Energy firms to hand back millions held in closed accounts
New campaign aim to reunite Big Six customers with their money.
The Big Six energy suppliers have launched a campaign aimed at handing back money currently held in closed accounts.
The energy firms argue that it is sometimes difficult to locate customers who have switched to rival suppliers in order to give them back their in-credit cash as they may have moved home.
However, back in February the energy regulator Ofgem demanded suppliers do more to reunite customers with their money.
As a result the major energy suppliers have launched the MyEnergyCredit campaign, which works in three parts.
- Reuniting former customers with unclaimed credit. A total of £153 million accumulated over the past six years is currently unclaimed, with the average credit balance around £50.
- Providing help for vulnerable customers. From now on, after two years, any money that remains unclaimed will be put towards funds that help the fuel poor and vulnerable.
- Introducing a new set of voluntary minimum standards. These will minimise unclaimed credit balances building up in future. For the avoidance of doubt, any valid credit will always be refunded, no matter how long ago the customer left the energy supplier.
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How do I claim?
If you think you may be owed cash, then you can head to the MyEnergyCredit website. From there just select your energy company, where you will then be presented with the details of how to make a claim.
Compare all the energy tariffs in your area to find the cheapest deal for you
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