When to pay £600 lump sum into energy account

joxmutz

Hi
My elderly Mum has received her £600 lump sum towards her winter energy bills but I am unsure when to pay this in?
She’s with EDF and is currently in credit £150 and pays £172 DD a month. 

Should I just pay it all in now? Or wait until they suggest her DD goes up? 

EDF are a right pain as they only bill every 6 months and she’s just had a review which mentioned nothing about a DD increase. 

Thank you very much in advance for any help offered! 

double_dutchy

I'm sure there's no obligation to pay the money to EDF. If the account is in credit and the DD is covering the bills then I think she should continue with the current DD and use the money elsewhere as she sees fit 

MikeJXE

If it's the winter fuel payment you do not need to pay it in at all 

Just put it aside in case it's needed later in the winter
 to prop up larger bills 

Is she living alone 

What the of property 

Is it duel fuel 

I pay less than half what you mum pays 

Gerry1

EDF are changing to Kraken, which is a monthly billing system.

She should open an instant access savings account so that she's the one who benefits from ~5% interest, not EDF.

Reed_Richards

The right time is when her account is £600 in debit!  For as long as the account is in credit, the money can be placed in an easy access savings account.  If it's still there by this time next year then it can be spent.

MultiFuelBurner

Shall I just repeat what others have read then repeated themselves....


Oh ok then. If the direct debit setup is going to cover the bills keep it in a savings account ideally until needed.

Damn it please someone say the same below 🤣🤣

Brie

Because @MultiFuelBurner says I should.....

Shall I just repeat what others have read then repeated themselves....

Oh ok then. If the direct debit setup is going to cover the bills keep it in a savings account ideally until needed.

Damn it please someone say the same below 🤣🤣

joxmutz

Thank you all so much! I will definitely hold on to it til it’s really needed then! I’m really glad EDF are changing to monthly and yes, my Mum should benefit from the 5%, not EDF! She lives in a semi bungalow and is a prolific hot water user and heating user due to health conditions so I’m not sure how long it’ll be till she surpasses her DD!
Merry Xmas to you all, and thanks for putting my mind at rest 😊

molerat

Mine has simply gone into the budget column of the spreadsheet and will be paid to the supplier when they take the full monthly variable DD for the energy used.

born_again

MultiFuelBurner said:

Shall I just repeat what others have read then repeated themselves....


Oh ok then. If the direct debit setup is going to cover the bills keep it in a savings account ideally until needed.

Damn it please someone say the same below 🤣🤣

Or as often heard from many on receipt. That's grandkids Christmas pressies paid for 🤦‍♀️

pseudodox

molerat said:

Mine has simply gone into the budget column of the spreadsheet and will be paid to the supplier when theytake the full monthly variable DD for the energy used.

Same here.  My £500 handout has covered my November bill with enough left to pay December & January energy use.  Numbers are on the spreadsheet, actual ££ are earning interest.