money grab

Ofgem orders ‘Big Six’ suppliers to give money back to customers with dormant accounts, but energy giants cling on to £400m from overpaid bills.

 http://www.thisismoney.co.uk/money/bills/article-2681751/Energy-giants-cling-400m-overpaid-bills.html

This article caught our attention this week, as it highlights something we come across far too often here at MDG Group. When switching energy provider there is sometimes a credit left on your old account if you have been billed using estimates towards the end of your contract.

Once you provide the supplier with an up to date meter read it may be the case that they have been over estimating your consumption prior, therefore a credit is generated on your account depending on how many units you have been over-charged.

You would assume that the supplier would automatically refund this amount back into your account, right? Unfortunately not. Unless you specifically call up the old supplier and request this money be refunded, the credit will sit in your dormant account for years to come.

Ofgem is challenging this practice, calling for all energy suppliers to actively try to contact the customer and organise a refund. We certainly support this action by Ofgem, and urge you to review your closing invoices if you have switched supplier.

 

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