My DD to EDF at almost 300 pounds per month - How will the 400 cashback affect my payments?

Ultrasonic

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Personally, I'd rather keep my DD the same, and request the whole £400 rebated as a one off credit.  Individual circumstances will vary.

I'd like that too but I'm guessing that won't easily happen. It will also make a difference whether we'll be getting a single payment of £400 or if it will be credited in instalments, which isn't totally clear right now.

As Eon quite happily refunded an excess credit to me recently, I'm hoping that as long as my DD accurately reflects my anticipated usage, getting the "excess" £400 paid out shouldn't be a problem.   Even if it takes a few months to be added.

I may well be being overly pessimistic but time will tell. My money is on us seeing a flood of posts here about energy companies not easily agreeing to this...

As you say, time will tell, but what's the alternative?

Have the credit sitting there "forever" until it's inflated away by ever higher prices, or allow customers to radically reduce their DD, especially low users.

We could all just wait for our suppliers to do an account review... eventually 😉

The obvious alternative is managing it via adjustments to DD amounts upon account review as you say. I'm just thinking of energy suppliers taking the initial response that the intention of the payment is for it to be used for energy bill payments rather than to just be released as a cash payment. Also, for anyone without a long-term fix in place the obvious and broadly correct response will be to say the money will be needed in the account to cover future cost increases. 

Sea_Shell

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Personally, I'd rather keep my DD the same, and request the whole £400 rebated as a one off credit.  Individual circumstances will vary.

I'd like that too but I'm guessing that won't easily happen. It will also make a difference whether we'll be getting a single payment of £400 or if it will be credited in instalments, which isn't totally clear right now.

As Eon quite happily refunded an excess credit to me recently, I'm hoping that as long as my DD accurately reflects my anticipated usage, getting the "excess" £400 paid out shouldn't be a problem.   Even if it takes a few months to be added.

I may well be being overly pessimistic but time will tell. My money is on us seeing a flood of posts here about energy companies not easily agreeing to this...

As you say, time will tell, but what's the alternative?

Have the credit sitting there "forever" until it's inflated away by ever higher prices, or allow customers to radically reduce their DD, especially low users.

We could all just wait for our suppliers to do an account review... eventually 😉

The obvious alternative is managing it via adjustments to DD amounts upon account review as you say. I'm just thinking of energy suppliers taking the initial response that the intention of the payment is for it to be used for energy bill payments rather than to just be released as a cash payment. Also, for anyone without a long-term fix in place the obvious and broadly correct response will be to say the money will be needed in the account to cover future cost increases. 

I agree,  but people's individual circumstances will dictate how/when/where that money (credit) is best used!! 😉

Ultrasonic

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Personally, I'd rather keep my DD the same, and request the whole £400 rebated as a one off credit.  Individual circumstances will vary.

I'd like that too but I'm guessing that won't easily happen. It will also make a difference whether we'll be getting a single payment of £400 or if it will be credited in instalments, which isn't totally clear right now.

As Eon quite happily refunded an excess credit to me recently, I'm hoping that as long as my DD accurately reflects my anticipated usage, getting the "excess" £400 paid out shouldn't be a problem.   Even if it takes a few months to be added.

I may well be being overly pessimistic but time will tell. My money is on us seeing a flood of posts here about energy companies not easily agreeing to this...

As you say, time will tell, but what's the alternative?

Have the credit sitting there "forever" until it's inflated away by ever higher prices, or allow customers to radically reduce their DD, especially low users.

We could all just wait for our suppliers to do an account review... eventually 😉

The obvious alternative is managing it via adjustments to DD amounts upon account review as you say. I'm just thinking of energy suppliers taking the initial response that the intention of the payment is for it to be used for energy bill payments rather than to just be released as a cash payment. Also, for anyone without a long-term fix in place the obvious and broadly correct response will be to say the money will be needed in the account to cover future cost increases. 

I agree,  but people's individual circumstances will dictate how/when/where that money (credit) is best used!! 😉

I'd suggest 'should' rather than 'will' may be more appropriate there. My point is we don't know we'll have quite as much control as many may want...

Sea_Shell

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Ultrasonic said:

Sea_Shell said:

Personally, I'd rather keep my DD the same, and request the whole £400 rebated as a one off credit.  Individual circumstances will vary.

I'd like that too but I'm guessing that won't easily happen. It will also make a difference whether we'll be getting a single payment of £400 or if it will be credited in instalments, which isn't totally clear right now.

As Eon quite happily refunded an excess credit to me recently, I'm hoping that as long as my DD accurately reflects my anticipated usage, getting the "excess" £400 paid out shouldn't be a problem.   Even if it takes a few months to be added.

I may well be being overly pessimistic but time will tell. My money is on us seeing a flood of posts here about energy companies not easily agreeing to this...

As you say, time will tell, but what's the alternative?

Have the credit sitting there "forever" until it's inflated away by ever higher prices, or allow customers to radically reduce their DD, especially low users.

We could all just wait for our suppliers to do an account review... eventually 😉

The obvious alternative is managing it via adjustments to DD amounts upon account review as you say. I'm just thinking of energy suppliers taking the initial response that the intention of the payment is for it to be used for energy bill payments rather than to just be released as a cash payment. Also, for anyone without a long-term fix in place the obvious and broadly correct response will be to say the money will be needed in the account to cover future cost increases. 

I agree,  but people's individual circumstances will dictate how/when/where that money (credit) is best used!! 😉

I'd suggest 'should' rather than 'will' may be more appropriate there. My point is we don't know we'll have quite as much control as many may want...

Ok, should!!

They'll undoubtedly be some who'll NEED the credit for it's intended purpose, who'll still think it's better utilised to pay for "something else" IF only they can get their hands on it.   

They'll need protecting from themselves, somehow...so providers will need to be "gatekeepers" to some extent.

How that's "policed" will be ... interesting! 😉

markin

Some will want it to put on the Gas account, or put in the car, and some will go to the pub.

Mstty

Could this be the scenario

No automatic reduction in monthly DD over the period 

When the account is reviewed (automatically and potentially after this £400 has been used) the DD will be decreased

Most accounts in debit the following year til the next review

Do we know if the energy calculation systems can deal with this one off payment or 6 extra monthly payments?

wild666

IMO any credit given by the energy companies/government should be ring fenced so that it stays in the account and people can lower their DD if the sum they are given isn't being whittled away by their monthly bills.

diystarter7

wild666 said:

IMO any credit given by the energy companies/government should be ring fenced so that it stays in the account and people can lower their DD if the sum they are given isn't being whittled away by their monthly bills.

And the mass of other money given away should have been ringfenced to fuel and food bills. Too many may squander the money.

Mrs_F_2017

I’ve been thinking about it over the weekend and have decided to leave my direct debit as is (currently adding approx £40 a month to my credit pot)

That way with the credit I’m building and the £400 I can look forward to the winter knowing I can use the heating more than I was otherwise intending to. 

Northern_Wanderer

From my point of view, I pay whole amount monthly DD, so I certainly don't want a £400 credit sitting on my electric account, I will need it to pay for my gas with a different supplier. If it's £66 installments that will be great and pay for my leccy. I thought we were getting £200 of the £400 credit in June though?