Money Saving Expert warns two million closed energy accounts contain unclaimed credit – and you could be owed hundreds
An unexpected windfall might be heading your way. You could be entitled to hundreds without realising it – and might cash in on an unforeseen refund according to Money Saving Expert Martin Lewis.
Families could be entitled to cash from energy suppliers as £240million remains unclaimed. The specialist revealed that those who have switched energy suppliers within the past five years might have credit still sitting in their former accounts, meaning cash you weren’t aware you were entitled to could be waiting there.
With up to two million closed energy accounts across the UK – it’s always worthwhile checking if you fall into this bracket. Ofgem revealed that whilst most of the closed accounts might only contain a few quid’s worth of credit, some hold more than £100, reports the Mirror.
It’s straightforward to verify if you still possess your login credentials for your former energy account as you can simply log back in and check the balance. There you’ll be able to see if you’re due to receive some cash back and if so, you can simply request it into your bank account, LadBible reports.
But if you’ve forgotten your login details, you can simply get in touch with the supplier directly – whether by telephone, online or even through direct messaging on social media. All you’ll need to do is supply the address on the account, your name and contact information – and occasionally your previous account number if you’ve got it.
If you can’t recall who you were with, it’s worth checking your emails and searching for energy provider names to see if you have any old correspondence from them.
However Martin Lewis warned people to be cautious about individuals contacting you claiming you’re owed credit – as energy firms will not reach out to people directly.
You can be owed credit for various reasons. If you shut the account because you were relocating, and didn’t inform the energy supplier of your new address or contact information, they may have been unable to reach you to arrange the refund.
It could also be that you cancelled the direct debit before the refund could be processed, in which case you’ll need to take steps.
It follows after millions of people are missing out on a crucial discount that could be worth thousands of pounds. Martin Lewis says many aren’t receiving help they’re entitled to because they’re simply not requesting it.
Council tax can be one of the heftiest bills households grapple with annually, with hikes due in April but some homes may be unnecessarily paying the full bill. There are several ways to trim your council tax bill depending on who resides in the house but there’s a catch – these aren’t automatically applied.
He disclosed in late 2024 that approximately 2.25 million low-income households were thought to be eligible for the discounts and reductions but were missing out simply because they hadn’t claimed it. This could equate to thousands of pounds in savings each year for some households.
Martin implored during his ITV show: “People think if they’re on Pension Credit or Universal Credit they’ll get everything that’s coming to them. You don’t. The council tax benefit, even if you’re getting Universal Credit, you must apply separately to your council to get it.
“That is why so many are missing out. If you are on a lower income, look at your council’s policy and see if you can apply to get this money. It’s crucially important.”
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