How 1.9 million households can reclaim £240m in vitality credit score | EUROtoday

The UK’s vitality watchdog is urging shoppers to reclaim their forgotten funds as £240 million in vitality credit score sits in closed accounts.

Ofgem and commerce affiliation Energy UK say anybody who could also be due cash ought to contact their outdated provider.

Consumers who’ve moved residence 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.

More than 90 per cent of closed account balances are returned mechanically, and suppliers will all the time attempt and ensure excellent credit score is refunded, in keeping with Energy UK. But information reveals that 1.9 million closed accounts have credit score in them.

People are being inspired to examine letters and emails for remaining payments, and make contact with their provider or log into outdated accounts in the event that they suppose they’re owed cash.

Tim Jarvis, Ofgem’s director normal for retail, mentioned that “it’s understandable that some things will be missed” when transferring home.

“But with almost two million closed accounts currently in credit, the message is clear – if you’ve moved in the last five years, reach out to your old supplier, provide them with the correct information, and you could be due a refund.”

Ed Rees, Energy UK’s head of retail coverage, mentioned: “It’s always important to keep your contact details up to date so your supplier can provide support when you need it and so they can also then return unclaimed funds promptly.

“If you’re moving, switching or closing an account, remember to keep your direct debit active until your final bill has been settled to avoid leaving money unclaimed.”

Under Ofgem’s guidelines, suppliers are required to subject a remaining 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.