Millions of pounds in unclaimed credit is currently held in dormant energy accounts across the UK, according to financial advice platform Money Saving Expert. The organisation estimates that approximately £240 million is sitting with energy suppliers, waiting to be returned to former customers who have either moved house or switched providers.
This substantial sum represents overpayments made by consumers, often through direct debits that continued to be collected after a move or switch, or final bills that were overpaid. The average amount owed per account is reported to be around £58, although some individuals could be due significantly more, potentially hundreds of pounds.
The call to action from Money Saving Expert highlights that many people may be unaware they are owed money, particularly if the account in question dates back several years. It is common for credit balances to accumulate, especially during periods of lower energy consumption, and these funds are often forgotten amidst the complexities of moving home or changing suppliers.
Even if a previous energy supplier is no longer trading, there is still a possibility of reclaiming funds. Money Saving Expert advises checking the websites of administrators appointed to handle the affairs of defunct energy companies, as these often provide information on how to claim outstanding credit. Crucially, there is no time limit for reclaiming these historical credits, meaning individuals could be due money from accounts dating back many years.
The process typically involves contacting the former supplier directly, providing account details, and often proof of address or payment. With the ongoing cost of living crisis, reclaiming even a small amount of money could provide welcome relief for many households across the country.