Neon Reef - any views?

hamster99

I'm just abouit to sign up my in-laws to NR as Orbit (should really be called exORBITant) have just hiked their rates by around 50%!!

It seems the Neptune v4 is not available on their site, only the v3 at around 10% more, still cheaper than others though.

What do others think about their 6up, 6down payment plan? I understand the concept but it will mean my in-laws have to pay an extra £65 per month for 6 months which isn't easy on pensions.

Inigo_Montoya

hamster99 said:

I'm just abouit to sign up my in-laws to NR as Orbit (should really be called exORBITant) have just hiked their rates by around 50%!!

It seems the Neptune v4 is not available on their site, only the v3 at around 10% more, still cheaper than others though.

What do others think about their 6up, 6down payment plan? I understand the concept but it will mean my in-laws have to pay an extra £65 per month for 6 months which isn't easy on pensions.

I suggest you ask your in laws if they can afford the extra £65 for six months since it will be the cheapest in the long run over the whole year - if they cannot then choose the next cheapest tariff assuming there is one thats fairly close in price

You could also give Neon Reef a very low estimated usage when you apply (much lower than actual) which should in theory  reduce the initial payments which will eventually be increased once Neon Reef realise you are using more energy  

Giving a very low estimated usage may in fact even out the payments since your initial payments will be lower & (once NR adjust the direct debit) your later payments will be higher

Telegraph_Sam

I don't myself like payment plans that are probably one-sided = they are fixed as long as you are in credit but get "reviewed" if you are not. That said, at least this one seems to be relatively transparent.
>> Nothing to be lost by negotiation - if you can make contact with NR.

DiseasedBunny

I go live with nr on Thursday, bye bye green…

brewerdave

hamster99 said:

It seems the Neptune v4 is not available on their site, only the v3 at around 10% more, still cheaper than others though.

Yes; I got my monthly statement today which suggested Neptune v4 would save me money - but only v3 is on the site!!

brewerdave

I gave NR my actual usage when I joined in February (no cheating!!) but they set the DD a bit lower than the calculated one twelfth of annual usage .
Now rather than being ~ 1 month in credit ,I'm actually a few ££s in debit at the latest statement after 8 months. Nothing yet about increasing the DD or a one off payment. What is other's experience in these circumstances?

greenguppie

brewerdave said:

hamster99 said:

It seems the Neptune v4 is not available on their site, only the v3 at around 10% more, still cheaper than others though.

Yes; I got my monthly statement today which suggested Neptune v4 would save me money - but only v3 is on the site!!

You missed it!

Neptune v4 was introduced on 07 September but withdrawn 48 hours later.

Mind you, if you have been with NR for the last 8 months, and Neptune V4 could have saved you money, then you also missed out on other tariffs such as Neptune v2 (same as v3 for single rate users, less favorable for those on E7 as v3 also introduced 2 rates, but no 6up, 6 down with v2) that was around for 2-3 weeks or even the original Neptune which was even cheaper (unless you are an extremely low user, i.e. < ca. 900kWh pa), which was also on offer for about 2 weeks previously to v2,

Neptune would have beat v4, unless you are on a single rate meter and use >2000kWh pa., or in all cases if you have an E7 meter as v4 was only cheap for single rate.
Which all suggests that v4 was pulled because of a pricing error on the single rate.

Well done to anyone who secured it at the single rate.

greenguppie

brewerdave said:

I gave NR my actual usage when I joined in February (no cheating!!) but they set the DD a bit lower than the calculated one twelfth of annual usage .
Now rather than being ~ 1 month in credit ,I'm actually a few ££s in debit at the latest statement after 8 months. Nothing yet about increasing the DD or a one off payment. What is other's experience in these circumstances?

Why did they set the DD at less than 1/12 of the estimated annual cost?
That doesn't sound right. Did you challenge it at the time?
Nowadays, they will set it at 33% above for the first 6 months.

If you have accumulated a debit balance greater than one month's payment in just 6 or 7 months, especially when that is over the full summer period, it sounds like you will be in big trouble later if you don't address the issue now.
Contact NR and arrange for an increase that caters for (a) the correct 1/12th monthly payment and (b) the debit balance you have accrued and (c) a probable underestimation of the originally submitted EAC value

brewerdave

greenguppie said:

brewerdave said:

I gave NR my actual usage when I joined in February (no cheating!!) but they set the DD a bit lower than the calculated one twelfth of annual usage .
Now rather than being ~ 1 month in credit ,I'm actually a few ££s in debit at the latest statement after 8 months. Nothing yet about increasing the DD or a one off payment. What is other's experience in these circumstances?

Why did they set the DD at less than 1/12 of the estimated annual cost?
That doesn't sound right. Did you challenge it at the time?
Nowadays, they will set it at 33% above for the first 6 months.

If you have accumulated a debit balance greater than one month's payment in just 6 or 7 months, especially when that is over the full summer period, it sounds like you will be in big trouble later if you don't address the issue now.
Contact NR and arrange for an increase that caters for (a) the correct 1/12th monthly payment and (b) the debit balance you have accrued and (c) a probable underestimation of the originally submitted EAC value

Why would I challenge it ??  Only a few quid pm less than I calculated was necessary. I estimate I'll only be about £70 in debit by early Feb. if I do nothing and they don't either! The contract ends early Feb. so I'll probably be off then and it would be better to be in debt than have to wait to get the credit back!
 Its only leccy ,the usage of which hardly varies over the 12 months, so paying extra in the Summer is unnecessary..
Just posted because I thought after 8 months payments ,they would have picked up the shortfall, so looking for others experiences.
EDIT -Not overkeen on making unasked for bank credit transfers to utility companies; a previous supplier "lost" my money for several months ,many emails and phone calls!!

greenguppie

brewerdave said:

greenguppie said:

brewerdave said:

I gave NR my actual usage when I joined in February (no cheating!!) but they set the DD a bit lower than the calculated one twelfth of annual usage .
Now rather than being ~ 1 month in credit ,I'm actually a few ££s in debit at the latest statement after 8 months. Nothing yet about increasing the DD or a one off payment. What is other's experience in these circumstances?

Why did they set the DD at less than 1/12 of the estimated annual cost?
That doesn't sound right. Did you challenge it at the time?
Nowadays, they will set it at 33% above for the first 6 months.

If you have accumulated a debit balance greater than one month's payment in just 6 or 7 months, especially when that is over the full summer period, it sounds like you will be in big trouble later if you don't address the issue now.
Contact NR and arrange for an increase that caters for (a) the correct 1/12th monthly payment and (b) the debit balance you have accrued and (c) a probable underestimation of the originally submitted EAC value

Why would I challenge it ??  Only a few quid pm less than I calculated was necessary. I estimate I'll only be about £70 in debit by early Feb. if I do nothing and they don't either! The contract ends early Feb. so I'll probably be off then and it would be better to be in debt than have to wait to get the credit back!
 Its only leccy ,the usage of which hardly varies over the 12 months, so paying extra in the Summer is unnecessary..
Just posted because I thought after 8 months payments ,they would have picked up the shortfall, so looking for others experiences.
EDIT -Not overkeen on making unasked for bank credit transfers to utility companies; a previous supplier "lost" my money for several months ,many emails and phone calls!!

Why would you challenge it?
Because it was incorrect and you are building up an increasing debt as a result. Especially as you say, you don't want to be making additional bank transfers.
If you are worried NR may lose such payments for "severral months" like your past experience with a different supplier, then you will not be able to leave Neon Reef at the end of your term unless you stop this, because of the continued and increasing debit balance you have been accruing.
At least you won't have to make any phone calls this time to Neon Reef if this happens.

If you estimate you will be £70 short by the end of the year, that is equivilent to an average £5.83 underpayment every month, if you use what you say.
Which begs the question, what would have been 1/12th of the EAC cost? (i.e. monthly payment) because you initially said it was only "a bit lower"

You are presumably already in debit to the tune of about £40 before the application of this month's credit.
But as you say you are still in a debit situation even after the application of this month's payment in advance, then you presumably are paying less than £40 per month
Almost £6 short every month on a maximum £40 monthly payment is rather more than "a bit" I would suggest.

Btw, the 33% higher payment applicable to new tariffs is not a seasonal thing, it applies to the initial 6 months payments whenever they may be on that tariff.