How 1.9 million households can reclaim £250m in energy credit
The UK’s energy watchdog is urging consumers to get their forgotten funds back as £250m of energy loans remain in closed accounts.
Ofgem and trade union Energy UK say anyone who owes money should contact their former supplier.
Consumers who have moved home within the last five years may have money left in their accounts, but it is not possible to refund this money because their contact information has not been updated.
According to Energy UK, more than 90 per cent of closed account balances are refunded automatically and suppliers will always try to ensure that any outstanding credit is refunded. However, data shows that 1.9 million closed accounts have loans.
People are encouraged to check their letters and emails for recent invoices, contact their suppliers or log into their old accounts if they think they owe money.
Tim Jarvis, Ofgem’s director general of retail, said it was “understandable that some things are overlooked” when moving house.
“But with almost two million closed accounts now credited, the message is clear: if you have moved in the last five years, contact your old supplier, give them the correct details so you may be able to get your money refunded.”
Ed Rees, head of retail policy at Energy UK, said: “It is always important to keep your contact details up to date so your supplier can provide support when you need it and refund any unclaimed funds promptly.
“If you’re moving, switching, or closing an account, remember to keep your direct debit active until your final bill is paid to avoid leaving money unclaimed.”
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Get a free partial share of up to £100.
Capital is at risk.
Terms and conditions apply.
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Under Ofgem rules, suppliers must issue a final invoice within six weeks of account closure and provide a refund within 10 working days. Delays occur when customer information is missing and refunds cannot be issued.
