Low Electricity Energy user - trying to understand how the energy rebate payments will work for me

peteuk

Spoonie_Turtle said:

NedS said:

My electricity supplier (OVO) credited £66 directly to my bank account this month. I would have preferred they credited to my electricity account, as they are currently giving me 4% on the credit balance of my account, which is significantly more than my bank is paying me. I had built up a credit balance by overpaying over the last 6 months (spring and summer) in anticipation of further large price rises this October, which the government cap has now prevented.

If they hadn't credited it to your account they'd have reduced your Direct Debit to have the same overall effect anyway.  (Which I'm sure you know, but just pointing out for the benefit of those on this board who don't.)

My direct debit (£64) was taken as planned 01 Oct, then on 09 Oct I got a rebate of £66.  This seems a difficult way of doing things.  

Keep_pedalling

peteuk said:

Spoonie_Turtle said:

NedS said:

My electricity supplier (OVO) credited £66 directly to my bank account this month. I would have preferred they credited to my electricity account, as they are currently giving me 4% on the credit balance of my account, which is significantly more than my bank is paying me. I had built up a credit balance by overpaying over the last 6 months (spring and summer) in anticipation of further large price rises this October, which the government cap has now prevented.

If they hadn't credited it to your account they'd have reduced your Direct Debit to have the same overall effect anyway.  (Which I'm sure you know, but just pointing out for the benefit of those on this board who don't.)

My direct debit (£64) was taken as planned 01 Oct, then on 09 Oct I got a rebate of £66.  This seems a difficult way of doing things.  

Octopus have just reduced my DD to £0 for the next 6 months and are crediting my account with the government payment. I am on a hybrid variable payment, £50 a month fixed + any excess usage above that. 

poppy12345

Keep_pedalling said:

peteuk said:

Spoonie_Turtle said:

NedS said:

My electricity supplier (OVO) credited £66 directly to my bank account this month. I would have preferred they credited to my electricity account, as they are currently giving me 4% on the credit balance of my account, which is significantly more than my bank is paying me. I had built up a credit balance by overpaying over the last 6 months (spring and summer) in anticipation of further large price rises this October, which the government cap has now prevented.

If they hadn't credited it to your account they'd have reduced your Direct Debit to have the same overall effect anyway.  (Which I'm sure you know, but just pointing out for the benefit of those on this board who don't.)

My direct debit (£64) was taken as planned 01 Oct, then on 09 Oct I got a rebate of £66.  This seems a difficult way of doing things.  

Octopus have just reduced my DD to £0 for the next 6 months and are crediting my account with the government payment. I am on a hybrid variable payment, £50 a month fixed + any excess usage above that. 

Yes, i'm with them too and they just reduced by DD by £66. My account was credited with the money on 5th Oct.