If you’ve just switched supplier, you’ll get a bill within 30 days of your new supplier taken over. You can check the bill to see if you’re in credit or debit. During this period it’s advised you don’t cancel your direct debit. If the supplier owes you money, they’ll use the open direct debit to put the money back in your bank account. If you’ve already cancelled your direct debit, give them a call. It’ll take longer but you’ll eventually get it back.
You should also know that suppliers aren’t generally in a rush to give your money back. So you’ll have to do the chasing. I’m aware of some customers waiting years to get their credit back.
Automatic Refunds of Credit
Some suppliers once your credit reaches a certain amount will automatically input the credit into your account. This varies from supplier to supplier and depending on whether it’s a business account. For domestic properties, some will refund you at around £75/100. For businesses it’s usually around £500-1000.
Best thing to do is find out if you’re in credit and ask for it back. They’ll usually come up with reasons as to why you shouldn’t, since they can use your money to make more money (interest etc). The common objection they’ll say is, “well you’re probably going to use more in future so we’ll use the credit to clear the debt.”
The Citizens Advice consumer helpline can give you advice on any issues you might have with claiming credit back from your supplier.
Alternatively give me a shout and I’ll be happy to help.
