Outfox The Market Direct Debit changes

wild666

I just emailed my electric readings to my new supplier I move to them on Friday and the reading they put in as the previous supplier is 9762. If they are saying that is my reading they will give the independent company to verify then if that is kWh as the meter says it next to the units then it is just a matter of multiplying the readings by the price per kWh after subtracting my opening reading from what they were given just over 11 months ago, that would make me a low user on the £6.99/£7.XX monthly fee not as they claim £10.99/£11.80

WhoIsThat

wild666 wrote: »

I emailed my bank and they claimed OFTM can set up any cancelled DD as they have your mandate to set up the DD so all you can do is keep cancelling them and keep checking and recalling any payments they claim you owe them.

Or you could ditch and switch your bank

There are strict rules in place under the Direct Debit Scheme that govern the reinstatement of a cancelled DDI.

wild666

The DD I cancelled was for Foxglove Energy but I went back as far I it would let me and the DD says OUTFOX THE MARKET on the statements

WhoIsThat

wild666 wrote: »

The DD I cancelled was for Foxglove Energy but I went back as far I it would let me and the DD says OUTFOX THE MARKET on the statements

I'm not sure if you are aware but Outfox the Market is a trading name of Foxglove Energy Supply Limited.

It says so in term 1.1 of the terms you agreed to which I feel sure you have gone through with a fine toothed comb.

toshi

Recent wholesale energy price increase gives so much pressure to small independent energy suppliers including OTM.

When the their purchase (Wholesale) price increases, the Fix price customers bite their profit, accordingly OTM has to increase Variable rate customer massively to cover the loss (?) from the Fix rate customers.

Now, I understand the reason why the Ofgam “forced ? “ to terminate Iresa business, as they offered essentially fix rate business.

From the customer point of view, when increasing the price, the fix rate is the better deal but it seems that this won’t be sustainable for smaller independent retail energy suppliers, as far as I would imagine.

The underline issue here is the massive increasing whole sale energy prices. Well nobody talk this issue itsef. and this won't be the Ofgam's interest...

So what I did? Soon after OTM announced another massive price increase on 28/11, I switched another small independent, People’s Energy, which will take over our energy supply from 20/12.

I still like to try an independent supplier, and People’s Energy hasn’t offered any fix rate tariff since they have started. I have no idea if People’s Energy would prepare for the current whole sale price increase. I am not saying People’s Energy have a better position financially than other small impenitent suppliers. But the no fix rate tariff business model would be more sustainable for small independent energy retailers.

People’s Energy is more mutual, cooperative oriented business, more like building societies rather than banks, as they intends to return 75 % profit to the customers (as share holders) I hope that People’s Energy will survive during the current challenging time.

Well some of you would be interested in People’s Energy? If the price is OK,

https://peoplesenergy.co.uk/

P.S. As an ex- Iresa (and nearly ex-OFT ) customer, I just want to say, calm down as well. Your energy won’t be cut off, and all of your money is in safe whatever happens!

P.P.S. Interestingly OFT did not increased the DD payment as proposed in December, because we have switched over to People’s Energy?

WhoIsThat

toshi wrote: »

...

Well some of you would be interested in People’s Energy? If the price is OK,

https://peoplesenergy.co.uk/

...

They only seem to offer a Standard Variable Tariff , and with the last price change on that being implemented as far back as July, I think I'll give it a miss, thanks.
(They are not particularly cheap anyway)

Anyone received a divi from them yet? (as their part of the 75% profit distribution they talk about)

I don't quite follow that business model, to be fair. It seems to be a very complicated, and hence presumably expensive, way to run a business.

Rather than collecting loads of money from customers, and then promising to return 75% of the excess to them, why not simply collect the smaller amount from the outset?

VoucherMan

WhoIsThat wrote: »

It says so in term 1.1 of the terms you agreed to which I feel sure you have gone through with a fine toothed comb.

Minor point but it has been accepted (and proven) by many that Outfox are amending their online terms, and not notifying customers when they do so.


How can you know which terms someone agreed to?

hubb

And over 2 weeks on still no response from oftm.

Scatty

I've had an email this morning changing my DD to £111 pm! I started at £42 in March, then £77/£35 and £58/£25 on the winter/summer split. My usage is 3700 kwh elec per year and 4! kwh gas per year. Absolute jokers.

Biscuit_Tin

VoucherMan wrote: »

Minor point but it has been accepted (and proven) by many that Outfox are amending their online terms, and not notifying customers when they do so.


How can you know which terms someone agreed to?

Perhaps if you refer to the terms you think you agreed to, all will become clear?