£240 million is said to be sitting unclaimed in closed accounts
You might be owed hundreds of pounds without even realising it, according to Money Saving Expert Martin Lewis, who says households could be due an unexpected refund.
A staggering £240 million in credit is sitting unclaimed from energy providers across the UK. The financial expert has warned that anyone who has switched energy suppliers in the past five years may still have credit remaining in their old accounts — meaning you could be owed money you didn’t even know about.
With up to two million closed energy accounts across the UK, it’s well worth checking whether you fall into this bracket. For money-saving tips, sign up to our Money newsletter here
Ofgem has confirmed that whilst the majority of closed accounts may only hold a few pounds in credit, some contain upwards of £100. Ensure our latest news and sport headlines always appear at the top of your Google Search by making us a Preferred Source. Click here to activate or add us as Preferred Source in your Google search settings
How to check if you’re owed a refund
Checking whether you’re due money back is straightforward, provided you still have your login details for your old energy account. Simply log back in and review your balance.
If there is credit remaining, you can request a transfer directly into your bank account, according to LadBible. If you’ve forgotten your login details, you can contact your supplier directly — whether by phone, online or even via social media.
You’ll simply need to provide the address linked to the account, your name and contact details, and your old account number if you have it to hand. If you can’t recall which provider you were with, it’s worth searching through your emails for any previous correspondence with energy companies.
However, Martin Lewis has urged people to remain vigilant about unsolicited contact from anyone claiming you are owed credit, as energy companies will not reach out to customers directly.
Why are people owed credit?
There are several reasons why you might be owed credit. If you closed your account whilst moving house and failed to update your energy provider with your new address or contact details, they may have been unable to reach you to arrange a refund.
It’s also possible that you cancelled your direct debit before the refund could be processed, in which case you’ll need to take action yourself.
This comes as millions of people are missing out on a key discount potentially worth thousands of pounds. Martin Lewis has warned that many are failing to receive assistance they are fully entitled to, simply because they haven’t asked for it.
Council tax is often one of the most significant annual expenses households encounter, with rises expected in April, yet some residents may be unnecessarily paying their full bill. There are several methods to reduce your council tax depending on the occupants of your property, though there is one important caveat – these reductions are not applied automatically.
He disclosed towards the end of 2024 that approximately 2.25 million low-income households were thought to be entitled to discounts and reductions, yet were missing out simply because they had not made a claim. For some households, this could amount to thousands of pounds in savings annually.
Martin urged during his ITV show: “People think if they’re on Pension Credit or Universal Credit they’ll get everything that’s coming to them. You don’t. The council tax benefit, even if you’re getting Universal Credit, you must apply separately to your council to get it.
“That is why so many are missing out. If you are on a lower income, look at your council’s policy and see if you can apply to get this money. It’s crucially important.”
