Can I do this with Octopus Energy?

bery_451

Hello,

Octopus Energy account is opened on my relative name & bank details for the monthly direct debit however I don't want the name to change, I just want to use my bank details for the direct debit so I can pay but do not want the octopus account in my name.

If it can be done then how is it done? I logged into octopus online & I see I can change bank account details however it is asking for bank account holder name so if I use my name then will the name of the octopus account be transferred to my name?

To get energy or utilities the companies do a credit check on that name at that address correct?

Thanks,

Spies

No it wont be transferred into your name.

bery_451

Spies said:

No it wont be transferred into your name.

So I just complete change bank details on their website?

Spies

Correct 

bery_451

Spies said:

Correct 

So to confirm if named energy account holder goes into debt with the energy company then energy company will not not instruct debt recovery or taint the credit report of the named bank account holder?

Spies

Can't guarantee what debt collection agencies might do, other option is pay by debit card when a bill is generated before it generates a DD instruction 

bery_451

Spies said:

Can't guarantee what debt collection agencies might do, other option is pay by debit card when a bill is generated before it generates a DD instruction 

With direct debit you get that 5% discount I think.

Qyburn

bery_451 said:

Spies said:

Correct 

So to confirm if named energy account holder goes into debt with the energy company then energy company will not not instruct debt recovery or taint the credit report of the named bank account holder?

If you're paying their bills by DD, why would they get into a default?

TheBanker

Qyburn said:

bery_451 said:

Spies said:

Correct 

So to confirm if named energy account holder goes into debt with the energy company then energy company will not not instruct debt recovery or taint the credit report of the named bank account holder?

If you're paying their bills by DD, why would they get into a default?

I think the risk is actually to the relative - if the DD wasn't paid for any reason and they weren't keeping a close eye on their account/emails they could end up in debt without realising. And the debt would be owed by the relative, not the person paying the DD. 

Spies

bery_451 said:

Spies said:

Can't guarantee what debt collection agencies might do, other option is pay by debit card when a bill is generated before it generates a DD instruction 

With direct debit you get that 5% discount I think.

Not in my experience. 

Qyburn

Spies said:

bery_451 said:

Spies said:

Can't guarantee what debt collection agencies might do, other option is pay by debit card when a bill is generated before it generates a DD instruction 

With direct debit you get that 5% discount I think.

Not in my experience. 

Octopus charge the same rates for payment by fixed DD or by variable "whole amount" DD.  I don't know if they publish their non-DD rate, but their SVR DD rate is bang on the price cap, and 5% below the price cap for non-DD.