Green Energy - is it possible to set up a regular (fixed) DD monthly payment?

What_time_is_it

Anyone here with GE who has had experience of this? Sounds like it may no longer be possible?

Also, if paying off the balance each month, how is this done? Is it a month in arrears? Do they notify you of how much the monthly bill will be a few days in advance of taking the payment?

Mstty

It's been covered in two posts already.

GE would like 6 months usage to confirm what users state they use is their actual usage before setting up a fixed DD.

Until then it is variable full bill.

Sounds sensible and doesn't sound like they are trying to hoard people's money before running off into the sunset with it(Symbio,avro,bulb to name just a few)

What_time_is_it

Thanks. And sorry, I'd seen one previous post about it but couldn't find it!

I agree that it sounds sensible. Covering their costs without hoarding cash.

Does anyone know about how the variable full bill approach works? What worries me is the threat of an unexpectedly large payment being taken at very short (or no) notice. Do GE contact you in advance to let customers know how much will be taken? 

pochase

Most likely like other suppliers they will send you a bill after either smart meter read or a manual read submitted to them. EDF for example will bill based a higher direct debit amount if you don't submit a meter read on time.

And of course it is paying in arears. You need to be damn good to know in advance what you will be using to the last penny. 

Alnat1

Most companies that do variable DD take the money around 10-14 days after the bill is issued. Gives you a chance to query anything that doesn't look right before they issue the instruction to debit your bank account

GingerTim

There could be some pretty large amounts being taken under variable bills, given those six months take us to February...

Alnat1

Shows that GEUK are pretty sensible then, making sure all the new customers keep their accounts up to date

Mstty

GingerTim said:

There could be some pretty large amounts being taken under variable bills, given those six months take us to February...

I would counter that with they quoted a fixed DD to cover so personally I would put the extra aside in an interest bearing account from now and of course there is the added benefit of £66.66x off a month from October.

pochase

Over 12 month it should make no difference if you are paying with fixed or variable direct debit.

There might be a credit or debt on the fixed direct debit at the end, but otherwise the cost for your energy is the same.

Maybe a good thing if people suddenly get a £500 (or much more) bill in January, they might realise how much energy they are really using in winter.

Mstty

pochase said:

Over 12 month it should make no difference if you are paying with fixed or variable direct debit.

There might be a credit or debt on the fixed direct debit at the end, but otherwise the cost for your energy is the same.

Maybe a good thing if people suddenly get a £500 (or much more) bill in January, they might realise how much energy they are really using in winter.

Add to that a bad winter could add another £150-200 onto that £500.

If we were on the expected SVT rate come October we would expect our Jan bill to rise by £160 alone.

pochase

That's why I was saying "or much more". I have seen posters here who might be near to the £1000 for January.

I think with variable direct debit it means people will have to pay the money now and in full, just seeing it on a bill seems to be very different for many, than having to pay it.

The percentage how much you use in what month has not changed that much, apart from last year being a very mild winter. So people should have been aware already that they might pay 15% of there total usage in just one cold month, but it seems to be new to many.