Thousands of households still waiting for credit refund MONTHS after energy supplier went bustMarch 7, 2022
THOUSANDS of households are still waiting for a refund months after their energy suppliers went bust.
Around 4million customers have been moved to a new gas or electricity firm due to company failures since August last year.
If a customer is in credit when their gas and electricity firm collapses is supposed to be transferred to their new account automatically.
But, according to a survey of 12,000 people by MoneySavingExpert, thousands have not yet got their cash back after switching suppliers last year.
At least 20% of those who were moved to a new firm in September and October 2021 are still waiting for their money.
That jumped to 9 in ten for those who had switched from PFP Energy or People's Energy to British Gas.
British Gas said it has taken on 700,000 customers from eight different suppliers in the last six months.
"This is the largest proportion across the industry in terms of number of customers and in terms of number of failed suppliers," a spokesperson said.
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They added: "Unfortunately, each of these suppliers has its own process in terms of how they share data, including around credit balances and we are reliant on their processes.
"In some instances this has taken longer than we would have liked and we appreciate this is unsettling for customers.
"The majority of credit balances have now either been applied or will be shortly, and we have been in touch with individual customers where there has been a delay.’
It comes as customers are struggling with rising energy bills, which are set to soar even further from April.
Energy regulator Ofgem said: "We have been working with suppliers and administrators to resolve these issues and we expect most refunds of credit balances which have been affected by this issue to be completed soon.”
If you're concerned about your money, you should contact your new supplier for an update.
The watchdog previously admitted that millions of pounds worth of credit has disappeared following the collapse of 29 firms.
Around £54million of consumer cash has been identified as missing so far and it is expected to rise to £200million.
The average household bills will soar by £693 a year when the energy price cap rises in April.
Of that figure, £2.45 is to make up for the £54million black hole that has been discovered to date.
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