Query regarding cancelling a direct debit

Ian_875

Afternoon,

LIke many others with Outfox The Market I've just been e-mailed to say my prices are going up 50%.

I'll be switching straight away. My question is, my account is currently in credit with them. If I cancel the DD, presumably this will affect their ability to pay me that money back?

System

Ian_875 wrote: »

Afternoon,

LIke many others with Outfox The Market I've just been e-mailed to say my prices are going up 50%.

I'll be switching straight away. My question is, my account is currently in credit with them. If I cancel the DD, presumably this will affect their ability to pay me that money back?

Are your prices going up by 50% or is this just an increase in your monthly direct debit? If it is the latter, then you will not end up paying more for your energy. Direct Debits are nothing more than money paid on account from which usage charges are deducted.

You need to look at your contract terms and conditions to see what effect cancelling your direct debit might have on your contract. Personally, I would speak to the supplier before cancelling a direct debit. Credit balances are only accurate on the day that a meter reading is taken/provided. We have seen a number of posters who thought that they had a credit balance when they switched only to find that they ended up with a Final Bill with a debit balance.

wavelets

Ian_875 wrote: »

Afternoon,

LIke many others with Outfox The Market I've just been e-mailed to say my prices are going up 50%.

I'll be switching straight away. My question is, my account is currently in credit with them. If I cancel the DD, presumably this will affect their ability to pay me that money back?

You cannot switch supplier straight away - it will take at least 17 days from application

Your account may currently be in credit, but are you sure it is in credit based on an up to date, accurate meter reading?
Even if you are, are you sure it will still be in credit when you do eventually switch. What happens if the new supplier decinces you application for any reason (including your current supplier objecting to a switch?)

As Hengus says, you need to check the terms you agreed to - you don't want to be in breach on contract do you?
If you cancel the DDI, you should contact the supplier to inform them too (as you are still in contract)

Perhaps an easier approachj would be simply to conytact your supplier, explain what you are planning on doing, and ask for their thoughts ...