Energy Company not Refunding Balance from Previous Contract

AndysDad

I came to the end of my 18 month contract with Utility Point,but decided after doing comparison with other companies that they had a new better deal, so signed up to the new tariff,which has now started. I then asked  them to pay me back my credit of approx £100 of my last contract as I've started a new contract (which they would have done had I switched to someone else) but they are only giving me 40% of my £100 back and keeping the rest as credit on my new contract AND taking my 1st payment aswell which I think is unfair.Do I have a right to ask them to give me all my credit back.

MWT

At this point in the year I'd say it would be wise to leave some of that balance there if your monthly payment is based on 1/12th of your annual estimated usage.

You are about to move into the more expensive periods of the year so you will need that money to avoid going too far into debt over winter.

UnclaimedEnergy

You have a right to switch away to them to a different supplier so you can get your credit back.
However if you've started a new fixed contract you likely will have to pay an exit fee to do this, which will eat most of that £60 credit you had left over.

Utility Point are having to pay a big RO energy bill currently (like every supplier) and need the cash from customers to stop themselves from going bust (most of their fixed contract customers are below cost as they were priced 0.2% below the cheapest on the market during Nov - Jan)