There have been some changes to the Customer Protection Code of Practice and as your water retailer, we’re now required by Ofwat (The Water Services Regulation Authority) to share the following information with all our customers who pay in advance:
“Advance payment arrangements can provide customers with a useful way to manage their bills, and customers may benefit from improved terms if they pay in advance. However, advance payment customers should be aware that any credit accrued for services that have not yet been delivered might not be recoverable in the unlikely event that their Retailer becomes insolvent. There are a number of payment arrangements available in the market. Customers can therefore explore what type of available payment arrangement best meets their needs.”
A market-wide message
Please be assured, the text above is part of a market-wide message for all advance payment customers and does not bear any reflection on the financial status of Wave as your Retailer. You can find more details about the changes to advance payments on the FAQ section of the Open Water website.
Building credit on your account
If your account builds up a credit balance, we’ll contact you to let you know, either in writing or on your final bill. If the credit is a genuine overpayment*, we can arrange a refund for you at your request. Please get in touch with us to provide your payment details for the refund.
For all the ways to pay Wave and the importance of paying, take a look at our guide.
*Exclusions apply. Credit balances which are not deemed to be a genuine overpayment on a customer’s account are:
a) any security deposit taken due to a poor credit risk score;
b) balances on multiple accounts for the same customer where there is outstanding debt on another account (in these instances the payment would be reallocated to the account in debt);
c) unmeasured customers who pay annually in advance (unless they wish to change their billing method).