Take screen grabs of your energy account in case your provider goes bust
On this week’s The Martin Lewis Money Show, which aired yesterday (23 September), Martin encouraged viewers to keep a weekly record of their energy account in case their supplier goes under. He said: “If you can, log in to your energy firm’s site and take a screen grab of how much credit you have got and what your bill is.
“The reason for that is that when a company goes bust, it takes the website offline so you won’t have a record anymore and that could become difficult if you want to keep records of your past credit. So, take a screen grab; keep records of it.”
Martin also warned viewers that the six energy providers that have gone bust this month – Avro Energy, Green, PFP Energy, MoneyPlus Energy, Utility Point and People’s Energy – might not be the last. He said: “Some business experts have said up to 25 more firms will go under, some of them with millions of customers.
“This isn’t about small firms, it’s about mid to big ones too. There may only be 10 or less energy firms left if the wholesale gas rate doesn’t drop quite soon. So get your screen grabs and do it every week while we’re still in the midst of this crisis.”
Where a supplier goes bust and your account has built up credit, energy regulator Ofgem will appoint a new supplier that will pay you back any money you’re owed – this applies even if you’d already started to switch away before the firm went under. Here, the Ofgem-appointed supplier should get in touch to arrange a refund – even for those who won’t have been switched to it – but this can take a while.