Martin Lewis Urges Energy DD Payers to Check Credit Balances

Martin Lewis, the prominent personal finance expert, has urged customers of major UK energy suppliers such as Octopus Energy, OVO Energy, British Gas, EDF Energy and ScottishPower to check their accounts immediately if they pay by monthly direct debit. Speaking on his podcast and ITV's This Morning, Lewis highlighted that early May marks the optimal time to identify and reclaim excess credit, with suppliers holding more than £3 billion of customer funds overall.

Around 16 million households, representing about 60 percent of direct debit payers, currently carry credit balances, according to Lewis. He explained that this period aligns with the lowest point in the annual energy usage cycle, following winter consumption. "If you pay your energy bills by monthly direct debit, this is the perfect time to check whether you are in too much credit," Lewis said. "Energy firms are sitting on over £3 billion of our cash and you can get it back."

Before contacting suppliers, customers should submit an up-to-date meter reading or ensure a smart meter has recorded usage accurately. Lewis recommended reclaiming any credit exceeding one and a half months' worth of direct debits. For example,...