Two million households to obtain £240m from previous power accounts, Ofcom reveals

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Your assist makes all of the distinction. Learn extra The UK's power watchdog is urging shoppers to reclaim their forgotten funds as £240 million in power credit score sits in closed accounts.

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

Shoppers who've moved house 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 robotically, and suppliers will all the time attempt and ensure excellent credit score is refunded, in line with Vitality UK. However knowledge exhibits that 1.9 million closed accounts have credit score in them.

Individuals are being inspired to examine letters and emails for ultimate payments, and make contact with their provider or log into previous accounts in the event that they suppose 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"/> Knowledge exhibits that 1.9 million closed accounts have credit score in them (Getty/iStock) Tim Jarvis, Ofgem’s director common for retail, mentioned that “it’s comprehensible that some issues can be missed” when transferring home.

“However with nearly two million closed accounts at present in credit score, the message is obvious – for those who’ve moved within the final 5 years, attain out to your previous provider, present them with the right info, and you might be due a refund.”

Ed Rees, Vitality UK’s head of retail coverage, mentioned: “It’s all the time vital to maintain your contact particulars updated so your provider can present assist once you want it and to allow them to additionally then return unclaimed funds promptly.

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

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Below Ofgem’s guidelines, suppliers are required to difficulty a ultimate 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.