Billions in Consumer Credit
Martin Lewis, the Money Expert, is encouraging Brits to make a phone call that could result in receiving £500 of free cash from their energy provider. Lewis revealed on his ITV Money Show that energy providers are currently holding over £8 billion in consumer credit, some of which could be in the bank accounts of their customers.
Direct Debit Users
For those who pay their energy and electricity bills by Direct Debit, Lewis advises them to check their credit. Direct Debit users pay the same amount every month, regardless of their actual energy usage. This means that in the winter, when heating is turned on, usage costs can be higher, while in the summer, costs can be lower. If customers have overpaid during months with less energy usage, they can reclaim that money.
Call Your Energy Company
To receive the cash back, Lewis recommends that Brits call their energy companies. He suggests ensuring that meter readings are up to date or that a working smart meter is in place. Additionally, customers can go online to calculate their Direct Debit payments to ensure they are being charged at the right rate. Lewis advises customers to aim for two months' worth of energy credit at this point in the billing cycle.
Success Story
During the program, a user claimed that she received a refund of £500 after being £728 in credit and paying £199 a month. She stated that her energy provider would deposit the cash into her bank account within the next 10 working days.
Other Money-Saving Tips
In addition to the credit check advice, Martin Lewis shared other money-saving tips. He recommended checking cash ISA rates to maximize savings and revealed the date when supermarkets are likely to start reducing prices for Christmas items. Lewis also provided cheap tricks for staying warm during the winter, such as using an electric blanket, draught-proofing the home, and investing in loft insulation.
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