New figures from Ofgem reveal that approximately 1.9 million energy accounts are closed but still hold credit, totalling £240million just waiting for households to claim their refunds.
As energy bills are set to rise this autumn and with winter temperatures rapidly approaching, these reclaims could make a significant difference for households.
While many of these unclaimed amounts are small, some could exceed £100, according to experts. Aaron Peake, Personal Finance Expert at CredAbility, has urged people to take action.
He stated: “People often think a few pounds isn’t worth chasing, but that’s exactly why money goes unclaimed.
“If you’ve moved or switched supplier in the last five years, spend a few minutes checking old accounts or contacting your old provider. Suppliers can often trace old accounts and return money, even if you think it’s too late.”
There are several ways to check if you could be owed money from former energy suppliers. One simple method is to contact them directly.
Peake advised: “Explain that you have moved or closed the account and provide all relevant information.
“Be patient but persistent; some refunds take time especially if suppliers need to track your details through old records or third-party services.
“Keep your account numbers and addresses handy because suppliers need these to track accounts. The more accurate the information you provide, the faster the refund.”
If you’ve kept your final bill, this provides a straightforward method to verify whether there was credit remaining in your account. This may have arrived by post, email or as PDFs from your previous supplier.
If your final statement displays a credit balance, you’re probably owed that money and should claim a refund.
Alternatively, you might be able to review your final balance online if you’ve retained your old login credentials for online accounts. Peake observed: “Many suppliers let you check credit balances online, even if you no longer use the account. This can be the quickest way to see if money is waiting.
“If you’ve forgotten your login details, contact customer services for help.”
To prevent unknowingly abandoning cash in closed accounts going forward, keeping your direct debit active can enable suppliers to completely settle the account and handle refunds swiftly by returning it straight to your bank, according to the expert.
If all else fails, Peake suggested: “If you’re struggling to find old bills or suppliers are slow to respond, free advice services like CredAbility can guide you. They know how to navigate final bills and refunds, making the process much less stressful.”