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Not naming companies because I'm sure all are the same in this regard, but frankly what a PITA.
I've been with Company A for several years but their pricing is no longer competitive so I decided to switch. Dead easy, found Company B with a better tariff and supposedly good customer service and filled in a form and waited for it to happen.
I have a positive balance with A (because despite being on a schedule that's supposed to spread the cost over 12mo, in reality they always want you to pay enough in winter so you never go into debt with them, and then when you get into summer the payments build up a positive balance. So they already owe me over £120 - but that's another gripe)
So on the switch date, 2 weeks ago, I send new supplier B my readings. Why, not sure because they're smart metered anyway, but I did. These now have to go to the regulator to be 'validated' (why - they're smart metered?) and then sent to my old supplier A to generate a final bill. Then A will work out what I owe them or them me, and in this case send me a refund within 28 days.
All told, up to 8 weeks for them from switch date to sending me a refund.
So I'm delighted to today find that the DD I have with them (which i was told not to cancel because that's how the refund will be processed) has had ANOTHER monthly DD - which is at the winter rate of course - taken from it. So now for an account 'closed' 2 weeks ago they now have £220 of my money. And in theory, because they still have another 6 weeks potentially of the 8 weeks if they haven't processed the refund in a month's time, they might yet take another.
So I switched to save money and instead I appear to have invested in a 0% savings scheme instead!
In these days of smart meters and computers, why is this so bloody drawn out and difficult?
I've switched twice in the past year or so. I always cancel the direct debit to prevent having 2 utility payments coming out the same month. I then review the final bill from the old supplier before I pay it. I never seem to be in credit.
Yes they tell you not to cancel the DD but that's just to make it easy for them.
Is one of them nPower? In which case, brace yourself for six months of wrong bills and deliberate run around.
As a slight aside - cancel the DD. They can still process the refund "that way" - a direct credit does not require a direct debit instruction to be in place.
I've had 3 hassle free switches.
Only the last one was an issue due to the regulated switching readings.
All sorted by the new supplier so can't really complain.
Don't some companies pay interest on your credit these days?
Don't some companies pay interest on your credit these days?
Yes, OVO do, 5%.