Martin Lewis' tips to reclaim energy bill cash after person gets £1000 back from supplier
16.04.2024 - 15:07
/ manchestereveningnews.co.uk
Thousands of households are overpaying their energy bills each month, with many that pay through a direct debit not realising that they could be sat on a large pile of cash that is rightfully theirs. One savvy Money Saving Expert reader even managed to get £1000 back from his energy supplier after realising he was being overcharged.
The reason for this is that consumers who pay for their gas and electricity each month via direct debit are paying for what their energy supplier estimates as the monthly consumption, which can frequently be overestimated or based on old energy prices. This can lead to some households that are struggling to pay their monthly energy bills actually being hundreds of pounds in credit.
Measures to remove the disparity between the prices charged to direct debit payers and those on prepayment meters have filtered some of the inequality from the system in recent months, but despite this, Martin Lewis has said "the logic of the direct debit cycle remains the same," with many households unknowingly sitting on a large pile of their own cash.
READ MORE: Martin Lewis' Money Saving Expert praises energy fix that saves £135 on price cap
One Money Saving Expert follower said they had been sitting on a large amount of credit that they were able to reclaim, while also lowering their monthly charges. They said: "We had over £1000 credit with our energy supplier, after approaching them I got that repaid and because I've been paying far too much in the first six months they've reduced my direct debit from £265 to £112 per month."
As of April 1, the energy price cap fell by 12 per cent to £1690 for the average household, meaning that bills should start to fall. However, those who pay by direct debit could
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