Energy suppliers owe as much as £1billion to their British customers.
New statistics claim that 47% of Brits are in credit with their energy supplier. The research has found that on average energy customers in credit with their supplier are owed £78.50, with 25% of all customers being in a credit of £100 or more. This extra money means that energy suppliers are profiting from nearly £1billion in overpaid energy bills.
The reason for the huge surplus of funds is customers paying by direct debit (DD). Unfortunately due to the way in which suppliers calculate DD payments, credits can soon build up. In general, energy suppliers will use an estimated annual consumption to generate a monthly payment figure. These are often higher than necessary and by over paying on energy bills, customers are effectively giving a free loan to their energy supplier.
Energy Switcheroo recommends customers pay by DD as it is one of the best ways to save money. Energy suppliers generally offer discounts to those who pay by this method, but it is down to the customer to ensure the level of payment is reflecting the actual use of energy.
If you are concerned as to the amount you are paying on a monthly basis, review your account and if you’re in credit with your supplier contact them and request they reimburse you with the surplus funds. You can then discuss with them options to re-calculate your DD payments. Your hard earned money is better sitting in your bank account, than theirs.