Millions of householders are being urged to check their energy accounts after it was revealed that providers are sitting on £3billion of customers’ money.
Research from comparison site Uswitch.com shows the average home is around £210 in credit with their gas and electricity supplier.
Uswitch.com is now advising households to consider reclaiming any substantial amounts of credit that is above two months worth of payments.
One in seven people (14 per cent) have balances over £300 and five per cent have more than £500 with their energy provider, but only 28 per cent of consumers plan to ask for it to be refunded.
Two in five households (44 per cent) say they have more credit sitting in their account than this time last year because their direct debit has been set too high.
Will Owen, energy expert at Uswitch, said: “Despite the expensive winter for energy bills, more than half of the UK households are exiting winter with credit on their accounts. This may be because households were spending more on energy than the previous winter, as they were not benefiting from government bill support this time around.
“In recent years, when bills have been so high and unpredictable, it has been a good idea to keep a lot of credit with your energy supplier. However, the fall in prices this spring means that consumers with excessive credit may want to consider reclaiming some of it. If you have a high credit balance, you may want to ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.”
NPC fuel poverty coalition partners, Warm This Winter, are offering advice on how to find out if your account is in credit and what you can do about it. Is your energy supplier holding onto your cash?
NPC general secretary Jan Shortt commented: “Despite the price cap falling, which helps to keep energy bills lower, the overall cost of fuel has never been higher, with millions, particularly older and vulnerable people, still struggling to pay bills. It’s astonishing that energy providers are sitting on so much of our money in this climate.”
It’s all very well, energy bills may be falling, and it’s good news, but they are still high by historic standards and unfortunately the number of people in debt has been rising.
It remains important that those who do owe money to their energy suppliers continue to be given the support they need.
If concerned about your energy debt, get in touch with your provider.
Also make sure you submit regular meter readings to your supplier if you do not have a smart meter.
Rodney Sadd
Crowland
Supporter of the NPC
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