Does your supplier owe you money? Find out in this Q&A session
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We’ll start this uSwitch Energy Q&A by explaining how you may end up in credit to your supplier in the first place.
If you pay for your gas and electricity by energy direct debit, you may, at times, find yourself in credit with your supplier.
That is because, regardless of your energy consumption in a particular month, you pay the same amount monthly. This is designed to spread out your energy costs over the year.
That way, you’re not struggling to manage large bills in the winter; your overpayment in the warmer months should cover the increased costs of the colder ones.
However, if you’re considering switching and have a substantial credit with your current supplier, you might be wondering — what happens to my credit if I switch to another energy provider?
Part of your switchover process includes taking a meter reading on the day of your switch. You send this to your old supplier, who will produce a final bill based on this reading. The supplier will then apply any credit you have to this charge, and either send you a bill for the remainder or refund the leftover credit to your bank account.
However, you don’t have to switch suppliers to get your credit returned to you! If you have hundreds — or even just £50 — sitting in credit with your supplier and you need that cash, you can ask for it back and request your monthly direct debit amount be reviewed.