If you've recently switched energy provider ,been a customer of a supplier that's gone out of business, or simply pay by direct debit, you might be left wondering whether you have credit on your account.
Rest assured, if you're owed money you can easily claim this back from your supplier.
If you're currently in credit with your energy supplier you can find this out by looking at your most recent bill. On each bill you will find details stating whether you're in debit or are owed any monies.
If you pay by direct debit, you might find that at certain times in the year your account is in credit. This is due to companies charging a set amount each month based on usage estimates to help spread out energy costs across the year, reducing larger bills during winter months.
Most energy companies now make this even less hassle with online accounts where you can log in and check your account balance.
If you want to claim any money owed all you need to do is contact your provider and give them an up to date meter reading.
Some providers have different processes for receiving credit, such as an online form, or putting in requests via email, phone or post. However, they are required to pay this back to you and can't withhold any money owed.
When going through the process of switching to a new energy supplier you will need to provide your latest meter readings. This is sent to your old supplier who creates a final bill based on your energy consumption. If you're left in credit following this then any money will be refunded to your bank account.
You may need to check your supplier's policy on how to request the refund if it is not automatically returned to your account. If you still haven't received a refund once your account is closed, get in touch with your old provider and have your final bill to hand to chase up any money owed.
To stop any disruption to your energy supply, Ofgem, the Office of Gas and Electricity Markets, will allocate you a new supplier should your chosen provider go out of business . This works the same way as if you had changed suppliers and any credit is transferred to your new supplier and paid back to you.
Take a meter reading as soon as possible, once you're aware your energy supplier will no longer be trading as it may be requested from your new supplier.
There is still a good chance of receiving any money owed from an old supplier, however the problem here is that you won't be able to provide an up to date meter reading.
Unless you have all your old statements you will need to call up your old supplier and discuss your account, giving them the date ranges when you were a customer and explaining there may be a credit on the account.
Remember, any outstanding credit is your money and a supplier has an obligatory duty to refund this to you. There have been cases of energy suppliers failing to notify customers of credit on accounts so make sure you chase up any accounts where there might be money owed.
Want to be amongst the first to be notified when more competitive energy tariffs become available? Enter your email address here...
The Energy Shop is a free, independent and impartial energy price comparison service. We can help you compare and switch energy suppliers to help you save money. Our service is accredited by the Ofgem Confidence Code.
