We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
🔔 Today's the final day to apply to become an MSE Forum Ambassador

Scottish Power - reducing monthly DD

RavingMad
RavingMad Posts: 656 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Energy
I've gone online and submitted todays readings for gas and elec, clicked on the link to change my monthly dd as I'm in credit by £250 and I currently pay £97.

I see that I can alter the one off payment from £5 to £500 and that determines my new DD. Select £5 changes my DD to £67 and £500 is then £32PM

Question is, does this one off payment get credited to my balance? If not, why on earth would anyone choose to pay £500?

Thanks

Comments

  • Bluebirdman_of_Alcathays
    Bluebirdman_of_Alcathays Posts: 2,859 Forumite
    Well, of course it gets credited to the balance. That's the nature of your relationship with SP.
  • Nada666
    Nada666 Posts: 5,004 Forumite
    RavingMad wrote: »
    Question is, does this one off payment get credited to my balance? If not, why on earth would anyone choose to pay £500?

    If not, why on earth would anyone choose to pay them even a fiver?

    What else were you picturing happening to the money?
  • RavingMad
    RavingMad Posts: 656 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Nada666 wrote: »
    What else were you picturing happening to the money?

    Who can say with Scottish Power? :D

    I've gone conservative and chosen the £5 option. Let's see when it gets credited to my account. On the plus side, I'm paying £30 less a month. Happy days :)
  • matelodave
    matelodave Posts: 8,881 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 6 July 2014 at 10:31AM
    If you are in credit by £250 after a year of paying £97 then you'll be at least £110 in debit this time next year if you only pay £67.
    Ideally you should only reduce it to about £77-80 - lets hope you are putting some of it away rather than just squandering your perceived windfall.
    Never under estimate the power of stupid people in large numbers
  • RavingMad
    RavingMad Posts: 656 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 7 July 2014 at 7:53AM
    I hear what you're saying, matlodave, but that debit would be offset against the credit - that's still with SP. This is assuming we have another mild winter, which I'm not banking on. The DD will increase in time but I'd sooner have the money in my pocket than sitting in their bank

    I'll put the extra money on the lottery to increase my chances ��

    Oh, the money was credited to my account the next day. Thanks everyone ��
  • JJ_Egan
    JJ_Egan Posts: 20,281 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ovo pay 3% on credit in your account .My view is to build up an excess credit in the summer months and if need be reduce DD mid winter .
  • RavingMad
    RavingMad Posts: 656 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Pay me 3% and I'd gladly leave the credit on the account
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.8K Banking & Borrowing
  • 252.3K Reduce Debt & Boost Income
  • 452.6K Spending & Discounts
  • 241.6K Work, Benefits & Business
  • 618.2K Mortgages, Homes & Bills
  • 176K Life & Family
  • 254.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture