Money expert Martin Lewis has urged people to review their energy bills as they could be owed hundreds of pounds. On TikTok, Lewis explained that now is the perfect time to check whether you are in too much credit with your energy pot if you pay via direct debit.
As we head into summer, energy bills are likely to come down significantly. Lewis said: “Energy firms are sitting on over 3 billion pounds of our cash, and you can get it back.”
He explained that right now we are at the beginning of the bottom of the curve in the energy direct debit sole, so this means it is the point in the year when you should have the minimum amount of credit.
Lewis recommends customers to check what credit they are in right now and also what their most up-to-date meter reading, or smart meter, has recorded.
Lewis suggested: “Assuming your direct debit is about right, if you have any more than a month and a half’s worth of debits, that’s too much.
“So, suppose your direct debt is £200 a month, if you’ve got £600, now a month and a half worth is £300, so I’d be getting in touch saying ‘Why am I in so much credit? Please can you give me back the £300 of my money that you’re sitting on.'”
On the TikTok posted by Lewis, users shared their thoughts and experiences, with one stating, “don’t go direct debit, pay monthly”.
Another said: “£100 per month and I have £450 in credit. If I take it out, I’ll spend it. I’m leaving it to build up for winter when I don’t need to worry about putting the heating on.”
“I did this a few years ago, I had over £700 of credit, so I got it out, and it paid for a short holiday,” added a third.
A fourth shared their experience: “No issues with Octopus. They have a ‘request refund’ feature, which also gives you a suggested amount of credit to leave behind. Requested the refund, and it says it will be sent within 2 weeks! Very helpful.”
Lewis urged people to listen to his podcast for more information on the issue.
