Electricity account in credit - claim refund or not due to huge rise in energy costs.

Tracey66

Going on the advice from Martin Lewis right now, I sent in my meter reading before 1st April. My account is reading over £300 in credit. I want to know if I should claim the refund before 1st April or, due to the foreseeable huge rise in cost of energy bills, should I leave it in my account. It won't change my direct debit amount (hopefully!!!!) but I could really do with the extra money, but is it worth it in the long run? Very confused about the best thing to do. Advice welcome. 

Chrysalis

Its £300 in credit after the bill adjustment?

If yes, I think you are within your right to ask them to send you that money.

However bear in mind they will probably increase your direct debit after to try and get that credit balance built up again, unless you switch to a variable direct debit (pay in arrears to match bill).

MWT

Tracey66 said:

Going on the advice from Martin Lewis right now, I sent in my meter reading before 1st April. My account is reading over £300 in credit. I want to know if I should claim the refund before 1st April or, due to the foreseeable huge rise in cost of energy bills, should I leave it in my account. It won't change my direct debit amount (hopefully!!!!) but I could really do with the extra money, but is it worth it in the long run? Very confused about the best thing to do. Advice welcome. 

It depends which supplier you have, but most will take your current balance into account when setting your DD level, so you can certainly ask for a refund, but the result will likely be an increase in the DD, as you'll have less in credit to cover the bills.

Also, make sure you are looking at the balance after the bill has been deducted, not the balance after your DD has just arrived as that would inflate the real level of the balance.

Mstty

I would leave it in if you are eligible for the £150 council tax rebate and just pocket that leaving the £300 on your energy account.