MONEY Saving Expert Martin Lewis has revealed how to claim back £100s from your energy provider.
Households may have built up hundreds of pounds on their energy account, according to Money Saving Expert Martin Lewis.
In fact, over 70% of Brits pay energy bills by direct debit – which can give firms the chance to build up a reservoir of customers’ money.
There are two main reasons why accounts build up credits, the first is if you own a smart meter and regularly submit your readings.
The second is that you may pay the same direct debit each month, when you might use less energy on some days.
“Over 70% of us pay energy bills by direct debit”
The 46-year-old wrote on his website: “Over 70% of us pay energy bills by direct debit – a good thing, as it gets you the cheapest rates.
“But it can give firms the chance to build up a reservoir of customers’ money. It’s time to get that money back.”
So how do you reclaim in-credit cash?
If your account is in credit you just need to ask for the money back from your supplier.
According to energy regulator Ofgem, suppliers must refund people “promptly”, unless there are reasonable grounds not to.
Ofgem adds that the largest suppliers typically review customers’ accounts on a yearly basis and automatically refund credit balances.
But Martin points out that if your supplier is paying interest on your credit, such as Ovo which pays up to 5%, then you may want to keep the cash in your energy account as you’re unlikely to earn more from a savings account.
If your supplier goes bust, Ofgem will arrange for a new provider to take on your supply and they will be responsible for paying out any in-credit savings.
Yesterday, Martin revealed how to find out if you’re owed hundreds in council tax refunds.
Martin said: “Councils are sitting on a staggering amount of money.
“And while they do make efforts to track down those who are owed, many don’t do it well enough, especially when people have moved out of their area and are no longer their responsibility.
“That means we all need to take responsibility for ourselves.”