Little known Martin Lewis trick got me £500 back from energy company – here’s how
MARTIN Lewis revealed a trick that could see you land a whopping £500 in your bank account from energy companies – here’s how.
In tonight’s episode of the Martin Lewis Money Show Live, the saving expert shared the useful hack.
He read out an email from a MSE fan who applied the savvy technique and pocketed a whopping £500.
Steve emailed: “I applied to get £500 back via my energy companies app on the train ride home from the show and it arrive in my bank account this morning.”
Martin Lewis explained the former audience member was around £1,100 in credit which equalled to about 9 or 10 months of debit.
“At this time of the year, you shouldn’t be anymore than a couple of months of energy direct debits in credit,” he said.
“If you are, get on the app and ask them for the credit back, maybe three months maximum.
“But if you’re six or seven months, it’s your money – they’re keeping £8.1billion of our money, we should get ours back.”
This comes as Martin Lewis also warned millions they could be owed £1,000s from their energy provider.
The MSE previously said payments could be due if your gas and electricity firm has overestimated how much you should be paying.
He explained how most energy firms estimate how much you should be paying and then divide this amount by 12 to cover the year.
But in some cases, Martin says these guesses can be “widely wrong”.
He said: “If you pay by monthly direct debit, you’ll know that’s for them to smooth your bills out.
“What they usually do, although not in every case, is they work out how much you pay a year, divide it by 12 and that’s what you pay – but these can be widely wrong.”
Martin continued: “In most cases, the rough rule of thumb is if you’ve got one month of payment in credit it’s probably too much.”
In fact, the money guru revealed how one person who tweeted him was in credit of more than £900 to their energy supplier after overpaying for 11 months.
If you’ve been paying too much, and you’re in credit to your supplier, you are entitled to ask for that money back.
As the nation prepares to spend more across winter months despite soaring cost of living prices, Brits have been urged to review their bills.
The Money Saving Expert revealed the simple checks to find out if you are eligible to claim – don’t miss out.
He also shared how you can become debt-free quicker by using 0 per cent balance transfer cards – here’s what you need to know.
Plus, his expert advice on how to slash compulsive spending – and it could save you hundreds.