Eonnext fix

eastcorkram

Why do they do this?!? 

Have been on a 2 year fix at 27.63p and 58.45p per day. 
Direct debit of £70 per month. That's about £10 to £15 above actual usage. The account is £400.91 in credit.
Deal is coming to an end, so signed up for Next secure 12 month v 4. This is 23.31p and 50.69p per day. Both cheaper than previous deal. 

They have increased the DD to £92.23. 

They've based that on estimated usage of 3954 units a year. 

Why do they estimate usage when they're getting smart meter readings, and can clearly see we use an average of 2100 units a year?? 

I'm going to have to phone them aren't I ?

Netexporter

Can't you just reduce the DD amount, or request a credit refund, online. Eon use the Octopus' Kraken system and you can do both those things there.

eastcorkram

Netexporter said:

Can't you just reduce the DD amount, or request a credit refund, online. Eon use the Octopus' Kraken system and you can do both those things there.

I thought you could only do that by 10%, so would take it to £81, still too high, even if we were still on the old, higher prices. 

QrizB

FWIW I make your new DD about £56 a month, and that's ignoring your £400 credit.

That 12-month fixed rate deal looks quite a good offer.

eastcorkram

QrizB said:

FWIW I make your new DD about £56 a month, and that's ignoring your £400 credit.

That 12-month fixed rate deal looks quite a good offer.

Yes, I thought it would be about that, or they'd just leave it the same at £60. 

The trouble is, they've plucked that usage figure from somewhere, and based it on that, and as usual, seem to totally ignore the credit, which just keeps on growing. 

Scot_39

It wont help your dd and consumption estimates but re credit Look on your on line account there might be a button link to reclaim the credit.  Not that they advertise its there.

But when I ended up in credit last year they dropped my direct debit down - to barely cover summer consumption levels let alone average  - on the basis that would zero the balance. And that request refund facilty button disappeared.  My own estimate was c£5 at end of 12 months at last years usage and Apr prices. 

And when electricity prices dropped c10% in July (gas dropped c25%+ iirc) they dropped my fixed annualised DD again.

But didn't drop with Oct cut and then noticed the refund request link was back - so reclaimed about half the credit - which I warn you in my case - then actually led to a higher direct debit.  As the credit wax reflected in last 2 dd recalcs.

It appears though you need to work out what you should pay at new rates at your typical consumption and then as you say phone them to challange.

If they won't redo to your typical consumption history (estimate is near enough double so obviuosly strange) and you can cope with budgetting the variation, have you considered monthly variable direct debit.
A monthly pay as you use but at direct debit rates - and a credit reclaim - or they might just stop taking money by DD until use up credit for n weeks / months (I built up nearly 3m credit at one stage) etc - as others have reported on switch.

Being on a variable rate I get quarterly revised annual cost estimates at each cap - their pretty much spot on for rolling 12m usage as a rule. And my revised DD calcs seem pretty much to follow.

Wonder if the fix offers reverting to some sort of property dependent norm for area - but several other posters have had trouble with large estimates - some chose to move to monthly variable to escape the issue of credit / debit cycle and suppliers estimates.

oldagetraveller1

When I log in to my account's "dashboard" and "My bills" the Direct Debit amount shows. Over on the right hand side my "Account balance" displays. Under that "Why is my account in credit?" and "Can I get some credit refunded?"

Yes I can, but my monthly DD increases as a result if a refund is requested. That potential DD changes depending on the refund.

Scot_39

oldagetraveller1 said:

When I log in to my account's "dashboard" and "My bills" the Direct Debit amount shows. Over on the right hand side my "Account balance" displays. Under that "Why is my account in credit?" and "Can I get some credit refunded?"

Yes I can, but my monthly DD increases as a result if a refund is requested. That potential DD changes depending on the refund.

Yes - my £5 at end of 12 months used a rational like

New ave DD = (12m usage at new rate - outstanding balance)/12

Outstanding balance in that case positive for credit reducing overall amount due, negative for debit so increases amount due

Take out any of the current credit component by taking refund - forces amount to be paid up - so the suggested DD goes up.

By credit refund/ 12 in my simplistic view.  But only if still use 1 year window.

Pay off any debit component (-ve credit) by paying lump sum it would go down.

bluelad1927

I found the easiest way to deal with unwanted DD increase is to pay by variable DD.  Easiest option to be in control of your account

eastcorkram

bluelad1927 said:

I found the easiest way to deal with unwanted DD increase is to pay by variable DD.  Easiest option to be in control of your account

Can I do that, and still go ahead with that 12 month fix I just agreed to?

Netexporter

If you're still within the cancellation period you would probably be better off switching to Octopus. If you find a referral code you will also get £50 for joining.