In Credit

J_P_D

Afternoon ladies & Gents,

Having just done a price comparison for gas & electric I find I could save about £220 pa if I switch individually from my current supplier Powergen (for both).

Checking my bills I find I'm in credit £180 (gas) & £46 (elec).

If I switch will these sums be credited to my bank acount automatically or should I cancel my DD, wait to be in debit during the winter months & then pay off the balance owed? I have read that it takes a few weeks (4-6 to complete?).

Any advice much appreciated.

Thank you

David

Cardew

If you cancel your direct debit you can be placed on a higher tariff and if you are leaving the company they might not be inclined to treat you favourably.

It doesn't matter when you change as you will get back any credit balance.

Farway

For peace of mind why not ask now for your money back, then switch when you get it?

My reasoning is they will be more likely to comply quickly with a customer than a "deserter"

Cardew

Farway wrote: »

For peace of mind why not ask now for your money back, then switch when you get it?

My reasoning is they will be more likely to comply quickly with a customer than a "deserter"

They are likely to refuse to refund your credit as we are just entering the winter period they would expect you to be well in credit as you will use that credit up over the winter.

Terrylw1

You can request your credit at any time. Your Supplier then has to calculate your required direct debit scheme payment for the next 12 months including all seasonal changes. If it turns out that you are paying enough to cover this, they will simply send you your credit. If not, they will refuse or pay you part if you cover your monthly requirement with some credit still left on top.

Suppliers only refund you normally after you have left them or when you reach your "Settlement Quarter" which is generally your 4th quarter.

They don't bother in between unless you ask.

So, the choice is yours.

Whatever you do, don't cancel you DD. They will treat you like a non payer to get an agreed payment method back in place. I know this sounds daft since you are in credit but they don't know you are possibly changing so ince your credit has run out they will think you are not paying any further.

Also, are you getting any discounts for paying by DD. If so, you won't continue to get them if you change onto the Receipt Of Bill (ROB) method as Suppliers have been upping their prices but offering cashbacks for DD & dual fuel customers since they have more control of them.

Work with them and they will help you.

Regards

J_P_D

Thank you all for your help & observations.