MSE Poll: Has your energy direct debit been increased in the last two months?

Ms_Chocaholic

tunde10 said:

This is exactly why i choose paying on receipt of monthly bills by D/D. I'd rather not be in credit paying extortionate monthly amounts.

I just budget the expected annual cost, split by 12 and keep the difference between bill and budget separate to fund the winter months when bills go up. Basically my own credit account which i have full access to.

I think many energy companies offer a discount for paying by DD though and with the meagre interest received on bank accounts you are unlikely to benefit by having the ££ in your own account.  It's also worth a mention that any credit balances you build up with your energy company (whether they go bust or not) is fully protected by the regulator.

Ultrasonic

This poll doesn't seem to take into account companies that charge smaller direct debit amounts in summer and less in winter? My Pure Planet Direct Debit was just about to go up for this reason, although obviously this is moot now!

tunde10

Ms_Chocaholic said:

tunde10 said:

This is exactly why i choose paying on receipt of monthly bills by D/D. I'd rather not be in credit paying extortionate monthly amounts.

I just budget the expected annual cost, split by 12 and keep the difference between bill and budget separate to fund the winter months when bills go up. Basically my own credit account which i have full access to.

I think many energy companies offer a discount for paying by DD though and with the meagre interest received on bank accounts you are unlikely to benefit by having the ££ in your own account.  It's also worth a mention that any credit balances you build up with your energy company (whether they go bust or not) is fully protected by the regulator.

With my method I still pay by direct debit so I don't lose out on discounts. It is just on receipt on monthly bill, taken out within 15 days.

I assume majority of the smaller firms don't offer this option. 

Although credit balance is protected, it will take months to get it back. 

Ultrasonic

The cashback from my Santander 123 account actually means I'm better off overpaying currently. I'll be honest I wasn't really aware that only being billed for actual use was still an option though.

oldagetraveller1

JJ_Egan said:

No its not gone up .

Yes a bit of credit .

But provider gone bust which makes rather a nonsense of the poll .

Ditto. Mine has actually gone down, temporarily, to zero! I'm sure there's going to be a financial shock once moved to and set up with SoLR.

tastyfish

Think the poll question needs to factor in those companies that charge more in cooler months and less in warmer months, like mine, Pure Planet (RIP). The only comparison is with a year ago but we’ve seen prices increase since. If millions are on the standard variable rate then they will surely have seen the same increase as it will be linked to the price*, sorry, rate cap.

*Let’s just stop calling it a price cap and call it what it really is, a rate cap!

Ultrasonic

tastyfish said:

Think the poll question needs to factor in those companies that charge more in cooler months and less in warmer months, like mine, Pure Planet (RIP). The only comparison is with a year ago but we’ve seen prices increase since. If millions are on the standard variable rate then they will surely have seen the same increase as it will be linked to the price*, sorry, rate cap.

*Let’s just stop calling it a price cap and call it what it really is, a rate cap!

It's the pirce (cost) per unit that is capped... 'Rate cap' doesn't really mean anything to me I'm afraid.

(I agee on your main point though - I posted the same above. It's a totally flawed poll.)

Verdigris

The poll doesn't really apply to my situation. I voluntarily increased my DD with PfP, a couple of months ago, because I was falling behind, slightly, having retired earlier than planned thus spending more time at home. It didn't stop them going bust, sadly!

Troytempest

In credit with OVO - £200. A few weeks ago they suggested it went up to £111. had online chat and they agreed to keep it at £78 for 3 months and then review. Well ***k me they have put it up anyway. Will be having a more serious chat with them on Monday. I do accept that they are trying to ensure I pay enough to cover the winter and would willingly put it up once the credit has diminished. I am not here to fund the bank of OVO!

Malchester

No they haven't. With EDF on excellent 3 year tariff to Sept 24 taken out literally days before the surge in prices. Paying £91 per month. The tariff, for same estimated usage, with British Gas Evolve to continue for 12 months fixed was £165 per month. Switched ASAP and just in time