Research shows that millions of energy customers who pay by monthly direct debit are hugely in credit. We estimate that £1-2 billion of credits are currently held by suppliers. Often customers are in credit by £200 or more.
I have personally found myself twice in credit by over £300 as have many well know money journalists who write for the papers who I talk to.
The end of the winter is a great time to reclaim credit as if you get an accurate bill from taking meter reads now then your balance should not go any lower through the summer.
Why is it unlikely to drop? In the summer, gas usage drops dramatically as we all use much less for heating. January is the peak month for gas usage, and July and August are the lowest months with just 2.4% of annual usage. January’s figure in contrast is 13.8%. Electricity usage also drops as we tend to be out more and don’t use lighting as much.
So how do you reclaim credits from an energy supplier?
1. If you have a recent accurate bill great! Move to Step 3
2. If not, take meter reads and submit them to your supplier. It only takes five or ten minutes and you can often submit them online or via an automated phone service without big queues.
3. Right, now you have an accurate bill, it’s the big moment ….Are you in credit? If so, ring up or email your supplier and request it back. Think, if a friend was holding £300 of your money would you not ask for it back?
4. How much to ask for? I’d suggest ask for it all. You are likely to rack up more credits through the summer as your usage drops
5. Bonus point: Ask for your direct debit amount to be reassessed in case it’s set at too high a level to stop that credit rebuilding too quickly. Particularly do this if you have a really big credit.
If you are not sure about how to do any of these steps look at your latest bill which often includes instructions, or go to your supplier’s website or call them up, or search online. Sorted!
Good luck and we hope that you get some money back. Maybe lots of money!