MILLIONS of households could be missing out on £255 cash to help with soaring costs this January.
Around £3.09billion of energy credit is currently unclaimed, according to industry regulator Ofgem.
Customers with direct debits pay the same amount for their energy bills all year round, which can mean they build up credit on their accounts.
This is because if a customer doesn’t have a smart meter then their energy company will calculate their direct debit based on how much it expects them to use.
But the payments can often be higher than customers need, which can leave them with more credit than necessary on their account.
The money could be put to better use in your own bank account, so if you are in credit then you can ask for a refund.
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But before you race to withdraw the cash it’s important to check that you have enough left to get you through the winter.
As a general rule of thumb you should only think about withdrawing the cash if you have more than two months’ worth of credit.
It’s important to submit an up-to-date meter reading before you withdraw any credit, to make sure that your bill is accurate.
If the reading doesn’t match the energy usage your supplier has down for you then it may update your monthly bills.
Next, contact your energy supplier and ask it to return your cash.
Every supplier has its own process for customers who want to get a credit refund but some will give you the cash within one day.
What energy bill help is available?
There’s a number of different ways to get help paying your energy bills if you’re struggling to get by.
If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.
This involves paying off what you owe in instalments over a set period.
If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.
Several energy firms have schemes available to customers struggling to cover their bills.
But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances.
For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.
British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.
You don’t need to be a British Gas customer to apply for the second fund.
EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.
Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).
The service helps support vulnerable households, such as those who are elderly or ill.
Some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.
Get in touch with your energy firm to see if you can apply.
