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Original poster

£400 in credit with energy company, would you ask for it back or leave it?

45 replies

strawberryjeans · 22/04/2023 20:18

Pay by direct debit each month so am used to it being a set amount

We’re £40 in credit with electricity, so obviously not very much. But somehow we are £400 in credit with gas?! We have an electric shower and hob so the only gas we’d be using would be via heating surely which won’t be used as we come to the summer

Is it better to leave the £400 in the account as a buffer or to ask for a refund?

OP posts:
DanielRicciardosSmile · 22/04/2023 20:21

Depends if you need the £400 for anything else. If you don't I think I would leave it. We somehow managed to be nearly £300 in credit with Virgin Media last year. I assume they'd realised they'd been overcharging us - I tried ringing to ask but gave up after 40 minutes on hold! Anyway, they just took the bills from the credit balance until it was gone.

BettyOBarley · 22/04/2023 20:27

I have the same.
Been £300 in credit all through winter and now the energy rebate has ended they've put my DD up by £65pm... Can't get through to them yet (Octopus). You can claim credit back with them via the app but I don't want them to try and put the DD up any more if we do, as it's now £200pm..

cadburyegg · 22/04/2023 20:32

Similar here, £544 in credit. Was very fortunate to be eligible for warm home discount and last year I put some spare money into my account to build up a bit of a buffer. But I'm wary the bills will be considerable this winter too so I haven't asked for a refund. I have changed my DD though, it was £167 a month and I've knocked it down to £120.

JudgeRudy · 22/04/2023 20:32

No right or wrong answer really, as long as you factor in that for most of us our bills will be increasing by £67/month now we're not getting the government subsidy. Looking at it that way, by the time winter's here that credit will have been wiped out

Whoopsmahoot · 22/04/2023 20:35

Take it out and buy premium bonds

Fansandblankets · 22/04/2023 20:35

I’m £1,000 in credit so I just keep adjusting my direct debit down. Might ask for a refund if the prices drop in July as expected.

TheSnowyOwl · 22/04/2023 20:36

If you ask for a refund, the reality is that you will be asked to increase the amount you pay each month.

megletthesecond · 22/04/2023 20:37

I'm leaving my 700 in credit. My fix ends this summer.

FelicityFlops · 22/04/2023 20:38

I have a standing order for both gas and electricity. in December last year my electricity provider required a €400 payment! I paid, although was certain it was unacceptable. Put in my annual reading in February and have just received a €1400 repayment.

Fantina · 22/04/2023 20:38

I’m keeping my credit to help with the bills this winter as they will also be higher than we are used to. I’m also going to knock the DD down a little to help me through the next few months as obviously we won’t be using heat during the summer.

wineymummy · 22/04/2023 20:41

BettyOBarley · 22/04/2023 20:27

I have the same.
Been £300 in credit all through winter and now the energy rebate has ended they've put my DD up by £65pm... Can't get through to them yet (Octopus). You can claim credit back with them via the app but I don't want them to try and put the DD up any more if we do, as it's now £200pm..

You can change your DD in the octopus app. I did this as we were also in credit by the end of winter.

GnomeDePlume · 22/04/2023 20:42

I had built up over a £1000 credit and asked for a refund of £700 so for now I am keeping a £300 float.

We arent on a fixed price. We read our meters every month to make sure we arent building up any problems.

BettyOBarley · 22/04/2023 20:45

It doesn't seem to let me, I've been into amend direct debit but it's just greyed out and won't let me change it.

catinthesunshine · 22/04/2023 20:47

Having seen loads of energy companies go bust I’d ask for a refund if you’re with anything but the biggest ones. Just in case.

catinthesunshine · 22/04/2023 20:47

I should say you do get it back eventually if your provider goes bust but we had a stressful few months waiting for this to be sorted

getmeavodka · 22/04/2023 20:52

I rang up last week as I was £400 in credit with British Gas. I got £250 back in my bank 2 days later

Goodoccasionallypoor · 22/04/2023 20:56

catinthesunshine · 22/04/2023 20:47

Having seen loads of energy companies go bust I’d ask for a refund if you’re with anything but the biggest ones. Just in case.

Yep, same.

Original poster
strawberryjeans · 22/04/2023 20:59

getmeavodka · 22/04/2023 20:52

I rang up last week as I was £400 in credit with British Gas. I got £250 back in my bank 2 days later

Ah that’s very good. Did you choose to leave 150 there as a buffer?

OP posts:
JMSA · 22/04/2023 21:06

I'm keeping my credit (similar amount to OP). My fixed tariff expires this summer.
Here's a weird one though: I was recently emailed by EDF, to say that from May 5th, my monthly energy direct debit will change from £188 per month to £68!!
This doesn't seem right to me. I hope I don't end up in debit.
I mean, I live in a Georgian flat with single glazing, ancient radiators, and teens who are forever charging devices, etc.

JaninaDuszejko · 22/04/2023 21:06

We had a credit balance in the autumn and British Gas gave us a large (unasked for) rebate. We're now in debt 🙄. Luckily we have plenty of savings and a high income but it's really annoying. Just spent the afternoon discussing what are the best options for insulating our house vs getting some kind of local energy generation (solar energy vs air source heat).

getmeavodka · 23/04/2023 07:12

strawberryjeans · 22/04/2023 20:59

Ah that’s very good. Did you choose to leave 150 there as a buffer?

Show quote history

Yes I did just in case prices rise again and to avoid an increase in direct debit

DisquietintheRanks · 23/04/2023 07:19

I ask for refunds in spring and leave overpayments on the account in autumn.

Hibye23289 · 23/04/2023 07:25

I had 400pounds credit and enquired about a refund, since then they have basically wiped the whole lot to cover my bill! Funny that!

Davestwattymissus · 23/04/2023 07:26

We have a similar amount in credit with Octopus and I'm leaving it there. We are still on a pretty good fixed rate until August, and I've worked that when that ends (assuming our normal usage, and that the rate we go onto is similar to the capped rates now) the credit will hopefully see us through next winter without having to increase our DD. Hopefully.

ferneytorro · 23/04/2023 07:28

We are with edf and were a similar amount in credit. They do a periodical review, when they did this they just refunded the money and reduced our direct debit as we were obviously paying too much.