Looking for a second opinion

blissfulpanda78

Hi all!

As the post title suggest, I am looking for a second opinion as to whether it would be worth getting a key meter instead of paying by direct debit (we're with EDF). Since we moved into our flat, we've seen the DD payments for the electricity go up and up and it really isn't helping seeing as I earn the least out of me and my partner (I work part time) and end up with hardly any money after all the bills have gone out.

First it was £60 which was reasonable & I was extremely comfortable with paying that amount. A few months later they then send us a letter suggesting that the payments should increase to £110! (due to a small increase in using the electric during the winter). I put my foot down firmly & told them that it wasn't at all possible and the most I was willing to pay was £75 at that moment in time. Again, a few months after that I almost ran into arrears, so I grudgingly agreed to pay £100 until I got myself out. When the next payment goes out in 3 weeks time, I will find myself in credit which I know has happened once before. We always make sure that everything (except the fridge/freezer) is switched off when we go out or go to bed.

I sent EDF an email for some advice in going to a key meter and they told me that it will be 6% more expensive - I'm currently on DD and am getting the 6% discount. We are on an Economy 7 tariff if it's any help.

We are having the same (and very first) problem with the water payments as at first they were £35, then went down to £27.50 & they are now up to £41.50 despite us not using anymore than what we usually do.

Sorry for such a long (and first post at that)! It's just so frustrating to see £100 of my hard earned money going out on stuff that we hardly use!

undaunted

If you hardly use the water as you say it may be worth looking into a water meter & whether that would save money over water rates.

In terms of the electricity have you tried comparison sites to see whether anyone undercuts EDF's offer (assuming you are able to move)

Premier_2

Some people may find a PPM more suited to their budgetting ability.

But as you have found, the downside is the same electrcity will cost you more for this type of meter. So whilst perhaps helping you manage your budget better (you won't use what you haven't paid for), it won't actually help your budget as it's more expensive.

Perhaps you could better manage your budget by taking regular meter readings to monitor what you are actually using more regularly. Some people find imeasure a useful online too as well if you take regular readings. Others have found an overall energy monitor has helped them continuously moniotor and keep track of consumption and so cost.

But only you can decide if any of these will possibly work for you.

Freddie_Snowbits

Would it be worth getting a key meter, if you are paying by DD, NO

Bring out your bills and look at the consumption you have had over the last 12 months, bith for water, gas? and electricity. these will give an indication of the useage you could expect next year and most companies will use this to set the rate.

One word of caution, my Gas/Elect is in credit this month by about a month and a half's payment, I know this will reduce over the next few weeks. My suppliers only change DD once a year, so if you keep chopping and changing your payment during this time, it will affect your bills and liability

blissfulpanda78

@undaunted - Will be checking some comaprison sites later. The water payments aren't too much of a problem at the moment as we usually wash all the plates, bowls, cutlery etc in the evening as we have different work shifts & seeming as I'm in during the day (have a dog to walk as well) I don't use much.

@Premier & @Freddie_Snowbits - We always take meter readings every month (for consistency and efficiency). As far as we know, we are using less than £70 p/m and can understand EDF for wanting us to pay a bit more so we don't have to struggle with paying through the winter, but £100 every month is a little too much. We have considered an energy monitor to see what uses the most energy and consider using it a little less if possible.

I never try to change how much I'm paying unless they've sent me the yearly electricity payment review letter and suggest how much to pay & if I think that it's too much I always contact them to let them know that it wont be possible to pay that much.

Sorry if I may seem a little dense, what with the flat I'm living in now being my very first home (after living with the parents of course) so I'm not very familiar with how stuff goes, having to learn things on the go!

mattcanary

There are other pays of paying other than by DD or on a keymeter. For example, you can pay quarterly upon receipt of a bill or you pay using a payment card in a Paypoint outlet however regularly you want to.

The problem with keymeters is that if it develops a fault at some point down the line, you are reliant on your supplier dealing with the issue efficiently - otherwise you are likely to be without power.

blissfulpanda78

@mattcanary - That's the thing that's been on my mind for a while - what if the key meter does, as you say, develop a fault? We're pretty much stuck until it gets fixed, and at this time of year particularly, that's the last thing I want happening =s

Premier_2

blissfulpanda78 wrote: »

@mattcanary - That's the thing that's been on my mind for a while - what if the key meter does, as you say, develop a fault? We're pretty much stuck until it gets fixed, and at this time of year particularly, that's the last thing I want happening =s

They don't develop faults very often. Your appliances themselves will probably be more likely to develop a fault than the meter itself.

In the unlikely event it does and that prevents you getting more energy, then contact the supplier who will arrange to send an engineer out as a matter of urgency - typically within a few hours.