How 1.9 million households can reclaim £250m in vitality credit score

[ad_1] Your help helps us to inform the story From reproductive rights to local weather change to Large Tech, The Unbiased is on the bottom when the story is creating. Whether or not it is investigating the financials of Elon Musk's pro-Trump PAC or producing our newest documentary, 'The A Phrase', which shines a lightweight on the American ladies preventing for reproductive rights, we all know how essential it's to parse out the details from the messaging.

At such a vital second in US historical past, we'd like reporters on the bottom. Your donation permits us to maintain sending journalists to talk to either side of the story.

The Unbiased is trusted by People throughout all the political spectrum. And in contrast to many different high quality information shops, we select to not lock People out of our reporting and evaluation with paywalls. We consider high quality journalism must be accessible to everybody, paid for by those that can afford it.

Your help makes all of the distinction. Learn extra The UK's vitality watchdog is urging shoppers to reclaim their forgotten funds as £250 million in vitality credit score sits in closed accounts.

Ofgem and commerce affiliation Power UK say anybody who could also be due cash ought to contact their outdated provider.

Customers who've moved dwelling within the final 5 years could have cash left of their accounts, however that can't be refunded as a result of their contact particulars haven't been up to date.

Greater than 90 per cent of closed account balances are returned routinely, and suppliers will at all times strive and ensure excellent credit score is refunded, in keeping with Power UK. However information reveals that 1.9 million closed accounts have credit score in them.

Persons are being inspired to test letters and emails for last payments, and make contact with their provider or log into outdated accounts in the event that they assume they’re owed cash.

<img src="https://static.independent.co.uk/2025/02/27/12/09/thermostat-stock-heating-energy-bills.jpeg" srcset="https://static.independent.co.uk/2025/02/27/12/09/thermostat-stock-heating-energy-bills.jpeg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/02/27/12/09/thermostat-stock-heating-energy-bills.jpeg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Data shows that 1.9 million closed accounts have credit in them" class="sc-1mc30lb-0 ggpMaE"/> Information reveals that 1.9 million closed accounts have credit score in them (Getty/iStock) Tim Jarvis, Ofgem’s director common for retail, stated that “it’s comprehensible that some issues will probably be missed” when shifting home.

“However with nearly two million closed accounts at the moment in credit score, the message is obvious – should you’ve moved within the final 5 years, attain out to your outdated provider, present them with the proper data, and you possibly can be due a refund.”

Ed Rees, Power UK’s head of retail coverage, stated: “It’s at all times essential to maintain your contact particulars updated so your provider can present help whenever you want it and to allow them to additionally then return unclaimed funds promptly.

“If you happen to’re shifting, switching or closing an account, keep in mind to maintain your direct debit lively till your last invoice has been settled to keep away from leaving cash unclaimed.”

Get a free fractional share price as much as £100.Capital in danger.

Phrases and situations apply.

Go to web site ADVERTISEMENT

Get a free fractional share price as much as £100.Capital in danger.

Phrases and situations apply.

Go to web site ADVERTISEMENT

Underneath Ofgem’s guidelines, suppliers are required to situation a last invoice inside six weeks of an account being closed and refund inside 10 working days. Delays occur when buyer particulars are lacking and a refund can't be made.