£400 electricity credit to be paid in instalments - confirmed

RachelMarie123

MWT said:

RachelMarie123 said:

 I am concerned the supplier's solution may be to refund current credit so the government credit can be loaded but of course the currently loaded credit is at pre-April rates. 

... do keep in mind though that the loop-hole that you are exploiting to benefit from the pre-April rate is just that, a loop-hole, not an entitlement, so if that is the answer then it is a valid one...

I did read that suppliers backtracked and said they wouldn't promise not to claw back the difference between the price cap rates and pre-April rates. However British Gas did, on 15/03/2022, Tweet, in response to a Tweet about "stockpiling" energy, advise this could be done with non-smart prepayment meters. On this basis British Gas, in Martin's own words, are one of the suppliers most likely to honour the pre-April rates post-April.

doesntnotcompute

MWT said:

RachelMarie123 said:

 I am concerned the supplier's solution may be to refund current credit so the government credit can be loaded but of course the currently loaded credit is at pre-April rates. 

... do keep in mind though that the loop-hole that you are exploiting to benefit from the pre-April rate is just that, a loop-hole, not an entitlement, so if that is the answer then it is a valid one...

You're describing seperate issues.

QrizB

MWT said:

This would be a great question for someone to ask Martin to comment on, since it is his advice that has put people into this rather unusual position in the first place...

Unintended consequences, and all that.

easy

This is loopy,  I'm on a long-term fix until 2024.

superkoopauk

Bear in mind that BEIS haven't actually finalised their guidance to suppliers on how they should apply the rebate so I suspect it will be a little longer until we know what the retailers are going to do.

MWT

doesntnotcompute said:

MWT said:

RachelMarie123 said:

 I am concerned the supplier's solution may be to refund current credit so the government credit can be loaded but of course the currently loaded credit is at pre-April rates. 

... do keep in mind though that the loop-hole that you are exploiting to benefit from the pre-April rate is just that, a loop-hole, not an entitlement, so if that is the answer then it is a valid one...

You're describing seperate issues.

They are separate but related.

If the question is 'How do I redeem my vouchers if my key is already full', and the answer is 'We will refund the balance on your key so you can use the vouchers' then that is a valid answer.

Just because that means you are going to have to update the key with the correct tariff to use the voucher balance and can no longer remain on the old tariff to use what you had loaded onto the key, doesn't make it the wrong answer...

I wouldn't expect the suppliers to manipulate the system to preserve a loop-hole.

Right now though there isn't much anyone can do other than wait and see how this is going to be handled...

 

superkoopauk

RachelMarie123 - Come 1st October I think you will start consuming your excess credit that you currently have on the key rather quickly.  My guess is well before the expiry of the vouchers (unless you are a very low user)

RachelMarie123

superkoopauk said:

RachelMarie123 - Come 1st October I think you will start consuming your excess credit that you currently have on the key rather quickly.  My guess is well before the expiry of the vouchers (unless you are a very low user)

I think there's a few people on here, me included, who have worked out the current credit loaded on the meter and in some cases on the key too will last beyond the expiry of the vouchers. I am a relatively low user and conscious of preserving energy where possible. I could use electric heating to run down my balance quicker instead of GCH so take your point as to how credit could be used quicker.

superkoopauk

Also I believe you will have the option of asking for the vouchers to be reissued if they expire giving you more time.  And as you say you are only using them to load the key not the meter so you don't need to run down too much on the meter.  Then you can hopefully benefit from the same trick again (i.e. don't top up the meter after 1st October and the new rates won't hit straight away).    

RachelMarie123

superkoopauk said:

Also I believe you will have the option of asking for the vouchers to be reissued if they expire giving you more time.  And as you say you are only using them to load the key not the meter so you don't need to run down too much on the meter.  Then you can hopefully benefit from the same trick again (i.e. don't top up the meter after 1st October and the new rates won't hit straight away).    

Thanks, I understand the latest the vouchers can be re-issued is March 23. If they have 3 months expiry in theory could be used up to May/June however as I currently have £250 on my key and £175 on my meter. Even if I can load my meter with the £250 from my key in time (can't load part key balances to meter so I believe) to free up capacity on key I could only therefore add £250/£255 to key of government vouchers. Even if key can hold more, as I say, can't load part balance from key to meter so don't know where I could store the other £150 towards my electricity. Have emailed MSE.