In this article, we explain if you should claim a refund of the credit balance from the energy supplier. If you are looking for an article about why there is a credit or debit balance on the account, click here.
The short answer is that your energy supplier will automatically refund the credit balance after the completion of a switch to a different energy supplier.
All energy suppliers will calculate the direct debit amount based on your estimated energy usage for the whole year. This calculation will take into consideration lower energy usage through the summer months and will often result in a credit balance on the account. The credit balance will then be used to cover higher usage (such as heating) through the winter months.
For this reason, you might want to keep the credit on the account. It could also help to ensure that the switches started in the winter months goes through smoothly and there is no outstanding balance left for you to pay!
What alternatives are available?
- You can simply do nothing. The energy supplier will automatically issue a refund after the completion of a switch to a different energy supplier.
- You contact the supplier and have your direct debit amount adjusted to be paid back over time. Kindly note that due to the security requirements energy suppliers will need to discuss this option directly with the account holder.