Octopus Energy reviews: Give your feedback

Telegraph_Sam

Not quite if my understanding is correct  - that if you opt to pay by variable direct debit this should, if it works, get rid of all the arguments about anticipatory (?) credit balances and the like.

MattMattMattUK

Telegraph_Sam said:

Not quite if my understanding is correct  - that if you opt to pay by variable direct debit this should, if it works, get rid of all the arguments about anticipatory (?) credit balances and the like.

If one option for variable Direct Debit then one is either billed for actual usage, or the standard usage figure detailed in one's account if the meter reading is not supplied or if the smart meter does not send data for some reason.

MattMattMattUK

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. 

OFGEM stipulate that customers should no longer be in debt at any period over the year, so either winter payments need to be higher, or a credit needs to be built up over summer to cover winter, if one starts winter with inadequate credit then payments will need to increase.

northernstar007

what im doing after letting my acc run down from £350 credit its now down to £30 with £1DD, about 2-3 days before my bill iss due i will work out how much i need to top it up (aprox £120) to clear this month bill and also using my reward credit card
it wont ever be in debt so i hope octopus are happy with that

elsien

Just to add that parent has just had the opposite debate with an energy provider where they wanted to reduce her DD and she was insistent it remained the same to make sure her bills are covered.  Not everyone objects to the energy company having more of their money than is strictly needed.  Yes she could shove it in a savings account until a bigger bill comes in but she prefers to lose a small amount of interest to make her life easier. 

MikeJXE

elsien said:

Just to add that parent has just had the opposite debate with an energy provider where they wanted to reduce her DD and she was insistent it remained the same to make sure her bills are covered.  Not everyone objects to the energy company having more of their money than is strictly needed.  Yes she could shove it in a savings account until a bigger bill comes in but she prefers to lose a small amount of interest to make her life easier. 

My thoughts exactly 

I submit reading for both fuels despite having a smart meter on the Electric

I use a spreadsheet to record my use and compare it to the bill every month and never more than a couple of pence adrift 

I pay £50 monthly DD and Octopus want me to reduce it to £41 which i refuse 

My credit is at £203 and when it gets to £400 I will ask for a refund which I am sure will be accepted 

Piece of mind is a wonderful thing 

Chrysalis

MattMattMattUK said:

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. 

OFGEM stipulate that customers should no longer be in debt at any period over the year, so either winter payments need to be higher, or a credit needs to be built up over summer to cover winter, if one starts winter with inadequate credit then payments will need to increase.

Useful info and great for cashflow for the suppliers.  Suppliers arent adhering to this though, I know a few people on fixed DD with low DD and 4 figure debt. 

QrizB

Chrysalis said:

Useful info and great for cashflow for the suppliers.  Suppliers arent adhering to this though, I know a few people on fixed DD with low DD and 4 figure debt. 

Fixed DDs should be reviewed annually. Another Ofgem direction to suppliers.

Chrysalis

QrizB said:

Chrysalis said:

Useful info and great for cashflow for the suppliers.  Suppliers arent adhering to this though, I know a few people on fixed DD with low DD and 4 figure debt. 

Fixed DDs should be reviewed annually. Another Ofgem direction to suppliers.

Problem is annual is nowhere near often enough. these debts are also multi year long term, Supplier call operators just give in to the request over the phone and override it. 
I expect these debts will be wiped when the new Ofgem debt relief stuff starts in full stride funded from SC?

Telegraph_Sam

If you / we trust the company enough to agree to paying via variable D/D then to me that puts the onus on them to keep the account from going into credit OR debit (excluding a few transaction days). That is at least what I am relying on in my current argument with their billing dept.