If you are a home energy customer scrambling around for a bit of extra cash, then you may well be in luck as three million households are set to get a refund from their energy supplier.
These refunds could hardly have come at a better time with Christmas edging ever nearer and could apply to you if you get your gas or electricity from one of the Big Six energy suppliers.
The suppliers are all moving to get monies owed to customers due to overpayment paid back as quickly as possible, following guidance given by the regulator Ofgem. Much of this money has been left by customers who have moved to a new supplier and the average is thought to be around the £50 mark. This means that a whopping £153 million is owed to domestic energy customers across the UK at present!
Refunds Owed By Old Suppliers...
With many energy companies falling foul of fines from Ofgem over the last 18 months, it is highly likely that the Big Six will be looking to remedy the situation before they face any enforcement action. It is important for energy customers to ensure they receive any funds owed from their supplier before they move to a new deal or company, Love Energy Savings are able to offer assistance with this as well as any other aspect of switching gas and electricity suppliers.
Although there is no time limit for customers looking to get their refunds, any money not claimed after two years will be used to help vulnerable energy consumers.
Going forward, as Ofgem looks to help to rebuild the broken energy market, the regulator has urged energy suppliers not to let such build-ups of credit occur in the future. If customers are paying too much via their direct debit or preferred form of payment, then they should be reimbursed and a more suitable monthly payment should be agreed. Failure to comply with this, could see yet more fines being handed out in the future.
Big Six Probe...
This issue is just one of many being addressed by Ofgem and CMA as the inquiry into the Big Six energy suppliers continues. Both home and business energy customers across the UK have lost their faith in these larger firms, leading to a flurry of customers taking their custom to the smaller energy companies.
So, if you are currently using British Gas, npower, E.ON, Scottish Power, EDF or SSE for your household gas or electricity and think you have been paying too much, keep an eye out for the postman as you could be in for a pleasant surprise. You can also find out how much money you can save on your energy bills by clicking here and performing and free comparison. It’s super quick and no-obligation!