💡 Martin Lewis’ May Reminder: Get Your Energy Credit Back! 💡
Attention all those with energy accounts at Octopus, OVO, British Gas, EDF, and ScottishPower! The money-saving guru Martin Lewis says NOW is the perfect time to peek at your energy credits. Why? Energy companies are reportedly holding over £3 billion of our cash!
To break it down, if you pay your bills via direct debit, check your account. Around 57% of households, that’s roughly 16 million homes, have too much credit in their energy accounts. And May is the sweet spot in the energy billing cycle—ideal for seeing if you have funds to claim back.
Here’s the simple rundown:
1. 🧾 Confirm you’ve got a recent meter reading, or ensure your smart meter is updated.
2. 💡 If your direct debit seems balanced, and you have over a month and a half’s worth sitting there—ask for it back!
So, say your monthly payment is £200. If you’ve somehow got £600 credited, you should be asking for at least £300 back. It’s YOUR cash, after all.
On another note, Martin’s waving a flag about those on the ‘price cap’ tariff. He suggests considering a fixed deal. By April’s 6.7% price cut, and with rumours of a July rise between 12-14%, now could be the moment to lock in a better rate. According to Martin, recent drops in worldwide gas prices also mean you could snag a fixed rate 6% cheaper than the current price cap.
Don’t let your energy supplier keep a hold of your hard-earned money. Start checking and saving!
#MartinLewis #EnergySavings #MoneySavvy #UKEnergy #SmartSpending #DirectDebit