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Is your cash held in a closed energy account?

Pound coin on gas hob

The Big Six energy suppliers have taken up Ofgem’s challenge to refund their customers more than £153m held in closed accounts. Are you owed money by an energy supplier?

If you’ve ever switched energy suppliers you might have suffered the problem of your old energy supplier holding onto credit in your account. Nick told us he’d had this problem earlier in the year:

‘It has taken 13 weeks to get my £450 credit that Npower owed me after switching. I spent over three hours either on hold or talking to customer services.’

Money held in closed energy accounts

The Big Six energy suppliers have now agreed to reunite 3.5 million of customers with the hundreds of millions of pounds held in closed accounts. The suppliers have launched a program to return the money, with a website to help. Oh, and the average credit is around £50.

Dermot Nolan, Ofgem chief executive, says it’s:

‘An encouraging first step by the six largest energy companies to address Ofgem’s call to reunite customers with their cash. It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.’

Reunite customers with their cash

We’re pleased to see money going back to customers, but it’s unacceptable that energy companies have been sitting on so much of it for so long.

To help restore trust in the energy market, suppliers must return your money as soon as possible and be clear about what you need to do when you close your account. Plus, if any money can’t be returned, for whatever reason, we’re calling for energy companies to put it towards helping vulnerable people struggling with their bills.

Has an energy supplier ever owed you money? Was it difficult to get your money back? Are you currently in credit with an energy company and hope you’ll soon be reunited with your cash?

Comments
Profile photo of william
Member

“To help restore trust in the energy market, suppliers must return your money as soon as possible and be clear about what you need to do when you close your account.”

The only thing they need to do restore trust in my eyes is to match the drop in wholesale prices, and refund all that money. After all, any money that is in a customers account is still that customers money. I’d like to get my hands on what they’ve been overcharging us all the last 3 years.

And you can probably tell, my energy company doesn’t owe me much at all.

Profile photo of Beryl
Member

If they are holding on to your credit make sure you do switch if you haven’t already done so or they will increase your monthly DD payments to grossly estimated inflated prices even if you are on a fixed rate tariff as Scottish Power are attempting to do with me.

Profile photo of JoshAtkins
Member

Which are “The six big energy suppliers” ? Is http://www.levver.be/ one of them?

Profile photo of william
Member

In no particular order:
British Gas
EDF Energy (Électricité de France)
E.ON UK
npower
Scottish Power
SSE

Profile photo of Jonathanhogg2014
Member

So how will customers get there cash back or is this another way of British has trying to pull the wool over more loyal customers

Member
Mr P says:
30 October 2014

A little off topic but the same issues apply. We’ve just scrapped a car and have contacted the DVLA to reinburse us with our unused car tax. They tell us it will be up to 6 weeks to send a cheque to us. How is this acceptable especially as they have recently introduced an online system. I’m very tired of companies you demand your money instantly and then keep it literally indefinately. Rant over 🙂

Member

What about non-Big 6 suppliers? I am currently in a tussle with iSupplyEnergy, with whom we were £288 in credit in Sept when we decided to switch to a new supplier. Isupply continued to debit us in Oct AND in Nov after we had switched (their terms say not to cancel the dd until after their final account statement or they will charge a £10 fee. In hindsight I should have cancelled the dd anyway and accept the fee). They quote up to 28 days from switch date to issue the final statement, at which point they issue the refund – but apparently it will be up to ANOTHER 28 days after final statement before they credit us with our money. Total outstanding now is £423.11. Until this experience, I was reasonably happy with Isupply and their online system, but continuing to take & holding onto customers money like this is out of order.

Member
Julian says:
26 November 2014

I have just switched from nPower after six years, the last of them a real nightmare as far as customer service and refunding my large credit is concerned. I spoke with nPower’s helpline seven times over six months about the £300+ credit we had by the Spring after a mild winter and each time there was a different delaying tactic on their taking action. Sometimes the system ‘wasn’t allowing them access’ to request a refund, other times my account was ‘locked’ and sometimes the matter had been referred to a ‘specialist team’ which would take 28 days to generate a new bill that would be used to calculate my refund. It was clear that, as polite as the call centre workers were, they were operating from scripts or standardised responses, despite being able to see the history of my contacts on their Customer Management System. About halfway through this frustrating period, I changed from being a reasonably satisfied customer to being a severely hacked off one determined to switch suppliers as soon as I received my refund. When, at last, my refund arrived, this was swiftly followed by a notification of a raised monthly direct debit, despite the evidence (the large built-up credit) showing that the original amount was more than enough. I complained about the monthly rise and was emailed that this would be considered within nPower’s usual leisurely fashion. I had had enough and made the switch to a newer, smaller company which I hope will behave better.

Member
Jean ellis says:
5 December 2014

Just had a lengthy battle with scottish power over the amount of credit I had built up, over £700 pounds in 9 months, althought I am now promised a refund and a reduction in my monthly direct debits, I have been really frustrated by my attempts to contact customer service, lengthy waits on telephone and no response to email enquires, customer service reps who couldnt help or transfer me a complaints advisor! Scottish power blamed a new system for losing my first ever meter reading from when I switched over ,basicaly a nightmare company at the moment