expire without arranging a new one. If you haven’t browsed any alternative tariffs lately, then you may not be aware that there are better options out there.
