Acceptable credit amount on energy account

jj_43

£700 in credit. 😂 It a savings account?
when forced to be on variable DD I’ve never been more than £100, and usually I owe them money. I prefer the money being in my account. I don’t want finance there wider business. Shareholders are suppose to be doing that.

[Deleted User]

jj_43 said:

£700 in credit. 😂 It a savings account?
when forced to be on variable DD I’ve never been more than £100, and usually I owe them money. I prefer the money being in my account. I don’t want finance there wider business. Shareholders are suppose to be doing that.

When OVO pay 4% interest on credit balances, some would say that’s the best savings account available.

Auti

jj_43 said:

£700 in credit. 😂 It a savings account?
when forced to be on variable DD I’ve never been more than £100, and usually I owe them money. I prefer the money being in my account. I don’t want finance there wider business. Shareholders are suppose to be doing that.

I have a similar amount of credit  and no it is not a savings account it is insurance. Insurance against not having the money to pay my winter use, insurance that will allow me to heat and cook albeit minimally for my child and I. We pay insurance (money) for our homes that usually we never actually use so effectively is lost money - this is my insurance and I will get to use the money

FarmersFour

Thanks for all the responses so far. A lot of you seem to be in a similar scenario, my credit amount is working out ok. I currently use around £120 in the summer months, obviously more in winter, but my DD is at £300 currently. I'll be keeping it at this and reviewing after winter. 

I'm with E.on next, and they put my DD up a few months ago, i believe out of panic, i don't know how they worked out i should be paying £300. But the point of this post (for me) is to see what position i was in IF they decide to try and put it up again.

I have made cut backs already and made sure everything is switched off when not in use, not just on standby, but understand that this winter I'll be using more, but i couldn't quite understand how they got to £370 for my DD initially, i haggled them down to £300. I'm almost pre-empting I'll get that dreaded email telling me my amount is going up again.

ariarnia

[Deleted User] said:

jj_43 said:

£700 in credit. 😂 It a savings account?
when forced to be on variable DD I’ve never been more than £100, and usually I owe them money. I prefer the money being in my account. I don’t want finance there wider business. Shareholders are suppose to be doing that.

When OVO pay 4% interest on credit balances, some would say that’s the best savings account available.

3% first year rising to 5% if you've been with them for three years. much better than our current account (and more reliable than the shares)

daveyjp

Looking back last year my bill was more than the monthly dd in Oct, Nov, Dec and January, by Feb I was back on track.  The highest bill in December was 50% more than the monthly dd.

Coming into those months now I am 2 montly payments in credit and this will be adequate to cover costs if my winter use is similar.