Help understanding Octopus bill

Bane84

Hi guys, hopefully this will be a really simple request. I have logged into my octopus energy account and it says - £284 (minus £284)

Does this mean I owe them £284?

Hasbeen

Post a photo of your bill with any personal details redacted?

[Deleted User]

If you are talking about your Octopus online account, then a ‘ - ‘ against the balance means that it is a debit balance. That is, you owe them the amount shown. The same balance figure should be on your last monthly statement.

It is worth pointing out that debit and credit balances are only valid on the day that they are stated on the account, and if based on estimates they may be inaccurate. 

Gerry1

If the amounts relating to the kWh and standing charges don't have minus signs but the Direct Debits do have minus signs, then it probably means that you're in credit by £284.

However, that does seem a bit unlikely at the end of the winter unless your monthly payments have been massive, so check carefully !

[Deleted User]

Gerry1 said:

If the amounts relating to the kWh and standing charges don't have minus signs but the Direct Debits do have minus signs, then it probably means that you're in credit by £284.

However, that does seem a bit unlikely at the end of the winter unless your monthly payments have been massive, so check carefully !

Octopus billing is one of its unique selling points: it could not be clearer. The billing statement contains a very clear statement ‘On 4th March 2021 your new balance is.   £x.xx’

A negative symbol in front of the amount is most certainly a debit balance. Moreover, the online account page has at its top ‘Your Account balance £x.xx’.  This amount is backed up with a detailed list of credits and debits under a tab ‘View my balance history’.

Bane84

Here is the screen shot

[Deleted User]

There is a clue in the sentence below the negative balance: ‘Why is my account in debit?’. My account is slightly in credit and the sentence below the balance reads ‘Why is my account in credit’?

As I said earlier, if you have been using energy then the debit/credit may be incorrect.

Bane84

Thank you all for your replies. Will be making a phone call to them tommorow. We pay a monthly set amount £71,

[Deleted User]

Bane84 said:

Thank you all for your replies. Will be making a phone call to them tommorow. We pay a monthly set amount £71,

Your monthly DD payment is just a payment on account. Depending on when your present contract ends, you might need to increase your monthly payment.

MWT

Bane84 said:

Thank you all for your replies. Will be making a phone call to them tommorow. We pay a monthly set amount £71,

You can call them of course, but you have all the information you need to answer your own question in your online account.

Check your recent bills and see how much you have been using vs the amount you have been paying each month, or just look at your balance history for a summary...

Hopefully you have been submitting meter readings each month, unless you are on a smart meter?

MalMonroe

Bane84 said:

Thank you all for your replies. Will be making a phone call to them tommorow. We pay a monthly set amount £71,

I am with Octopus and your balance is a debit one. As it is so high, I'm very surprised they haven't contacted you to advise that they are raising your monthly direct debit payments. You start off with a set monthly amount and then they (as with every other energy company) realise that you are not paying enough and then they contact you to let you know they're going to be raising your monthly payments.

I joined Octopus paying £78 and after two months was told I had to pay £110 a month. I refused and we agreed on £90 per month. 

There isn't anything to phone them about really. Their calculations will be right, they always are. If you check all your bills and your balance history, you will see that they are charging the correct amounts. Sad but true.  After being really pleased with them at the outset, I'm thinking of switching very soon. I sent an email query to them at the beginning of March and haven't even had an acknowledgement yet, never mind an answer. I am starting to think that all energy companies are much of a muchness. And not in a good way.

If you send in your gas and electricity meter readings (I do it online) Octopus immediately adjust the amount that's either outstanding or in credit.