It doesn’t take long too check, and you could be in for a cash boost
Martin Lewis’ Money Saving Expert (MSE) website has issued an urgent message to anyone who has recently moved house or changed energy suppliers. In their latest newsletter, the financial experts revealed that millions of Brits could be entitled to a share of £240 million.
The large sum of money is currently sitting in dormant energy accounts. In their fresh warning, MSE explains: “Almost two million closed energy accounts are holding a total of £240 million that’s waiting to be reclaimed, new figures from regulator Ofgem show.”
It adds: “While many will likely only find a few pounds, some could be owed more than £100 each, Ofgem says. The regulator adds that most of these balances are from the past five years, so you’re less likely to be due if you moved or switched more than five years ago – though it’s still worth checking just in case.“
Typically, people do not need to do anything to get a refund. This is because Ofgem’s rules state that energy suppliers must send a final bill within six weeks of closing your account.
It also states that suppliers should issue any refund within 10 working days after that. However, if your contact details have changed, such as after moving house and your supplier cannot reach you, the refund may not have been processed.
The same can happen if you cancelled your Direct Debit before your account was fully settled, meaning you’ll need to contact your supplier to see how much money you’re owed.
Am I due a refund?
You can check to see if you’re due a refund by logging into your old account and looking at your balance. If your account is in credit, this will typically be reflected in your account balance.
MSE urge people to make sure that if they have credit left on their old account, you should ask your old supplier to refund it. You may need to give the supplier your up-to-date details so it can process the refund.
If you didn’t have an online account, can’t remember your login, or can’t access your account, you should contact your old supplier directly and explain you’re a former customer who wants to log back into your account to check for any unclaimed credit.
Didn’t get your money back?
Ofgem states that your supplier has 10 working days from identifying a standards breach to automatically compensate you. They could owe a further £40 if they don’t meet the compensation timeline. It writes: “If you think you are due a credit refund or haven’t been compensated for a breached standard, contact the supplier to tell them. If you aren’t happy with their response, make a complaint.”
It warns, however, that if a breach happened before January 2, 2025 you could only get £30.
Can’t remember your supplier?
- Search your emails and texts – look for energy bills or other correspondence from energy firms
- Check your password manager or saved passwords in web browsers, as if you had an online account with the firm, you may still have the password saved
- Check your credit reports as these will show old addresses and may show some of your closed accounts. See how to check your credit report for free.
MSE issue scam warning
The advisors at Money Saving Expert concluded with a cautionary note, emphasising that Ofgem is not directly contacting energy customers about any credit they might be owed. However, scammers may take this opportunity to try and steal your personal details.
If you receive an unexpected call, text or email from someone claiming to be from Ofgem or the UK Government, do not respond or click on any links. Instead, find your former supplier’s contact details and reach out to them directly.