Octopus Target Payment

molerat

Dolor said:

Octopus does have a Balance Checker Tool:

https://octopus.energy/blog/balance-forecast-explained/

I confess that I have no idea whether it helps or not as time-of use tariffs are something of an unknown when it comes to future costs. 

As with all things it depends on how accurate / flawed the assumptions of use are.  In my granddaughter's case they have predicted that with the new adjusted DD she will be £1K in debit in 12 mths.  I have knocked off an easy £700 off her predicted use and she will be £200 in credit after the high DD next month.  As with my own use we will monitor the DD accuracy as we go along.

QrizB

Horseygirl555_ said:

Does anyone know if Octopus are allowed to add an £30.53 extra payment on top of bill payment to make sure I have money saved for later?

If, as has been suggested, your monthly budget DD is £30.53 more than your bill, then yes, they are allowed to do this.

Horseygirl555_ said:

Very angry and have sent email to them questioning them.

Between this thread and your only prior comment you seem to spend a lot of time being disgusted with Octopus.

Have you only recently joined them? Who was your supplier before? Have you had an energy account before this one?

Spoonie_Turtle

QrizB said:

Horseygirl555_ said:

Does anyone know if Octopus are allowed to add an £30.53 extra payment on top of bill payment to make sure I have money saved for later?

Horseygirl555_ said:

Very angry and have sent email to them questioning them.

Between this thread and your only prior comment you seem to spend a lot of time being disgusted with Octopus.

Good point.  Their only visits to the site are to post their discontent with Octopus, clearly aren't looking for any help or advice else they'd come back to read the replies.

brewerdave

I received a similar email this morning - they want to increase my DD by ~ £19pm from its current level - when I drill down on the Octopus site, they describe it as needed to ensure that I'm in credit by a small amount at the end of March - seems reasonable to me ,especially as I can adjust the DD myself if the expected credit starts to drift upwards.
I think Octopus have shot themselves in the foot slightly however, as this increase has gone out in the same email that lists the reduced tariff rates from October 1st !!

[Deleted User]

I think Octopus have shot themselves in the foot slightly however, as this increase has gone out in the same email that lists the reduced tariff rates from October 1st !!

Surely, when prices change it is logical to review the monthly payment scheme. Had there been a Cap increase in Oct, then I would assume that your £19 increase would have been higher.  

Grizzlebeard

Spoonie_Turtle said:

QrizB said:.....

........

Good point.  Their only visits to the site are to post their discontent with Octopus, clearly aren't looking for any help or advice else they'd come back to read the replies.

I bet they have been back to read the replies. Some of the comments seem a little judgemental, hosile even, so they're probably inclined to keep their head down.

brewerdave

[Deleted User] said:

I think Octopus have shot themselves in the foot slightly however, as this increase has gone out in the same email that lists the reduced tariff rates from October 1st !!

Surely, when prices change it is logical to review the monthly payment scheme. Had there been a Cap increase in Oct, then I would assume that your £19 increase would have been higher.  

Just trying to make the point ,that to Mr Average Consumer, a reduction in the unit rates would mean cheaper bills and lower DDs - not everyone is as knowledgeable as some on this forum !  The email contains a lot of information with links . Perhaps it might have been better to separate the two announcements.
Also some might question the need to have an account in credit at the end of March. 

Spoonie_Turtle

Grizzlebeard said:

Spoonie_Turtle said:

QrizB said:.....

........

Good point.  Their only visits to the site are to post their discontent with Octopus, clearly aren't looking for any help or advice else they'd come back to read the replies.

I bet they have been back to read the replies. Some of the comments seem a little judgemental, hosile even, so they're probably inclined to keep their head down.

Nope, profile says just one visit.  Presumably the first one was when signing up.

(Not stalking them or anything just I noticed it when I went to their profile to see comment history.)

Spoonie_Turtle

brewerdave said:

[Deleted User] said:

I think Octopus have shot themselves in the foot slightly however, as this increase has gone out in the same email that lists the reduced tariff rates from October 1st !!

Surely, when prices change it is logical to review the monthly payment scheme. Had there been a Cap increase in Oct, then I would assume that your £19 increase would have been higher.  

Just trying to make the point ,that to Mr Average Consumer, a reduction in the unit rates would mean cheaper bills and lower DDs - not everyone is as knowledgeable as some on this forum !  The email contains a lot of information with links . Perhaps it might have been better to separate the two announcements.
Also some might question the need to have an account in credit at the end of March. 

On the he**site that will be known as Twitter even long after its death, there is a LOT of discontent (that's putting it mildly) about the DD rises.  I really feel for the staff manning social media having to decide which abusive messages are genuine problems needing engaging with.

[Deleted User]

Spoonie_Turtle said:

brewerdave said:

[Deleted User] said:

I think Octopus have shot themselves in the foot slightly however, as this increase has gone out in the same email that lists the reduced tariff rates from October 1st !!

Surely, when prices change it is logical to review the monthly payment scheme. Had there been a Cap increase in Oct, then I would assume that your £19 increase would have been higher.  

Just trying to make the point ,that to Mr Average Consumer, a reduction in the unit rates would mean cheaper bills and lower DDs - not everyone is as knowledgeable as some on this forum !  The email contains a lot of information with links . Perhaps it might have been better to separate the two announcements.
Also some might question the need to have an account in credit at the end of March. 

On the he**site that will be known as Twitter even long after its death, there is a LOT of discontent (that's putting it mildly) about the DD rises.  I really feel for the staff manning social media having to decide which abusive messages are genuine problems needing engaging with.

That is because many consumers don’t understand how the Cap is set and what it means for above and below average consumers. They also fail to accept that in most cases monthly DD payments are not energy charges.

That said, it comes down to communication. My latest water bill was an excellent example of how it should be done. This is what you were charged for the last 6 months; based on that consumption your new 6 monthly cost will be £X; to that we subtract or add your credit/debit balance and we divide the revised cost by 6. This is what you will pay from next month onwards.

FWiW, it makes sense to my mind to go for a zero balance at the end of March. From April, the consumer is then building up credit to see him/her through the next Winter. Remember suppliers are now under pressure from Ofgem not to allow consumers to accrue a debt.