OVO - No credit refund

Spikey_w

I would just like to warn people who switch from OVO that don't expect when your account is closed any credit remaining will be paid back to your bank account. Also their normal 3% interest on credits do not apply when switched. Apparently it is not their policy to payback your money, I can see why as they gain financially from this.

Had no complaint in the past, probably because I had no problems to report, and had expected the credit to be refunded as happened with my previous energy company. I only just noticed the discrepancy whilst I had time off work to check my bank statements otherwise I would have be on to them a lot sooner.

This is yet another sharp practice that energy companies get away with as well as keep tariffs high as possible which has been highlighted in consumer programs.

DUTR

Doesn't the credit balance have to be over a certain threshold?

Spikey_w

I was owed over £270, which is a lot of money to me.

DUTR

Spikey_w wrote: »

I was owed over £270, which is a lot of money to me.

I didn't ask what the balance was, I asked if there is a minimum threshold at which they refund the credit? On top of building up that sort of credit or debit should be managed to avoid.
I'm with SP and I know there is a minimum threshold of credit before they refund, I doubt OVO would be too disimilar

CRISPIANNE3

Spikey_w wrote: »

I would just like to warn people who switch from OVO that don't expect when your account is closed any credit remaining will be paid back to your bank account. Also their normal 3% interest on credits do not apply when switched. Apparently it is not their policy to payback your money, I can see why as they gain financially from this.

Had no complaint in the past, probably because I had no problems to report, and had expected the credit to be refunded as happened with my previous energy company. I only just noticed the discrepancy whilst I had time off work to check my bank statements otherwise I would have be on to them a lot sooner.

This is yet another sharp practice that energy companies get away with as well as keep tariffs high as possible which has been highlighted in consumer programs.

Excellent company for raising your direct debit. In my case by end of winter ended up with a credit of £420. I switched to another company and found with OVO you have to ask for any credit to be refunded.

Spikey_w

DUTR wrote: »

I didn't ask what the balance was, I asked if there is a minimum threshold at which they refund the credit? On top of building up that sort of credit or debit should be managed to avoid.
I'm with SP and I know there is a minimum threshold of credit before they refund, I doubt OVO would be too disimilar

Sorry for not answering your question, they don't have one but would have thought the amount I was owed should be over whatever deemed a reasonable threshold if set.

When I did ask about their refund policy and was informed they would not initiate any refund unless directly requested by account holder. I was also told due to previous customer feedback they are looking into changing this but timescale unavailable.

For interest, what is the min threshold for SP?

KTF

Spikey_w wrote: »

I would just like to warn people who switch from OVO that don't expect when your account is closed any credit remaining will be paid back to your bank account. Also their normal 3% interest on credits do not apply when switched. Apparently it is not their policy to payback your money, I can see why as they gain financially from this.

Had no complaint in the past, probably because I had no problems to report, and had expected the credit to be refunded as happened with my previous energy company. I only just noticed the discrepancy whilst I had time off work to check my bank statements otherwise I would have be on to them a lot sooner.

This is yet another sharp practice that energy companies get away with as well as keep tariffs high as possible which has been highlighted in consumer programs.

Which point did you trip up on as if its over £25 and the DD is in place they should refund it if the account holder calls them up and asks:

http://www.ovoenergy.com/refundpolicy/

Spikey_w

All points except 8 does not apply. Point 8 states:-
"If you’re leaving Ovo, we need to have received the final details for both gas and electricity, and have sent a final statement for both supplies, before issuing a refund. If you’re moving away from the property, we also need details of the new occupier, or the details of the landlord, estate agent or letting agent."
All criteria met, unfortunately the refund was not issued.

KTF

Did you give them a final reading and receive a final bill from them?

Wywth

I had no issue getting the closing balance back from OVO when I switched from them

Wywth

KTF wrote: »

Which point did you trip up on as if its over £25 and the DD is in place they should refund it if the account holder calls them up and asks:

http://www.ovoenergy.com/refundpolicy/

The £25 applies to a refund request where the account is open and in credit.

When the account is closed, then all remaining credit balance is refunded