Octopus Energy reviews: Give your feedback

QrizB

User_9826541 said:

Hey Forum Mods . .
should I post this a new standalone thread?

I'm not a mod but I think you're tilting at windmills.

While you haven't posted the full details of the account, it sounds as though your mother's account is in defecit (has a negative balance). Octopus's T&C ask that you keep your account in credit, and Ofgem have instructed suppliers to minimise customers' defecit balances.

Of course if your mother's account is comfortably in credit, I'm mistaken.

Telegraph_Sam

This credit-and-recharge policy seems to be gaining in popularity, not least because it seems to result in higher charges ** being applied retrospectively, quite wrongly in my opinion, with any justification hidden in the mass of accountancy detail [** coincidentally also £260]. I'd be open to persuasion whether having a dedicated thread would help air the topic more widely and apply pressure for correction (I have suggested a system reset ignoring all the fancy accountancy)

Gerry1

User_9826541 said:

I look after my 90+yo mother’s finances including energy account using an LPOA.

Have a look at the letter received.

I think this concept is bad, and should be a campaign for MSE versus Octopus [whom I do admire].

Basically, to the financially less savvy, this is saying “we are a large multi billion Energy Co, we are going to take £260 extra from your bank account this year, just to keep your account topped up" 

If half a million people fall for this, they would have an extra £130mn in their bank, and on their balance sheet, at the expense of small customers.

I’ll be on the phone Monday morning to them.

User xxxxxx

I trust you asked Octopus to change to Monthly Variable Direct Debit?  No credit will build up, but obviously bills will be higher in winter and lower in summer.

Telegraph_Sam

I myself have been on monthly variable D/D since I first joined Octopus which makes the present state of affairs all the more incomprehensible.

masonic

In my case the cancellation and rebilling didn't actually make a difference to my overall position, but it took a lot of hard work to figure that out.

Telegraph_Sam

... which I don't think they had a right to demand, whether or not it affected the final balance figure.

Chrysalis

User_9826541 said:

I look after my 90+yo mother’s finances including energy account using an LPOA.

Have a look at the letter received.

I think this concept is bad, and should be a campaign for MSE versus Octopus [whom I do admire].

Basically, to the financially less savvy, this is saying “we are a large multi billion Energy Co, we are going to take £260 extra from your bank account this year, just to keep your account topped up" 

If half a million people fall for this, they would have an extra £130mn in their bank, and on their balance sheet, at the expense of small customers.

I’ll be on the phone Monday morning to them.

User xxxxxx

I was on the phone to a supplier to help someone get their tariff fixed (they on prepay), I was offered a switch to a credit meter, but she just cant manage  money, I knew for sure she would harass the supplier to drop the DD, the supplier would agree, and a large debt would accrue, so I just made sure the rates were proper for the prepay and the old debt for previous tenant was removed from the meter. 

Cardew

You don't say if your mother's account currently has a debit balance?

It is normal practice for many firms to clear a debit balance over a 12 month period to prevent a customer having to pay off the debit balance straight away. This is the recommended practice and means the company are taking a 'hit' rather than the customer.

The implication of your post is that there is no debit balance and the additional £22.64 monthly payment is to build up a credit balance; and if that is the case it is obviously wrong. 

bob2302

Cardew said:

You don't say if your mother's account currently has a debit balance?

It is normal practice for many firms to clear a debit balance over a 12 month period to prevent a customer having to pay off the debit balance straight away. This is the recommended practice and means the company are taking a 'hit' rather than the customer.

The implication of your post is that there is no debit balance and the additional £22.64 monthly payment is to build up a credit balance; and if that is the case it is obviously wrong. 

It is not obviously wrong. Octopus require you to keep your account in credit and at this time of year most accounts need to be considerably in credit to achieve this. 

Umiamz

bob2302 said:

Cardew said:

You don't say if your mother's account currently has a debit balance?

It is normal practice for many firms to clear a debit balance over a 12 month period to prevent a customer having to pay off the debit balance straight away. This is the recommended practice and means the company are taking a 'hit' rather than the customer.

The implication of your post is that there is no debit balance and the additional £22.64 monthly payment is to build up a credit balance; and if that is the case it is obviously wrong. 

It is not obviously wrong. Octopus require you to keep your account in credit and at this time of year most accounts need to be considerably in credit to achieve this. 

I'm on variable direct debit so my account is never in credit. It's never been an issue.