Scottish Power To Pay Direct Debit Interest

jimexbox

I can look into my crystal ball and take a good guess as to what will happen....The big six cave into to the toothless tiger that is Ofgem, and pay us interest on our DD balance, lets say 0.001% on balances £100-£4500. Then a headline grabbing 3% (An Eon 9%;)) on all balances over £4500, dependent on the balance staying over that amount for 10 years.

The very same day, maybe the same second, DD discounts are drastically reduced. Obviously you wont be told, it will be hidden amongst all the euphoria.

gauly

"ScottishPower will automatically pay £1 back for every £33 a customer is in credit at the annual direct debit reassessment date on balances over £100"

So, how much do you want to bet that all "annual direct debit reassessment dates" will be around the end of the winter - when balances should be at their lowest. If you have £132 in your accound in March then you will still have several hundred pounds in your account by November. Still, it's better than nothing I guess...

1carminestocky

Do Scottish Power bank with Santander?

bristolleedsfan

1carminestocky wrote: »

Do Scottish Power bank with Santander?

Royal Bank Group, I believe.

KimYeovil

gauly wrote: »

"ScottishPower will automatically pay £1 back for every £33 a customer is in credit at the annual direct debit reassessment date on balances over £100"

So, how much do you want to bet that all "annual direct debit reassessment dates" will be around the end of the winter - when balances should be at their lowest. If you have £132 in your accound in March then you will still have several hundred pounds in your account by November. Still, it's better than nothing I guess...

The interest is only for an excess balance. How terrible. When else would it be calculated? Your comment about November makes no sense.

gauly

KimYeovil wrote: »

Your comment about November makes no sense.

I was meaning, if your balance is £132 in March (at the end of the winter) then you will build up several hundred pounds in your account during the summer and autumn. You could possibly be three or four hundred pounds in credit by November. Over the whole year your average balance will be several hundred pounds but you will get no interest at all.

KimYeovil

gauly wrote: »

I was meaning, if your balance is £132 in March (at the end of the winter) then you will build up several hundred pounds in your account during the summer and autumn. You could possibly be three or four hundred pounds in credit by November. Over the whole year your average balance will be several hundred pounds but you will get no interest at all.

So? You receive a discount. Of course, the discounts should be abolished. The new additional credit is if the debits are too high (by more than £11 per month). If the debits are accurate then no interest. Are you wanting to pay interest if the debits are too low?

gauly

KimYeovil wrote: »

So? You receive a discount. Of course, the discounts should be abolished. The new additional credit is if the debits are too high (by more than £11 per month). If the debits are accurate then no interest. Are you wanting to pay interest if the debits are too low?

Sorry, I just don't get what you are on about?? I'm wanting them to pay interest if they have lots of my money (whatever the level of the DD).

A few years ago when Direct Debits were first started they were sold as a way to "spread the payments out evenly over the year". That meant you had a positive balance in the summer and a negative balance over the winter. Indeed that was happened at first. Gradually the energy companies decided that what they wanted was not to spread the payments out over the year, but to make you pay in advance for for your energy. Nowadays they expect you to have a positive balance at all times with it being about zero at the end of the winter.

Whilst what Scottish Power are proposiing is better than nothing it isn't great. You could have an average balance of several hundred pounds (and at least £132 at all times) and they would pay you nothing. They are probably still going to make you pay for all your energy in advance and still going to hoard vast amounts of our money. It isn't a return to the times when paying by DD merely spread the payments out over the year and your average balance was zero.

Keith.Williams05

Shonk wrote: »

Scottish power are idiots im £400 in credit
and my readings are upto date
but they refuse to lower my direct debit

They're not the cheapest now - switch, collect a bonus from a "cash back" site and demand your £400 back Shonk :j :j
:beer:

SwanJon

gauly wrote: »

I'm wanting them to pay interest if they have lots of my money (whatever the level of the DD).

KimYeovil wrote: »

Are you wanting to pay interest if the debits are too low?

There are proabbly thousands of customers out there who are in debt whilst on a direct debit, and probably more who are in debt and not on a direct debit.
Should all these customers pay interest on their debt so you can hav interest on your credit?