Account In Credit

Lenny_The_Loiner

As we don't use anywhere near the amount EDF deduct via direct debit from my account a substantial credit has accumulated on both my gas and electricity accounts. Using the advice on this website I have calculated that I can make substantial savings by switching supplier. Does anyone know if I do switch what will happen to these amounts of money?

Cardew

They are refunded to you.

viv0147

Hi I was in a similar position just get in touch with the companies concerned and ask for a refund which of course they must give you then switch.

Cardew

viv0147 wrote: »

Hi I was in a similar position just get in touch with the companies concerned and ask for a refund which of course they must give you then switch.

They don't have to give you a refund if you ask for it.

When you have switched, you will get a refund when your account is closed; provided you are in credit.

oldwiring

I presume and hope that OP has looked a consumption over a complete year at current charge rates.

missile

I have a similar issue with BG. Am I a cinic, or do they deliberately overcharge DDs?

Cardew

missile wrote: »

I have a similar issue with BG. Am I a cinic, or do they deliberately overcharge DDs?

If you read through the threads in this forum you will find that by far and away the biggest complaint against BG is that their DDs were not high enough(i.e. they 'undercharge') and large debit balances are built up.

Also the Regulator has stated that the utility companies are owed far more than they owe; i.e Debit balances are far more than credit balances.

I don't believe I have ever heard a case where BG or any other company will refuse to set the DD at a realistic level if approached with a reasonable case. The problem is that many(not all) customers simply do not have a reasonable case.

Kimitatsu

If you request a refund of a large credit balance and you pay by DD, then it will be refunded directly into your bank. If you close the account first then it is refunded by cheque on receipt of you final meter reading.

anniecave

Part of the problems are that prices go down and up, companies vary how often they review whether your direct debit values are correct or not, companies don't always have the correct meter readings...

I personally keep a spreadsheet and estimate my use with the correct tarriff to check. With my current supplier, the direct debit was initally too low so I got it increased. We are just about to change supplier and I think there should be only a small debt balance to be paid at the end. I'm impressed as my new supplier has estimated within £1 per month of what I think the direct debit should be...

It's called pro-active account management...

I understand that other people don't have the energy or math knowledge to be able to do this though....

oldwiring

anniecave wrote: »

Part of the problems are that prices go down and up, companies vary how often they review whether your direct debit values are correct or not, companies don't always have the correct meter readings...

I personally keep a spreadsheet and estimate my use with the correct tarriff to check. With my current supplier, the direct debit was initally too low so I got it increased. We are just about to change supplier and I think there should be only a small debt balance to be paid at the end. I'm impressed as my new supplier has estimated within £1 per month of what I think the direct debit should be...

It's called pro-active account management...

I understand that other people don't have the energy or math knowledge to be able to do this though....

Very sensible approach!:D:beer:

missile

anniecave wrote: »

Part of the problems are that prices go down and up, companies vary how often they review whether your direct debit values are correct or not, companies don't always have the correct meter readings...

I personally keep a spreadsheet and estimate my use with the correct tarriff to check. With my current supplier, the direct debit was initally too low so I got it increased. We are just about to change supplier and I think there should be only a small debt balance to be paid at the end. I'm impressed as my new supplier has estimated within £1 per month of what I think the direct debit should be...

It's called pro-active account management...

I understand that other people don't have the energy or math knowledge to be able to do this though....

I don't think there is any need to go to that extreme.

What I do is check their estimated meter reading against the meter. If the meter is higher then I have more to pay. Simply multiply the difference by the unit price = any under / overpayment.

I would suggest the problem is made far worse because the suppliers have cut back on meter readers