Are you owed £95 by your energy firm Giants owe households an estimated £1bn in overpaid gas and electricity bills

Are you owed £95 by your energy firm: Giants owe us an estimated £1bn in overpaid gas and electricity bills Households collectively £1billion in credit, research claimsSix in ten households are in credit with their energy supplierFirms are obliged to refund overpayments when customers request it 

View
comments

Energy giants owe households an average of £95 in overpaid gas and electricity bills, adding up to a collective £1billion, research claims.

An estimated 10.4million households are owed the sum with six in ten in credit with their energy supplier, meaning they are being overcharged each month.

One in four are owed more than £100, despite new rules aimed at preventing large credit balances racking up, the data from comparison website Go Compare shows.

Energy bills: According to data, six in ten households are in credit with their energy bills

Energy bills: According to data, six in ten households are in credit with their energy bills

Nearly one in five homeowners in credit with their energy bills have had to demand a cut in their monthly payments, while 13 per cent have asked for a refund from their sneaky supplier.

Tom Wilson, Go Compare energy spokesman, said: 'Direct debit payments are a quick and easy way to pay your utility bills.

'They help smooth out seasonal variations in energy usage by spreading payments equally over the year. And, customers paying by this method can usually benefit from a discounted rate.

Girl in front of radiator How 6 in 10 homes pay too much for heating... even though... Our latest collective switch tariff revealed: Sign up to our... Share this article Share HOW THIS IS MONEY CAN HELP Energy bills: Could you cut your fuel costs by switching to the best deals?

'Energy companies calculate direct debit bills following an estimate of a customer's annual energy consumption, which is then usually charged monthly in 12 equal payments.

'While a small overpayment at the end of the summer months can be useful to off-set higher energy usage and bills for the winter, if the estimated usage has been set too high, a large surplus can quickly build up.'

British Gas will give an automatic credit refund for accounts with a credit balance of £5 if the actual meter reading has been received in the last four months.

EON meanwhile requires a balance of £5 provided they have received a meter reading in the last six months.

Tom adds: 'Energy companies are obliged to refund overpayments whenever customers request them.

'So, if at any time you find that you have a surplus on your energy bills you can contact your supplier to ask for it to be repaid to you, but again, you'll need to provide an up-to-date meter reading.'

The research is based on 1,000 respondents.

Deals Of The Week Logo L&C Logo L&C 5% interest & fee-free overdraft Flex Direct Logo L&C Top easy access savings deal 1.65% rate

 

Additional information