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Do Ovo Energy want to be a bank?

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  • home_132
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    As for making your own decision, you'll probably find that actually you can - if you either go into your account or call them and get it set where you want (as long as it's reasonable and justified).

    The system has to be set up for people who don't engage, and there's been a big push to stop customers ending up with debts at the end of winter, hence the suppliers automatically changing things around this time of year (or around any unit price change).  If they left it to the customer to decide when to change their DD, most would never change it and then complain about massive debts.
    When I tried this morning is was forcing a minimum of £242, however this afternoon this has been turned off and I can do whatever I like. The only alternative the original email gave me was paying a large lump sum in advance, putting my credit level to almost £1. It just felt a little forceful to be told they were taking my money one way or another.

  • home_132
    home_132 Posts: 14 Forumite
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    edited 21 September 2022 at 3:26PM
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    Ha. Another email from OVO literally just arrived in my inbox containing the following:

    "If you’ve recently received a communication from us about your Direct Debit needing to change, in light of the Energy Price Guarantee, we’ll be reviewing your Direct Debit and we’ll be in touch with what this means for you shortly."

    It seems a really good email from OVO though explaining everything, so I guess perhaps the email from this morning putting up my DD just slipped through before they put this in place and I'll have to wait and see what happens next. They're still using my old annual usage figure in their calculations though, so that's probably not accurate given my reduced usage recently.

  • km1500
    km1500 Posts: 2,422 Forumite
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    I get 5% interest on my credit balance - it is subtracted from my bill each month
  • home_132
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    Ok new plan. I'm putting all my money into OVO lol. Actually I think there is a top limit isn't there? Anyone happen to know?
  • Ultrasonic
    Ultrasonic Posts: 4,235 Forumite
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    home_132 said:
    Ok new plan. I'm putting all my money into OVO lol. Actually I think there is a top limit isn't there? Anyone happen to know?
    I posted a link above that covers exactly this question :) .
  • home_132
    home_132 Posts: 14 Forumite
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    edited 22 September 2022 at 9:23AM
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    home_132 said:
    Ok new plan. I'm putting all my money into OVO lol. Actually I think there is a top limit isn't there? Anyone happen to know?
    I posted a link above that covers exactly this question :) .
    Thanks, sorry I missed it before.

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