Direct Debit Calculation

Nat190

Hi all,

I like to keep track of all these things, so I have made my own calculator that calculates what I should pay for direct debit based off my current usage, and the current tarrif im on.
This way if I find a new deal I can work out accurately what direct debit I should set us on.

However, I am calculating the monthly direct debit as far higher than Octopus are recommending, by quite a large amount! (£138 vs £95.60) - I am able to afford the larger amount I am just interested as to why..

I am adding 6% vs the 5% VAT they add - but this will not make this much of a difference..

Screenshots below of usage (estimated for the rest of the year based off last year)  and current tariff if any one is interested..



I feel like the error could be something to do with gas, but even with their usage estimation (4483) mine comes out larger.. not urgent at all just interested if anyone else is dull enough to try this..

Also I thought it may be something to do with the amount of credit I had, so last month I took it all out but Octopus are still estimating far lower than my spreadsheet.

MattMattMattUK

Nat190 said:

Hi all,

I like to keep track of all these things, so I have made my own calculator that calculates what I should pay for direct debit based off my current usage, and the current tarrif im on.
This way if I find a new deal I can work out accurately what direct debit I should set us on.

However, I am calculating the monthly direct debit as far higher than Octopus are recommending, by quite a large amount! (£138 vs £95.60) - I am able to afford the larger amount I am just interested as to why..

I am adding 6% vs the 5% VAT they add - but this will not make this much of a difference..

Screenshots below of usage (estimated for the rest of the year based off last year)  and current tariff if any one is interested..



I feel like the error could be something to do with gas, but even with their usage estimation (4483) mine comes out larger.. not urgent at all just interested if anyone else is dull enough to try this..

Also I thought it may be something to do with the amount of credit I had, so last month I took it all out but Octopus are still estimating far lower than my spreadsheet.

Your VAT calculation does not add up, it would be £139.66.

It also might take them a month or two to account for your drop in credit and recalculate your monthly payments.

Finally, if you have gas, why are you on Economy 7?

Alnat1

E7 looks a bad choice for you, as you use very little at the lower rate. You would be better off on a single rate tariff.

Nat190

Thanks all,

I'm adding more than VAT (6% not 5%) as a contingency, but to be honest I will likely take that contingency off, or reinstate it somewhere else.

And yes I'll definitely look at Economy 7, realistically when we moved into this house 3 years ago we continued as there was an Economy 7 meter fitted, and then the ridiculous price rises happened, so once that's settled down and we are nearly out of contract I will shop around.

This also not exactly for a 365 period as I switched supplier, haven't tracked it properly somewhere along the line etc, so dates shifted. Meaning I have divided this by 341 days. But since this is an average of the usage over that period it should give a good indication. I'll have a look again at it in a while.

Also, I havent taken Credit into account as I will manage that separately, at a certain point each year I will refund any extra. But a good point about it taking them some time so it may all match up.

debitcardmayhem

It may be worth looking ant Octopus tracker for gas I have saved 25%+ since January , my electric is different since I have solar and use flux, but agile may suit you or other tariffs.

MP1995

Nat190 said:

Thanks all,

I'm adding more than VAT (6% not 5%) as a contingency, but to be honest I will likely take that contingency off, or reinstate it somewhere else.

And yes I'll definitely look at Economy 7, realistically when we moved into this house 3 years ago we continued as there was an Economy 7 meter fitted, and then the ridiculous price rises happened, so once that's settled down and we are nearly out of contract I will shop around.

This also not exactly for a 365 period as I switched supplier, haven't tracked it properly somewhere along the line etc, so dates shifted. Meaning I have divided this by 341 days. But since this is an average of the usage over that period it should give a good indication. I'll have a look again at it in a while.

Also, I havent taken Credit into account as I will manage that separately, at a certain point each year I will refund any extra. But a good point about it taking them some time so it may all match up.

Do you have a smart meter or do you still have the older economy 7 type?

Apologies if I have missed this 

Nat190

MP1995 said:

Nat190 said:

Thanks all,

I'm adding more than VAT (6% not 5%) as a contingency, but to be honest I will likely take that contingency off, or reinstate it somewhere else.

And yes I'll definitely look at Economy 7, realistically when we moved into this house 3 years ago we continued as there was an Economy 7 meter fitted, and then the ridiculous price rises happened, so once that's settled down and we are nearly out of contract I will shop around.

This also not exactly for a 365 period as I switched supplier, haven't tracked it properly somewhere along the line etc, so dates shifted. Meaning I have divided this by 341 days. But since this is an average of the usage over that period it should give a good indication. I'll have a look again at it in a while.

Also, I havent taken Credit into account as I will manage that separately, at a certain point each year I will refund any extra. But a good point about it taking them some time so it may all match up.

Do you have a smart meter or do you still have the older economy 7 type?

Apologies if I have missed this 

I have a smart meter now, when I first moved to the property there was an Economy 7 meter. I ordered a smart meter halfway through a tariff, and honestly just kind of stayed on economy 7 tariffs since ... Which I usually am quite on top of but due to no competitive deals and shell becoming part of Octopus etc I haven't changed.
Once the current fixed I'm on finishes, I will definitely shop around and find something cheaper.