22 June 2024 , 06:00
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One couple has shared how a Martin Lewis tip helped them receive a £600 payout from their energy provider.
In the recent MoneySavingExpert.com newsletter, Martin Lewis' team highlighted the success story of Amelie who had followed the MSE founder's advice on claiming back their energy credit. If you pay your energy bills by direct debit, your supplier will take your annual costs, based on your average use and divide it by 12 to work out your monthly payments.
In a post on the MSE website, Martin's team says this smooths out your bills so you are not facing sky-high bills in the winter when your energy use will likely be higher. In essence, you build up energy credit in the summer and use it in the winter. However, if your usage is lower than anticipated then you could build up a significant amount of energy credit in your account, and you can claim this back if it is too much.
However, this is dependent on what time of year it is. Martin Lewis has previously said more than a month's worth of credit in your energy account in May - so two months' worth - is too much and you should ask your provider for some of it back. For example, if your direct debit is £150 a month, and you have £300 credit sat in your energy account, then you should ask for £150 of it back. If you have less, then you should keep the credit in your energy account. If you have less, then Martin has previously said you may also want to increase your monthly payments to cover yourself.
Have you managed to claim back hundreds in energy credit from your supplier? let us know by emailing - mirror.money.saving@mirror.co.uk
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Amelia told the MSE team that Martin's "detailed" explanations on when you should and shouldn't claim back energy credit and when you shouldn't were helpful as she knew exactly when to ask her provider, and could push back if they were reluctant to refund it.
In her message, Amelia said: "Thanks for your detailed explanations on gas and electricity and what time of year it makes sense to be in credit and debit. My partner and I were able to secure a £600 repayment. Of course, our supplier at first suggested leaving the money in our account and only after I explained to them why it didn't make sense did they say 'OK'. We had the money in our account within days. I've always thought I'm money-savvy, but your tips are next level."