Martin Lewis issues urgent warning to every person with credit on their energy bill account
Martin Lewis is urging everyone paying their energy bills by Direct Debit to check how much their payments will be from May and whether they have built up a substantial amount of credit that would be better off in their pocket, than their provider’s. The consumer champion told GMB viewers on Wednesday that energy providers are sitting on an estimated £7 billion in customer credit.
The financial journalist explained: “This week is the week you start to pay off that debt and move into credit which peaks in November before it starts to go down again. This week is the week in the year you should have the least amount of credit.”Two graphs helped simplify what he meant by the ‘energy Direct Debit cycle’.
He added that having half a month’s worth of credit is “okay” but warned: “If you’re two or three months in credit right now, that’s too much.” “That’s why right now is the right time to go to your energy account, have a look whether you are in credit or not and if you are in credit, and it’s a substantial amount, that is when I would be asking for the money back.”Top Money Stories Today One viewer shared her success with getting a refund on her energy credit. Kerry contacted the show to say that she had £700 in credit, requested a refund of £500 and Octopus Energy paid it into her bank account within one week.
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