Where's my £66?

Max68

funny.money said:

Max68 said:

Dolor said:

What suppliers have failed to do, probably as a result of the late call on the EPG, is a recalculation of the annual consumer cost based on the EPG rates plus/minus any debit/credit balance. From the revised cost would have come the revised DD payment which for the next 6 months would have been discounted by £66/67.

It is all very simple given that the EPG is in all but name a fixed tariff; however, I suspect that many people will over the next few weeks be confronted with an increase in their DDs which will only add to people’s confusion.

To be fair what they should have done is left peoples D/D's well alone and literally just took £67 off all bills from October till March.  Then a consumer could just increase or decrease their D/D accordingly from their own decisions.  We are all different.  I have created a buffer of several hundred pounds in my energy account and I am happy for it to be in there.  Others like any extra they have refunded into their bank accounts.  Just taking £67 of all monthly bills and the relevant calculation for quarterly would be so much easier.

I agree that would have been the simplest thing,  and even more important I think,  ALL suppliers should do, whatever was decided,  the same thing,  there would have been much less confusion.

(Ha ha, like you I was really happy with my 'buffer' that I'd built up for Winter, then EDF went and refunded almost all of it - I hope you manage to keep yours where it is 😄)

Ha ha...  Well, it's sitting in my energy account at the moment, and I hope they don't refund it.  I know people say don't let them have it but if it's in there I can't spend it on anything else.  Council Tax rebate, Warm Home Discount (that I won't qualify for this year as they have changed criteria), spare funds, etc all just went into the account.  Wish I could save as well as that for other things!!  

Actually, that's made me think.  For those on benefits I hope the DWP do not class any energy rebate or refund as "income"?  I remember a few years ago when I was on UC I received a tax rebate, and they classed it as income. 

Spoonie_Turtle

Max68 said:

funny.money said:

Max68 said:

Dolor said:

What suppliers have failed to do, probably as a result of the late call on the EPG, is a recalculation of the annual consumer cost based on the EPG rates plus/minus any debit/credit balance. From the revised cost would have come the revised DD payment which for the next 6 months would have been discounted by £66/67.

It is all very simple given that the EPG is in all but name a fixed tariff; however, I suspect that many people will over the next few weeks be confronted with an increase in their DDs which will only add to people’s confusion.

To be fair what they should have done is left peoples D/D's well alone and literally just took £67 off all bills from October till March.  Then a consumer could just increase or decrease their D/D accordingly from their own decisions.  We are all different.  I have created a buffer of several hundred pounds in my energy account and I am happy for it to be in there.  Others like any extra they have refunded into their bank accounts.  Just taking £67 of all monthly bills and the relevant calculation for quarterly would be so much easier.

I agree that would have been the simplest thing,  and even more important I think,  ALL suppliers should do, whatever was decided,  the same thing,  there would have been much less confusion.

(Ha ha, like you I was really happy with my 'buffer' that I'd built up for Winter, then EDF went and refunded almost all of it - I hope you manage to keep yours where it is 😄)

Ha ha...  Well, it's sitting in my energy account at the moment, and I hope they don't refund it.  I know people say don't let them have it but if it's in there I can't spend it on anything else.  Council Tax rebate, Warm Home Discount (that I won't qualify for this year as they have changed criteria), spare funds, etc all just went into the account.  Wish I could save as well as that for other things!!  

Actually, that's made me think.  For those on benefits I hope the DWP do not class any energy rebate or refund as "income"?  I remember a few years ago when I was on UC I received a tax rebate, and they classed it as income. 

No, if it's a normal credit refund it's just capital; all the payments related to cost of living are completely ignored, and I assume the same with EBSS too.  The tax rebate is because it's to do with actual earnings (although it's fairly widely accepted that to effectively tax you 55% on a tax refund is extremely unfair).

Bimbly

razord said:

Octopus implemented this change by lowering your direct debit about 10 days ago, so DDs from 1st October would be lower.

If you then updated your direct debit to a higher amount, it would have overridden that change. They did it this way so that those people who wanted to still pay the same amount (and just gain the extra credit), could go in an edit their DDs manually.

This seems likely. Thing was, my DD on the Octopus site still said £200. If I wanted to build up the £66 as credit in my account (and not reduce my DD by £66), should I have changed my DD from £200 to £200?

At least it seems I am not the only one who is confused.

I am fortunate in that this has only caused a blip in my expected finances.

ariarnia

the ovo website seems confused as well. full dd taken today and i think we get a refund of 66 or 67 in a week or so. was a little confused because our our online account is showing our full dd only but the total at the bottom of the page doesn't add up because it has an extra 68. so i assume it will eventually show plus dd plus energy guarantee minus guarantee all as separate line items. 

Bimbly

It arrived!



This is what happened. I upped my DD to £250 and, rather than reducing my DD by £66 as they said, Octopus took the full £250. Today they added the £66 of govt money to my account. So, not quite what I was expecting, but all is good.

I wonder what will happen next month!

Spoonie_Turtle

Bimbly said:

It arrived!

Ours has arrived too (more than 2 weeks before our DD is due).

double_dutchy

This is what happened. I upped my DD to £250 and, rather than reducing my DD by £66 as they said, Octopus took the full £250. Today they added the £66 of govt money to my account. So, not quite what I was expecting, but all is good.

I wonder what will happen next month!

Octopus will credit £66/67 to your account every month for the next 6 months, that's how you get the £400 government support.

Whatever you choose to do with your DD won't affect that.

double_dutchy

Spoonie_Turtle said:

Ours has arrived too (more than 2 weeks before our DD is due).

According to their responses on twitter, the £66 payments will all be credited in the next few days (I've also received mine today). It doesn't matter when your DD is due.

Spoonie_Turtle

double_dutchy said:

Spoonie_Turtle said:

Ours has arrived too (more than 2 weeks before our DD is due).

According to their responses on twitter, the £66 payments will all be credited in the next few days (I've also received mine today). It doesn't matter when your DD is due.

No, given the timing I didn't think it had anything to do with DD dates, just included the info to demonstrate that it didn't

[Although the government guidance did say it could be according to DD schedule so I'd not have been surprised if it had been.  Evidently Octopus decided not to.]

CasualMFW

Mine just went in this evening (Octopus)