I'm in credit by over £1000 for about a year. I've selected the option get get any credit over £5 refunded but have not recieved anything. My payments have been reduced to £10 per month but that means it will still take over a year to get all my credit back. I've even phoned on a few occassions and have been told that I would be refunded the money, but after trying several times still not recieved anything. I'm tempted to just stop my direct debit. Does anyone have any suggestions?
@shahj01 There's a big difference between what I think you've done and what you actually should do. From what you say in your post, I think I understand that you've selected the option on your online account to receive refunds of over £5 from "refund preferences" ?
All that means is that you'll receive your refund of any credit over £5 once a year - at your annual review, which is the anniversary of when the tariff you’re on started.
If you want a refund of any credit on your account right away, you have to take the "request a refund" option from the same list (to the right, on your account summary page) but it's nearer the bottom. This will get you a refund directly to the account the bills are paid from usually within 14 days but only if you have a direct debit arrangement set up. DDs work both ways.
You may not be allowed to take all your credit, depending on your average monthly bill, but should get most of it this way. If the "request a refund" option is not on your account summary page, you're going to have to call SP again and demand it. I believe they are legally obliged to refund credit balances.
Don't cancel the DD - you'll probably be in breach of contract and they dump you out of your tariff onto the standard variable rate.
Thanks for the advice. However there isn't a 'request refund' option, where you suggested it should be. Like I said I've been in credit for over a year and hence I should have got my refund after the annual review but didn't. Hence why then I phoned up to ask for the credit and was told I'll get it but still didn't.
I'm in credit by over £1000 for about a year. I've selected the option get get any credit over £5 refunded but have not recieved anything.
No, you didn't say you'd been in credit for over a year, you said you'd been in credit for "about" a year. No one can give useful advice on a situation if they aren't given an accurate account of what's happened. The fact that you have no "request a refund" option on your account summary also shows that you must have enabled the option to receive any credit balance refund annually, shown by your mentioning the £5 threshold. So you need to check back, and if you HAVE passed your annual review and the review has not been postponed by SP due to an account change, a DD change, a tariff change, a smart-meter fitting, a disputed bill, or any other activity on your account, then SP are certainly in the wrong and you have a legal claim to your refund, provided you've fulfilled SP's criteria for that refund.
So, as I said, if there is no option on your account summary page to "request a refund" (SP like to change the goalposts every so often) you're going to have to call them and demand it, explaining that under Ofgem Regulations they are required to. If you persevere, all they can do is come up with a reason why they can't give you your refund and thats when you'll find out what their excuse is - maybe they want up-to-date readings or a physical read of the meter by their team, maybe there's a disputed bill or maybe they have changed their policy on when refunds are given - maybe. Maybe they actually dispute your usage. Whatever the reason is, you'll almost certainly have to comply to their request before you get your refund.
The lesson of this scenario is for customers to keep a close eye on their account balances, so that they can manage theirDD's, their payments and their accounts well in advance of building up such huge credit levels. SP are in a business to make money, a sad but true fact. They're not going to look after your finances for you.