How much credit is too much?

chris_n

Ballymoney said:

Currently £800 in credit whilst paying £300 (£234 + £66) a month. I’d want at least 2 x my monthly DD in credit going in to the winter months. If you can afford to leave it then you should do so imo.

If you can't afford it then that's even more of a case to leave it there! If you withdraw it and spend it you are not going to be able to afford your winter payments if winter ever arrives. 

SMcGill

Didn’t Martin say something on his TV programme last week about being in credit by the start of winter with around two months of DD? I think it was when he was speaking with the CEO of Octopus. I personally do a bit above that because I know that my use will double or treble between Nov and Feb.

diystarter7

You are lucky you are in credit better than finding out you are in debt and having to up your monthly amount.
Just leave the 350 there and see how things pan out mid next year and if still in credit by 350 or more, take a bit out if you wish if prices are not going up.

Max68

I somehow managed to get to several hundred in credit and still pay £130 D/D each month.  My last bill was £117 and I still haven't put the heating on yet! Hoping that the £130 + £67 rebate might keep me going a couple of months before eating into the credit.  Some may say take it out but I'm just going to leave it in there as who knows what will happen come April.  Rather have a cushion for now than debt.

ericthesanddune

I’m a pensioner and live on my own. My DD to So energy has actually gone down! I’m only paying £32 a month with £380 in credit.. I’ll be keeping a careful eye on it though to see if 32 quid is enough as winter hits 

[Deleted User]

ericthesanddune said:

I’m a pensioner and live on my own. My DD to So energy has actually gone down! I’m only paying £32 a month with £380 in credit.. I’ll be keeping a careful eye on it though to see if 32 quid is enough as winter hits 

Has it gone down by £66 or £67 ?

ericthesanddune

Sparky.. no, it was £59 and now gone down to £32

Chrysalis

The 80% of consumption in winter and doubling in the coldest months doesnt apply to everyone.  I dont know what to advise as it really depends on what the OP is going to spend on energy and their ability to budget.

But what I do know is Octopus revealed to the press they aim for account credit to be one month worth of bills in April.  

The way I used to look at it was if I have account credit in December then I am overpaying direct debit, last December I was over £900 in credit.  During this period my DD was been adjusted upwards monthly by Octopus about 50p to £2 per month.

I however rarely use central heating, so I dont suffer from this "winter surge of costs" people on here talk about.

Its going to be a choice of either let them have some credit, or switching to Variable DD but making sure money is in the bank for a higher bill in case it comes, and it will come if you use heating a lot in winter.

Joyful

If you have used £70 and £80 per month up to now, I feel you will easily use that credit. Two months ago my charge was only the standing charge. This last month £40 but I had foreign language students needing a bit of heat.