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Basically, why do we stand for it?
I'd much rather have the money in my account and not in theirs. They must be making millions in interest from all of the credit they hold.
That they continue to take money from my account whilst it is in credit further winds me up.
What have I missed?
If you’re still in credit at the point you turn your heating off for the summer, request it back. Then build credit through the summer so your payments stay the same throughout the year, despite varying usage.
I'm with EDF. A phone call to them and they (a) cut my DD amount and (b) refunded my overpayment. Must have taken me all of three minutes.
"What have I missed?"
The right supplier?
I have two electric accounts with octopus - one of them is a low use holiday house and when the account got too much into credit they just stopped taking payments and then started again about 12 months later.
They also allow you to set your own monthly payment (within reason) and have been very good at paying money back when I've asked for it.
TBH I'd rather be in credit than on the borderline.
Run you're account in debit rather than credit.
I aim to be at zero value for around September, the account then goes into debit through winter and returns to zero by the following September. I'm still paying the same amount each month, but this way I don't have credit sat in the suppliers account.
It helps if you're with a supplier who isn't useless though, otherwise some of the conversations with them can be comical.
If you are on Octopus then you can use the app to reduce your DD payents until you have depleted your credit and then adjust your DD payments to a low amount that enough for summer coverage, whilst putting the extra that they suggested in their calculator into your own 'energy' account that pays interest.
Then in the winter use the app to make top up payments as required.
If you have solar then also put the solar payments into your 'energy' account ready for making the winter top up payments.
What i don't understand is that the suppliers push everyone to have a smart meter, which means they could simply bill what we've used, but they don't....what's the point of spending millions on installing smart meters?!
(I know I'm being naive)
If I was routinely more than about £200 in credit I'd get it back from my supplier and sort out a more representative DD level.
Otherwise I'm happy enough to forego the £10 or so I'd make in interest holding the money myself for a year for the convenience of not bothering.
they could simply bill what we’ve used, but they don’t
As this thread shows, many folk (me included) like the idea of a regular amount being paid every month. Not everyone has the flexibility of budget to pay a big Winter bill, especially given other outlays at that time of year.
I had no issue getting my surplus cash from eon. I couldn't take the full amount and around 1 months buffer was left behind to be used up later.
I then switched to Octopus and eon owed me £2.50 which they paid promptly.
Octopus, reduced my dd to £10 a month
still was generating credit
Asked for £400, which has been a faff and should be processing, has been a good few weeks of to and fro, they wanted to generate a new bill before doing so.id always keep a small buffer in there regardless
Octopus, reduced my dd to £10 a month
still was generating credit
I'm with Octopus and my standing charges alone are around £25 a month before I actually use any energy!
yer exporting, saving sessions and referrals have all added up
I'm lazy with this, build up the credit and work through it over the winter.
I'm aware it's money in their bank rather than mine, but happy to do that with ecotricity, as it's being invested in green solutions.
(Although, yes, I'm aware they'll still be profiting from it, paying staff etc)
"I don’t. I send a reading every month, they send me a bill, I pay it."
Which means you will be paying more for your energy as of next month.
it happens because folk are lazy . i keep mine at about 70 quid by actively managing the DD.
it takes a few minutes a few times a year.
if your provider doesnt allow this - move to one that does.
i managed to do it all via the app with OVO and now Octopus.
Maybe the OP was with Shell Energy? They wouldn't let you reduce the DD payments below a certain (OTT) amount when I was dumped onto their supply books. Hopefully Octopus are better. And phoning Shell? lOLz.
London Power (part of Octopus, don't know if they have the same thing) have a graph of your next 12 months projections.
They want me to up by £10 a month, I can see the projection puts me in debit with them (slightly) for March through May, then in credit until next January so I think I'll stick with what we're on now.
I send a reading every month, they send me a bill, I pay it.
If only. Long post but.......
Not energy but currently in issues with Water. And of course with water you can't just go elsewhere.
I was constantly playing the seesaw DD game - too high, into credit, reduce it, not enough to cover, so as there's no penalty / monthly DD reduction I decided I'd put my own money away (saving offset mortgage interest) and pay a bill twice a year.
Should be easy, right?
I paid up to date to Jun last year, then they came and took a reading at the start of Feb. I saw them do it and asked the guy to call it to me which i duly wrote down. I then put it into my spreadsheet tracker and noted it was about 25% higher than expected. So I went and looked myself and he'd mixed the last 2 numbers up or something. Recalc'ed, almost exactly in line.
So I called their customer service and after an eternity of 'press 2 for bill enquiries' hell spoke to someone helpful. I read my reading to them, they noted it and said they'd correct the account.
Next activity is a new bill, for the right amount. But no cancellation of the old one. And information that they'll be taking a DD for BOTH amounts at the end of the month.
Back on the phones, very high call demand, send us a message on Whatsapp. What an error......
After you've managed to get past the Bot and to a real person, who seems to be running 50 queries at a time given response time, I explain again. No problem they say, send a picture of the meter reading and I'll correct it.
Yep - another bill issued, but mysteriously not for the reading I've given, but a second copy of the original wrong one. And, you guessed it - a new DD information so they're supposedly taking the double bill on 29/2, and then ANOTHER amount on 13/3
Bear in mind the original bill was 25% over the right number for an 8 month period, so about 10 months of usage. Plus another correct bill for 8 months. Plus another now added for the same as the first. In the next 2 weeks they are telling me they'll take DD's equivalent to 28 months of usage, leaving me 20 months in credit.
On Friday, I spent (no lie) 7 hours in contact with them, because like a **** I used Whatsapp again. I wasn't on with them the whole time obviously, but from making contact at 0924 to 'have i resolved your query?' at half four.
But now - I've got another bill for the correct reading, still none of the others cancelled, and ANOTHER DD to be taken for the 'right' amount on 15/3. I'll be 28 months in credit.
I finally managed to talk to someone again on Saturday, by setting an alarm and calling at 08:00:00 on the dot.
Their initial response......don't worry if the DD is too high, it'll put your account in credit and you can draw against it for future bills. FOR THE NEXT 3 YEARS - I DON'T THINKS SO!
Then they suggested not to worry, I can ask for a refund after it's taken. I don't want you emptying my bank of nearly £1300, even if I do get it back.
Eventually I get through to someone who just basically says - 'yeah, the online system's shit, you can't trust what it says. I'll send you a statement' which they duly did. 4 bills, 3 cancelled and recredited, one bill left. O/S balance - correct.
I still don't know what the situation is with DD's, they're all still on the system but fortunately I bank with FD, and I can see future transactions a day or two before and so have time to stop. And at least I have in my hand a piece of paper that says I only owe them the right amount now.
So yeah, your "I send a reading every month, they send me a bill, I pay it" is so much better 😉
Just got my refund of £300 from octopus as account was at £400 and coming out of winter the solar is going to earn me credit
But they want me to pay £284 a month 😂 Thinking of switching to variable DD now
I'm in the - I'd rather pay by DD and have the cost spread over the year - camp.
I can do without big bills in winter.
Just got my refund of £300 from octopus as account was at £400 and coming out of winter the solar is going to earn me credit
But they want me to pay £284 a month 😂 Thinking of switching to variable DD now
they still have not moaned at me for my 20quid DD since i came onboard in april 2023.
octopus seem to have got a lot better recently at gauging the right level. currently £32 in credit.
Having been a £1k in credit with them and them refusing to allow me to reduce my DD, their system seems to have changed. Have since been able to reduce my DD and now bringing it back down to something more sensible.
But they want me to pay £284 a month 😂 Thinking of switching to variable DD now
You can just ignore that can't you? It's just recommended rather than enforced.
“I don’t. I send a reading every month, they send me a bill, I pay it.”
Which means you will be paying more for your energy as of next month.
I don't follow?
I’m in the – I’d rather pay by DD and have the cost spread over the year – camp.
I can do without big bills in winter.
This... Also:
They must be making millions in interest from all of the credit they hold.
If so, great. I'd rather that enabling them to keep the cost of energy down rather than them needing to up prices to cover their costs instead.
SP have been OK - non-smart meter so I track readings monthly on a spreadsheet and send in readings. I tend to take a few hundred out each spring - the option is buried in the web site to withdraw it. Think I'm possibly a bit under this year as we've been using more electric.
I'm with Flicker, review every September, include whatever credit/debit is in the account, divide by twelve and set the direct debit. I'm always in debit over winter and back to zero come September (within £100). While the energy market was fluctuating I reviewed it March time to make sure I am still on track, maybe once in ten years I've needed to alter the direct debit to suit.
I was £600 in credit at one stage FFS. Now down to £50.
E-On have just changed their website so when you go into your account there is an option to request money back - it also lowers your DD. Takes about 10 seconds.
I'm with Octopus. There is (or was) the option in the app to request credit back. I used it a few times and had the money back in my bank account within a week.
I will never give them DD - they have control over that not you. I used to have standing orders that I controlled but they will not accept new ones when I cancelled the existing ones. I pay in arrears what I use.
same, pay the bill, use in arrears standing charge up front
understand its not the cheapest rate to pay it that way and i understand why
I’d rather that enabling them to keep the cost of energy down rather than them needing to up prices to cover their costs instead.
It goes into the pockets of the shareholders as increased profit
I will never give them DD – they have control over that not you
They have to give you advance notice of any change in DD amount or day of payment and I can cancel direct debits in my banking app without recourse to the energy company. What extra control do you need?
decided I’d put my own money away (saving offset mortgage interest) and pay a bill twice a year.
You broke their system by looking like a statistical flight risk.
If I could i would but you can't take your water account anywhere else.
If you are on Octopus then you can use the app to reduce your DD payents until you have depleted your credit and then adjust your DD payments to a low amount that enough for summer coverage
Only problem with this is that you can't set the Direct Debit payments below £10/month. With solar + battery + saving sessions I'm now in a £700 positive balance.
Although I'm tempted to sacrifice £4 of it for these socks on Shoptopus.
Up until this month OVO offered 5% interest on credit balances as an incentive to not go into a debit balance. Debit balances cost the supplier more and that cost is passed on to the consumer.
External direct debit changes have made it so they can't offer that reward any more, but if you're over 1 month's worth of credit you can ask for a refund and a review of the DD amount. It's up to you to manage that and make sure you're not overpaying, estimates can only go so far and aren't always accurate.
sharkbaitFree Member
“I don’t. I send a reading every month, they send me a bill, I pay it.”
Which means you will be paying more for your energy as of next month.
I can't imagine it will be enough for me to lose any sleep over it.
Glad this thread popped up. Went back into the octopus app and they've increased my DD again without my consent. Sneaky bastards
I'll keep checking and knocking it back down