End of gas/electric contract

von

My gas/electric contract recently ended with Co-op Energy and I have started a new contract with them. Should the money held in my account from when the old contract ended be carried forward and put into the account for the new contract or should they refund me the money that was held in the account when my old contract ended? Although I have a new contract Co-op Energy have just included the credit from the old contract and added it to the new contract putting me in credit straight away.

CashStrapped

Yes any credit is just carried over when you change tariff.

Just to clarify.

Your old tariff came to and end. You have done a comparison and decided to stay with co-op and selected one of their new/current tariffs.

When you changed tariff I assume you gave them an up-to-date meter reading and not an estimate.

If you gave an up to date meter reading then you are in a true credit balance. Depending on the amount it may be in your interest to allow a credit to build up ready for autumn/winter.

However, as I said, you can only tell if you are in a true credit balance if you give an up-to-date meter reading.

von

Sorry, I don't understand your reply.

When my previous contract ended I started a new contract based on the amount of energy I had actually used last year and they calculated my monthly direct debit for my new contract based on that figure. During the last contract I had not used as much as I had estimated so my account was in credit. Why then should the energy supplier keep that credit plus receive my monthly debit payments for my new contract, which is based on the amount I am actually going to use, putting me even more in credit?
Had I transferred to a new supplier they would have had to have refunded me my credit balance when my contract ended....

CashStrapped

It is up to you.

As long as your account is up to date and you have given them a recent meter reading and produced an up-to-date bill to ensure you are really in credit.

You can request a credit on the account back at any time. You just have to ask.

A mistake that a lot of people make is that they ask for a credit back when their account is not up to date. They then spend the money and when a meter reading is given, they then realise they are now in a huge debit balance.

Also, the direct debit payment method is designed to build up a credit for winter. As winter usage is usually so high, the direct debit alone is not enough to cover it. However, because the direct debit overpays in summer there is usually enough credit already on the account to make up the difference.

I posted a big explanation as to how direct debits are designed to work with energy companies.

https://forums.moneysavingexpert.com/discussion/5465326

- Furthermore, you are reading to much into having a "contract" with an energy company. It is not that formal in the way you manage an energy account. Think of it more of an energy savings account which the supplier manages for you.

You have an account with an energy company which you put money into to cover whatever bills are produced based on the tariff you are on.

You have just changed tariff. It is not a contract per say. Just because you switched tariff it does not mean you have a new account with that company.

For example, I tariff swap with my supplier nearly every month. But, I do not request my credit balance back every time I switch onto a new tariff. I know that that credit is there against future bills.

I would only request a credit back if it got far too large.

But before I did I would always give the latest meter reading and ensure my account was up to date. Estimated readings do not apply, it has to be one you have taken yourself.

As I said, you can request a credit back at any time, just ask!
Hoep that clears it up.