OVO - No credit refund

t0rt0ise

I left them a couple of years ago and got the credit back no problem. You make it sound like it's their policy not to give any credit back and that's just not true. They can't keep your money.

DUTR

Spikey_w wrote: »

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?

The threshold looks to be 3* the DD amount

When can I have my credit balance refunded?Result from Ask KatieAny credit that's the same or greater than three months worth of your direct debit payments at the time of your annual review will be automatically refunded. If your available credit is less than this, it will be carried forward to the next payment year and used to lower your monthly installments. If you'd like this credit to be refunded instead, call us on 0845 270 0700 (lines are open Monday to Friday 08.00am to 8.00pm and Saturday 8:30am to 1:00pm). Please note that when request… I’m in credit. Is that my money?Result from Ask KatieYes, any credit on your account belongs to you. If your account is still in credit at the time of your annual payment plan review date, this balance can be refunded to you as a cheque or incorporated into future payments to help manage your future monthly installments. If you would like to know when your next annual review date is, or would like to request a refund outside of your review period please contact us <http://www.scottishpower.co.uk/contactus>. Please note that when requesti…
Introducing our new Direct Debit Bonus Scheme

For every full £33 you are in credit, above £100, we’ll give you £1 back. That’s £1 if your credit balance is £133, £2 if it’s £166 and so on, up to a maximum of £12 at £496.

Wywth

The OP is referring to when you close your OVO account

When it is closed, (and the final bill produced) the supplier will always refund any remaining balance in full; it's not the suppliers money, it belongs to the account holder.

DUTR

Wywth wrote: »

The OP is referring to when you close your OVO account

When it is closed, (and the final bill produced) the supplier will always refund any remaining balance in full; it's not the suppliers money, it belongs to the account holder.

The OP asked me what the SP thresholds were

KTF

Reading the original post again I think the OP is annoyed that the money wasnt automatically refunded rather than not refunded?

I thought this was pretty standard across all the companies?

chanz4

why would they give you someone elses number

Wywth

DUTR wrote: »

The OP asked me what the SP thresholds were

Ooops, apologies, but for the sake of clarification may I add that SP (in line with all suppliers) also refund all the accrued credit when an account is eventually closed

Spikey_w

Sorry, my original message may have not been that clear. I was expecting my money to be automatically returned as part of the energy switching process. When everything else is completed, why is the money not automatically refunded as well as part of this process. I suppose you could argue it is your onus to chase this up, but I read elsewhere it could take upto 8 weeks to process a refund and unless you have good memory, nor distracted by other events and continuously checking your bank account, this could be overlooked.

A cynic may think that is done intentionally as is a win-win situation for the companies, either they gain from the interest made or the customer may even forget all about it (easier done than you think).

It can't be that hard for OVO to initiate a refund when the account is closed without prompting by the customer, is it?

KTF

Spikey_w wrote: »

either they gain from the interest made or the customer may even forget all about it (easier done than you think).

This is your answer right there.

The same reason that manufactures have mail in cash back redemption offers. Not everyone takes them up and they 'profit' as a result.

Never assume anything when there is money involved.

Wywth

Spikey_w wrote: »

Sorry, my original message may have not been that clear. I was expecting my money to be automatically returned as part of the energy switching process. When everything else is completed, why is the money not automatically refunded as well as part of this process. I suppose you could argue it is your onus to chase this up, but I read elsewhere it could take upto 8 weeks to process a refund and unless you have good memory, nor distracted by other events and continuously checking your bank account, this could be overlooked.

A cynic may think that is done intentionally as is a win-win situation for the companies, either they gain from the interest made or the customer may even forget all about it (easier done than you think).

It can't be that hard for OVO to initiate a refund when the account is closed without prompting by the customer, is it?

They automatically refunded my accrued credit when I switched from them (after they had produced the final bill)

Perhaps they just made a mistake with you if they didn't do it automatically. I can't believe it would be their policy not to automatically refund.

It would probably cost them if they don't refund promptly. Remember they pay interest tax free at 3% on accrued credits.