EDF - Credit Balance & Proposed Payment Increase

bfgun

Just had my latest statement from EDF who supply my Gas and Electricity.

I have a credit balance of just under £300 so thought I would be seeing lower monthly DD payments.

No. They are increasing the amount of my DD by £20 per month.

I presume I could ask for the credit amount to be sent to me but as I never have done previously and presuming they have similar customers who don't would I be right in thinking that they are earning interest on all these credit amounts their customers have?

Also, when I look on their site to change tariff they promote longer fixed than the one I am on with unit prices higher than my current tariff but the projected monthly payment is between £27 and £43 per month cheaper depending on how long I want to fix for.

How can that be so?

slipthru

What tariff are you currently on? I'm on the price promise 2014 and a fix to 2017 would be £251 a year more than i'm currently paying.

If your in credit phone them and ask them to not put your DD up and leave the credit for the winter.

bfgun

slipthru wrote: »

What tariff are you currently on? I'm on the price promise 2014 and a fix to 2017 would be £251 a year more than i'm currently paying.

If your in credit phone them and ask them to not put your DD up and leave the credit for the winter.

I'm on the same deal as you. Just waiting on the phone (20mins so far) to discuss with them!

Thanks

Bark01

My bill is a round £1400 a year - I need a credit of £300-400 going into the winter to avoid coming out in debt.

The idea is you pay a fixed amount each month and overpay in summer and underpay in winter and it evens out annually.

NittyGritty

bfgun wrote: »

Just had my latest statement from EDF who supply my Gas and Electricity.

I have a credit balance of just under £300 so thought I would be seeing lower monthly DD payments.

No. They are increasing the amount of my DD by £20 per month.

I presume I could ask for the credit amount to be sent to me but as I never have done previously and presuming they have similar customers who don't would I be right in thinking that they are earning interest on all these credit amounts their customers have?

Also, when I look on their site to change tariff they promote longer fixed than the one I am on with unit prices higher than my current tariff but the projected monthly payment is between £27 and £43 per month cheaper depending on how long I want to fix for.

How can that be so?

if you done your meter readings and you just got your bill through, and your £300+ in credit and they want to increase your DD further, then you simply ring and tell them to leave it as it is, if they refuse, then you simply tell them, either you leave it as it is or you will leave they will soon give in,

there should be no reason assuming you just gave meter reading and just got your bill with £300+ in credit for them to increase your DD

bfgun

According to EDF my projected annual spend indicates that my monthly payment should be £104 and they have just put my payment up to £145!

Interest rates on savings may not amount to much but I wouldn't mind having a few million in my account earning a couple of per cent!

When are we going to get transparency and know exactly who is the cheapest provider out there without having to be a maths genius?

schrodie

bfgun wrote: »

When are we going to get transparency and know exactly who is the cheapest provider out there without having to be a maths genius?

When a government has the balls to break up the energy cartel that operates in the UK and sets up a regulator that has teeth!!

NittyGritty

bfgun wrote: »

According to EDF my projected annual spend indicates that my monthly payment should be £104 and they have just put my payment up to £145!

Interest rates on savings may not amount to much but I wouldn't mind having a few million in my account earning a couple of per cent!

When are we going to get transparency and know exactly who is the cheapest provider out there without having to be a maths genius?

if your not happy with them threaten to leave, I,m sure they will rethink their DD increase, and if they don't, follow it through, end of the day its in your hands. you have the right to reject DD hikes if you can show your in the right also

Nada666

bfgun wrote: »

When are we going to get transparency and know exactly who is the cheapest provider out there without having to be a maths genius?

You already can. Gather two numbers and one alphanumeric string. Plug those three items into a comparison site. Look at a list of numbers in the results and see which one is the smallest. A primary school child can do that.

£300 is not enough over and above the monthly instalment to carry the average household through winter. Say for five months - £60 per month, knock off a tenner for extra winter electricity - £50. At 4.5p that's only 1111 kWh per month - 5555 over the five months.

Of course you may be frugal and use an unusual amount - complain if you like or just pay and look forward to paying less on the next revision. Surely most people would prefer to slightly overpay and then pay £10 or £30 less in six months rather than gloat delightedly about the 30p interest they will be pocketing because they prevented the dastardly supplier from hoarding their money.

bfgun

Nada666 wrote: »

You already can. Gather two numbers and one alphanumeric string. Plug those three items into a comparison site. Look at a list of numbers in the results and see which one is the smallest. A primary school child can do that.

Yet a Which? report found that 9 out of 10 accountants couldn't work out the cheapest?

Seems primary school education has increased dramatically or maybe says little about acountants

Nada666

bfgun wrote: »

Yet a Which? report found that 9 out of 10 accountants couldn't work out the cheapest?

Meaningless statement unless you refer the actual questions asked. I have seen some surveys (and have taken part in one) and each one was complete nonsense and was designed to deliver only the results the commissioner wanted.

If you want uncapped service charges that are pro rata to consumption that allow you to immediately see the price for each and every kWh then that can be argued - but that is neither fair nor transparent.

Any reasonable and fairer system requires a more complex structure than that - what was required was to strip away unnecessary complicated tomfoolery and to standardise the structure. This was not done.