The security deposit you have paid to your previous electricity or natural gas provider is not lost when you switch providers. The amount is taken into account when your final bill is issued and is offset against any outstanding amounts you may owe to your previous provider.
Example 1: Your outstanding balance exceeds your security deposit
If your final bill amounts to €80 and you have paid a security deposit of €70, you will need to pay the remaining €10. Once this outstanding balance has been settled, no further amount remains due in relation to that bill.
Example 2: Your security deposit exceeds your outstanding balance
If your final bill amounts to €40 and your security deposit is €70, a credit balance of €30 will remain in your favour. This amount is refunded in accordance with your previous provider’s procedures and terms, usually by bank transfer, once all the necessary steps have been completed. The refund procedure and payment timeframe depend on each provider’s policy.
Switch Energy Providers with Confidence with GlobyPlus!
The GlobyPlus team guides you through the provider-switching process, helps you understand the terms of the available energy plans, and explains what to expect regarding your security deposit and final bill.
Contact us today and discover the energy plan that best suits your needs!
This article is general information, not personal advice. Terms and cover depend on the provider and your contract. Your advisor checks what applies to you.
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