Standing Order to replace Direct Debit

lsur02

It's because Bulb is increasing the DD well beyond the actual or likely usage that a SO is the only option if one wants to retain control over costs. If you feel happier letting the company take what it likes then fine - circumstances differ, of course  I am able to read meters and do the sums and feel much happier having that control. I think the companies are taking advantage of current events to try and profit as much as they can get away with. There will always be those who go along with that - fine, it's often the easiest approach. Personally, I object to monopolistic business taking advantage and am finding the SO approach a good response. Other views are fine if they work for you.

Daliah

lsur02 said:

It's because Bulb is increasing the DD well beyond the actual or likely usage that a SO is the only option if one wants to retain control over costs. If you feel happier letting the company take what it likes then fine - circumstances differ, of course  I am able to read meters and do the sums and feel much happier having that control. I think the companies are taking advantage of current events to try and profit as much as they can get away with. There will always be those who go along with that - fine, it's often the easiest approach. Personally, I object to monopolistic business taking advantage and am finding the SO approach a good response. Other views are fine if they work for you.

No company can take more by DD than you authorised it to. If they attempt to take more, you can invoke the Direct Debit Guarantee.  Though if you prefer to pay by one of the other means offered by your supplier, that‘s fine. You couldn‘t convince me to pay by SO.

Ergates

lsur02 said:

I don't believe the company (Bulb) is concerned about my having a buffer for the winter, they are out to raise funds and use the wholesale price increase as an excuse to raise payments as much as they can get away with.

Exactly how do you think that would work for them?   You think they can just take more money than the amount of energy you're using and then just keep it?  Do you *actually* believe this is what would happen?  That they can just steal your money and get away with it? 

Given that there is a very clear and easy to follow audit trail of exactly how much money they're taking each month, exactly how much gas/electricity you've used each month and exactly how much they're charging you for this.  Could you explain what you think their plan is?

kaMelo

To the OP, some of the points you seem concerned about would suggest you don't fully understand what has happened over the last six months, I would suggest going onto the energy board whereby most of your concerns are answered, particularly why the standing charge is increasing substantially but the general price increases across the board as well.

Just to test my straw poll theory, OP how much energy do you use a year and what are your unit rates?
Only with the answers to those questions could anyone determine whether Bulb are being opportunistic or not.


On a side note, after extolling the virtues of paying by variable direct debit I've realised I'm going to have to change from the variable to a flat direct debit.
Leaving the variable DD in place will mean paying over £250 pm in the coming winter months thereby losing out on cashback from Santander which of course is capped at £5 per month.

Frogletina

kaMelo said:

On a side note, after extolling the virtues of paying by variable direct debit I've realised I'm going to have to change from the variable to a flat direct debit.
Leaving the variable DD in place will mean paying over £250 pm in the coming winter months thereby losing out on cashback from Santander which of course is capped at £5 per month.

Thanks for that reminder about the cap on cashback

My DD is for just under that amount - I never expected it to be set as high as it is, but I'm happy for the cashback, and I check my account yearly so that I can withdraw any credit built up and not have my DD reduced. Every little bit helps.