Would it be worth?

dori2o

I've been thinking of stopping my monthly DD in favour of putting the mioney in an ISA every month and paying quaterly. I always end up at least £250 in credit on GAS and aroung £135 in credit on electric come December each year.

I'm with Ebico for Gas and Scottish Power for electric.

I currently pay £45 a month on gas and £55 for electric a month.

Would it be worth it?

Cardew

The Direct Debit discount is far more than you would ever get in interest from an ISA.

If you are always in credit each year, then just speak to the companies and tell them you want a reduction in your Direct Debit.

However bear in mind that there have been large price rises recently, so if your DD and consumption stays the same, you will not have the same credit balance next year.

Dreamnine

I stopped paying by DD on principle alone - didn't like the fact that they could just change it. That was worth it for me.

dori2o

Cardew wrote: »

The Direct Debit discount is far more than you would ever get in interest from an ISA.

If you are always in credit each year, then just speak to the companies and tell them you want a reduction in your Direct Debit.

However bear in mind that there have been large price rises recently, so if your DD and consumption stays the same, you will not have the same credit balance next year.

Would this be the same if I just did it with the GAS, I didn't think EBICO gave a DD discount.

The £55 I pay now includes an increase I have calculated based on my last 12 months consumption charged at the new tarrif.

Cardew

dori2o wrote: »

Would this be the same if I just did it with the GAS, I didn't think EBICO gave a DD discount.

The £55 I pay now includes an increase I have calculated based on my last 12 months consumption charged at the new tarrif.

Yes sorry I didn't note the Ebico for gas.

I don't think Ebico have announced their new tariff yet, it is expected shortly.

Whilst any interest from an ISA is welcome, the sums involved are not great - £3 to £4 a year.

dori2o

Thanks for the advice.

I think i'll do it with the gas. It may only be £3-£4a year, but it's better in my pocket than theirs I suppose.

Many Thanks

dori2o