Martin Lewis, known for his money-saving tips, recently shared some important advice for those who pay their energy bills through monthly direct debit. He emphasized the importance of checking your account to ensure you are not overpaying and potentially owed a significant amount in credit.
According to Martin, this time of year is when most people should be in credit on their energy bills. He suggested that being in no more than two months’ worth of credit is reasonable. However, if you find yourself in six months of credit, he recommended contacting your supplier to request a refund.
It is essential to monitor your energy bill payments throughout the year to avoid overpaying. Early May is seen as the baseline for maintaining minimum credit, with nearly two months’ worth of debt. By early November, you should aim to have maximum credit, which typically occurs after summer and peaks in November.
If you suspect that you are in too much credit, it is within your rights to request a refund from your energy supplier. Energy companies are required to take reasonable steps to ensure that direct debit levels are fair and explain the reasoning behind the set levels. If you are not satisfied with their response, you can escalate the issue through Resolver, which can involve the Energy Ombudsman if necessary.
By staying proactive and regularly checking your energy bill direct debit, you can potentially save money and ensure that your payments accurately reflect your energy usage. It’s important to be aware of the recommended credit levels at different times of the year to avoid unnecessary overpayments. So, take Martin Lewis’ advice and review your energy bills to see if you are owed any credit that could be refunded back to you.