Octopus energy discount payment

MouldyOldDough

Am I correct in thinking that Octopus will automatically reduce my £85 DD by £67 every month for 6 months ?

I am already over £200 in credit with Octopus

I don't see what everyone is complaining about with regards to energy costs

[Deleted User]

Yes. However, energy prices are now 95% higher than they were a year ago for an Ofgem typical consumer. If you use less energy than the typical consumer then you will benefit more from the £400 in relative terms. Consumers are right to be concerned when the cost of food; mortgages etc are increasing at the same time.

Max68

This is the scenario for Octopus, other companies may be different.  When I spoke to them earlier the lady said that from Octobers bill until March £67 will be taken off your bill.  The reducing of direct debits seems to have led to some confusion.  The rationale seems to be as your bill will be £67 less, they also reduce your D/D by £67 but if you want a buffer then it's down to you to increase your D/D back up to your usual amount or higher.

Spoonie_Turtle

Max68 said:

This is the scenario for Octopus, other companies may be different.  When I spoke to them earlier the lady said that from Octobers bill until March £67 will be taken off your bill.  The reducing of direct debits seems to have led to some confusion.  The rationale seems to be as your bill will be £67 less, they also reduce your D/D by £67 but if you want a buffer then it's down to you to increase your D/D back up to your usual amount or higher.

Their own website says differently:
https://octopus.energy/blog/government-support-with-energy-costs-this-winter/

The £400 Energy Bill Support Scheme kicks in too.

• Sometime in the next week or so, you'll receive a £66 credit from us. It won't necessarily be on the 1st of the month, so don't worry if you don't see it. This is first credit of six you'll receive this Winter, adding up to £400 non-repayable government support.

[Octopus staff are usually lovely and helpful but they don't always quite give exact, accurate info.  The overall effect of the credit is still the same, just slightly different mechanism.]

Max68

Spoonie_Turtle said:

Max68 said:

This is the scenario for Octopus, other companies may be different.  When I spoke to them earlier the lady said that from Octobers bill until March £67 will be taken off your bill.  The reducing of direct debits seems to have led to some confusion.  The rationale seems to be as your bill will be £67 less, they also reduce your D/D by £67 but if you want a buffer then it's down to you to increase your D/D back up to your usual amount or higher.

Their own website says differently:
https://octopus.energy/blog/government-support-with-energy-costs-this-winter/

The £400 Energy Bill Support Scheme kicks in too.

• Sometime in the next week or so, you'll receive a £66 credit from us. It won't necessarily be on the 1st of the month, so don't worry if you don't see it. This is first credit of six you'll receive this Winter, adding up to £400 non-repayable government support.

[Octopus staff are usually lovely and helpful but they don't always quite give exact, accurate info.  The overall effect of the credit is still the same, just slightly different mechanism.]

Yes, just reciting what they said but who knows.  My D/D was down as £130 but they only took £63 which turns out to be £130-£67.  This is what's confusing a lot of people.

Brie

If my use was as low as the OP and I was that much in credit I'd be asking for at least half of it to be refunded.

Alnat1

Your DD has gone down by £67 but £130 will still be credited to your energy account. 

You can leave your DD at the lower amount if you could do with a bit more £ now or you can change your DD back up to £130 online/via the app if you would rather the government money stayed on your energy account.

Max68

Alnat1 said:

Your DD has gone down by £67 but £130 will still be credited to your energy account. 

You can leave your DD at the lower amount if you could do with a bit more £ now or you can change your DD back up to £130 online/via the app if you would rather the government money stayed on your energy account.

That's what I was trying to do.  Leave the D/D at £130 (which I did, and it said £130 was coming out of my account on 3rd) but only £63 came out.  So, I have redone it back to £130 and with the xtra £67 I know now that from now on £197 per month one way or another will be credited to my account, unless I change my D/D payments.

MouldyOldDough

There's no mention of any credit on my account - as far as I am aware, I will have £85 DD taken from my bank account in a few weeks time !

Are these rates correct ?

Surely the electricity cannot have gone up so much ?

I thought that the limits were now 34.0p/kWh for electricity and 10.3p/kWh for gas, inclusive of VAT, from 1 October

MWT

MouldyOldDough said:

There's no mention of any credit on my account - as far as I am aware, I will have £85 DD taken from my bank account in a few weeks time !

Are these rates correct ?

Surely the electricity cannot have gone up so much ?

No, those are not the rates, they will be adjusted down but the EPG approx. 17p off the electric and 4p off the gas kWh.

The £66 credit will arrive at some point in the next week or so as per the screenshot further up the thread...

MouldyOldDough

MWT said:

MouldyOldDough said:

There's no mention of any credit on my account - as far as I am aware, I will have £85 DD taken from my bank account in a few weeks time !

Are these rates correct ?

Surely the electricity cannot have gone up so much ?

No, those are not the rates, they will be adjusted down but the EPG approx. 17p off the electric and 4p off the gas kWh.

The £66 credit will arrive at some point in the next week or so as per the screenshot further up the thread...

Why have they scared customers by giving incorrect info and when will the EPG be corrected ?