Octopus Energy tried to treble my monthly payments

nick789uk

Hi thanks for the replies I am on a 12 month fix tariff for elec and a 10 month fix tariff for gas and I am playing more per month than I actually us so when winter comes and I do use more I will have a buffer. I must admit that they did reduce the amount when I asked. 

[Deleted User]

Mstty said:

[Deleted User] said:

Chrysalis said:

bristolleedsfan said:

Chrysalis said:

Looks good then, hopefully I get my swap over done on Monday.

I just clicked through switch to Agile via online dashboard just to test and it went through fine, could it be type of meter you have.

I suspect its either because I am on a coop tariff (coop customer managed by octopus) or my current bill dispute with them, I will find out on Monday.  Knowing my luck the tariff will be gone then.

It has long been the case that the customers of a white-label supplier are treated separately from those with the licensed supplier. To get Octopus tariffs, a Coop customer would normally have to initiate a change of supplier to Octopus. The same applies, for example, for customers of Sainsbury's Energy supplied by British Gas.

Eon well Eon Next for Sainsbury's👍

Mea Culpa. BG was the previous licensed supplier to Sainsbury's Energy.

2010

Chrysalis said:

Spies said:

Skimmed the thread and can't see any mention of the new tool Octopus have added to accounts which show the effect that changing your direct debit has on your balance over the year. 

https://octopus.energy/dashboard/new/accounts/balance-forecast

I made a thread for it, but it got pretty much no interest so you probably didnt notice it.

Sadly for me that tool is based on their forecast of energy usage, and they are still predicting 10k unit usage for me over the next 12 months.  Which is more than 4x my actual usage.

The recommended payment on their balance forcast page changes when you click "change it here".
In my case to a higher amount.
So two different recommended monthly amounts.

Would Octopus let me change to a variable DD?

QrizB

2010 said:

Would Octopus let me change to a variable DD?

Most people's experience is that, provided your account is in credit, Octopus will let you set your DD to whatever value you choose.

I'm currently paying £10 a month, and I think it's @[Deleted User] who is paying £1 a month?

[Deleted User]

QrizB said:

2010 said:

Would Octopus let me change to a variable DD?

Most people's experience is that, provided your account is in credit, Octopus will let you set your DD to whatever value you choose.

I'm currently paying £10 a month, and I think it's @[Deleted User] who is paying £1 a month?

I make sure that I maintain at least one month’s credit on my account (ie; enough to cover the coming month’s bill) and I change my DD as required. As my credit balance is increasing at the moment due to SEG payments, I see no reason to up my DD payment. I do, however, calculate an annual cost and work out a monthly payment which, at the moment, is being transferred to a Chase Bank 1.5% Easy Access savings account. FWiW, Octopus’ estimates of my annual usage are pretty well spot on. 

aaiiee

I recently tried to work out what my winter bills will be, assuming I can reduce energy usage by 10 per cent compared with last winter, and assuming elec unit cost of 42p/kWh and gas at 11.8pkWh.

My predicted average monthly cost for next October to March was almost exactly 3 times my May bill.

Every household is different of course, and you don't say when your fixes will end, but sadly I'm afraid we all need to prepare for really high costs next winter.

wild666

bristolleedsfan said:

Payment change suggestions Octopus automatically make do not take account future tariff price increases or expected £400 credit, in common seemingly with all other suppliers credit balances are not taken into account, debit balances however are factored into calculations.

I questioned Octopus on Twitter as to why my DD should be £67 per month given that I'm £300 in credit and that from October I will receive the best part of £67 for 6 months off my energy bill. They told me that their figures do not take account of any credit or grant payments that will be given. 
I reckon that my monthly DD for electric and gas usage might not be £67 per month from October so my monthly DD, £55, will means I get more credit, roughly £330,  in my account by the end of winter. 

wild666

Chrysalis said:

How does the DD work, is it forced to variable or keeps the fixed system?

It would be better if any usage figures take account of any credit in the account when working out the customers monthly DD. When I was with Bulb they said my monthly DD could be as low as £7 per month, I had over £900 credit when I left them and my monthly usage was under £40 for electric and gas.

Alnat1

Wild, why don't you change to variable DD and pay the full amount of each monthly bill?

You have very low bills summer and winter and it sounds like you're good at budgeting, wouldn't this get rid of DD price changes?

markin

aaiiee said:

I recently tried to work out what my winter bills will be, assuming I can reduce energy usage by 10 per cent compared with last winter, and assuming elec unit cost of 42p/kWh and gas at 11.8pkWh.

My predicted average monthly cost for next October to March was almost exactly 3 times my May bill.

Every household is different of course, and you don't say when your fixes will end, but sadly I'm afraid we all need to prepare for really high costs next winter.

Some have said they have saved 20% this year just for the fact that winter was above average, doing nothing else, So if this coming winter is even average or below you  can expect it to be 6-20% more this year and any actual saving you make may just be to hold it at last years level.