Outfox The Market Direct Debit changes

tawse57

I am not really sure how this credit think works with OFTM - can someone help me please?


I only moved over on 21st September - they took £33 direct debit and then a second one for another £33 on October 21st. My web hub now shows that I have £66 credit.


A further DD is supposed to be taken out today but it, according to an email I have now received, will be for £45.


I assume this credit is just their way of saying that I have paid for my energy upfront and that, when my first bill is produced, the 'credit' is used to pay that bill?

Terry_Towelling

tawse57 wrote: »

I am not really sure how this credit think works with OFTM - can someone help me please?

I only moved over on 21st September - they took £33 direct debit and then a second one for another £33 on October 21st. My web hub now shows that I have £66 credit.

A further DD is supposed to be taken out today but it, according to an email I have now received, will be for £45.

I assume this credit is just their way of saying that I have paid for my energy upfront and that, when my first bill is produced, the 'credit' is used to pay that bill?

This is OTM's new policy of splitting your annual usage into winter and summer sections. Your first two payments were based on your annual usage divided into 12 equal monthly instalments - this was their old system that we all liked. Your new payment of £45 is because they are now planning on taking 70% of your estimated annual cost over the six 'colder' months and 30% over the 6 'warmer' months - this is their new regime that most of us don't like. In your case, your summer payments will drop to about £20 per month (at current unit rates) for 6 months from April.

The fact that your account shows £66 credit is just down to the fact that they haven't yet factored in your actual consumption based on the monthly meter readings that you have given them - you have given monthly meter readings, I hope???

My account showed exactly the same as yours does for the first couple of months of membership - and your amounts are pretty much the same as mine.

headlight1

"To be fair that person has probably had the same conversation 50 times per day for the last week."

That is as maybe but the way they spoke to me was frankly disgusting.
When I asked if I could ask to speak to a manager the woman told me that she was in charge & that there was no one "above her".
When I said that I must be speaking to Mr Bastian then as he was the director she informed me that she had never heard of him & that there was no one connected to the company by that name !
I appreciate that listening to customers complaining all day can"t be a nice thing but at the end of the day it is what they are paid to do.
Does anybody know if what they (OTM) are doing is legal as my deal with them now bears no resemblance what so ever to what I signed up to 6 months ago ?

tawse57

Terry_Towelling wrote: »

This is OTM's new policy of splitting your annual usage into winter and summer sections. Your first two payments were based on your annual usage divided into 12 equal monthly instalments - this was their old system that we all liked. Your new payment of £45 is because they are now planning on taking 70% of your estimated annual cost over the six 'colder' months and 30% over the 6 'warmer' months - this is their new regime that most of us don't like. In your case, your summer payments will drop to about £20 per month (at current unit rates) for 6 months from April.

The fact that your account shows £66 credit is just down to the fact that they haven't yet factored in your actual consumption based on the monthly meter readings that you have given them - you have given monthly meter readings, I hope???

My account showed exactly the same as yours does for the first couple of months of membership - and your amounts are pretty much the same as mine.

Thanks for confirming how the 'credit' thing works.

Yes, I have given them my readings every month on the 21st since September 21st of this year.

geoffplus

Looks like they are releasing more accurate (and reasonable) winter and summer direct debit estimates in the latest email. Also asking for photo readings - not very trusting of them.

Is it too little too late?

techno12

Got the email today as well, but it's completely wrong, as it's now back to the original figure, before any of the three 8% price rises (and the single increase in membership).

Previous Notification
£529.05
£61.72
£26.45

22nd November Notification
£423.24
£49.37
£21.16

Since I joined in the summer I've been paying £35.27 each month - it's never gone up, and it's back to this (albeit with the 70/30 split).

The previous one was correct (annual £529.05 instead of £423.24) to take account of these rises.

They'll need to update it again as I'll be miles behind in 'bill shock' lol

bye_bye_band_G

We are all on a 'one size fits all' reduction though, from the silly DDs they had us all down for until today. Every single one quoted on here, and both my accounts, have been put back down EXACTLY by 20%.

They said "Following customer feedback regarding their annual cost figures, we have conducted a review of every customer account and have made some revisions to the Direct Debit figures previously sent." Makes it sound like they've looked at them all individually and applied some calculations based on our individual circumstances doesn't it?

No. They are all down by precisely 20%. A panicked response I think.

TheInfamousGrouse

I can't see this company surviving. They were always the cheapest whenever I've done a price comparison in recent months, but cheaper to the extent that it seemed like the proverbial "too good to be true" so I avoided them. The numbers looked as though they couldn't be running at much of a margin compared with the competition.

This unprecedented restructuring of DDs across the year, although probably legal, smacks of a company with an uncomfortable number at the bottom of their spreadsheet desperately trying to raise some short-term capital. But with so many customers on no-exit-fee tariffs leaving in droves, if that was their reasoning then it looks as though it may have backfired.

Someone on the FB comments thread noted that in the last couple of months a number of other companies, some with very "energy market" sounding names, have been registered at the same address with the same directors. My guess is OFTM will fold before next summer, and a phoenix will rise from the ashes. If I'm right I just hope it's not too disruptive to those remaining customers.

MadMat

Princeofstrikers wrote: »

This just gets more bizarre. Still no response to my email with pictures but a new email saying they've recalculated... except they haven't!
Top line has figures I've never seen before and 2nd line is exactly the same DD proposals as before.
Sorry but that's incompetence.

I've got exactly the same email.

Incompetents !!

Mat

editor1

Like many others, somewhat confused by this change and worried - we are on the 18 month 'fixed' deal as of April this year, our monthly payment was calculated on actual consumption figures as £85.00 a month, which was the cheapest in late March when switching and remains the cheapest today. However, have had several notification stating DD will increase from present payment to a new 'calculated' DD of £119.00 a month for six months and £51.00 for the lower cost months.

Facts are my parents use a large amount of energy from November until March/April, far higher than the new DD charges and not much lower for the other 6 monthly charges - based on feedback from others, we seem quite lucky, that is actual monthly DD charge won't cover actual usage, which means our Credit in our account will drop drastically.

Still, not happy with this policy, but fact remains our charges are significantly lower than with other suppliers, this is good, however, is OFTM heading towards insolvency given these changes that have alarmed many customers?