Loyal Octopus 12M Fixed March 2024 v1

BrianDA

I am on the above tariff & I am presently paying £150 per month. I received an email today from Octopus informing me that as of November 1st 2024 my monthly payments will be increasing by £87.32 to £237.32 per month. Can anyone please tell me how they can do this as I did  believe I was on a fixed tariff that would be locked to the original rate for the duration of the tariff which is March 2025. Any help would be great. I am unaware of any hidden clauses attached to this tariff.

Best regards

 

TheMilkmansDad

the tariff (Unit and standing charge) is fixed - how much you use is not. Use more = pay more.

Initial DD will be based on what you/they think you'll use over 12 months, sounds like that too low based on your actual usage meaning an increase to your DD.

Are you're bills up to date and based on actual reads or are they estimates? Are you in Debit or Credit? By how much?

wrf12345

IF you are in serious credit then phone them to explain you don't think the DD should go up, or switch to variable direct debit which will use up any credit you might have on the account before charging you for what you actually use each month (assuming smart meter or you doing monthly readings for them. Ofgem have told suppliers not to let customers get into debt, hence many companies want to increase the DD - some based on reality, others on fantasy.

FlorayG

They are just estimating your usage will be greater - they do this to me every year, I just call them up and tell them NO ( because they always massively over-estimate) they will accept whatever amount you want and will contact you again in three months if it's turning out to not be enough

username

Don't need to phone them  just email saying you'd like to keep it as it is and they'll keep it according to your wishes.
But I do find it annoying that the consent for their suggestion is implied they will raise it regardless, and if you disagree you have to contact them actively.
Other than this minor annoyance my experience with Octopus has been positive.

rp1974

OP,Your tariff is fixed,as in the standing charge and unit rates are fixed,the payment per month is NOT fixed,and will vary up,or down as your usage varies up or down,assuming a Direct Debit amount is what you mean by payment.
As mentioned,any time this question is asked,your Direct Debit is NOT your bill.
The monthly Direct Debit will have been based upon whatever usage figures you supplied them with,or your past 12 months usage,Ofgem,the regulator has obligated suppliers not to allow customers to be in debt,as your using more than the £150 per month amount covers,it needs to be raised.
Lastly,provided you can budget for it request a move to whole monthly Variable Direct Debit,paying only for what you use without building a credit balance and no nagging suggested Direct Debit amount to contend with.

EssexHebridean

Well they MIGHT be over-estimating, but of course they also might not, and the increase is necessary to prevent the OP from going into debt. 

Check your account OP - are the readings on the latest bill correct? If you have a smart meter is it actually sending readings or are there issues with that?  Is your account in credit, and if so how much? 

BrianDA

Hi all, thanks for all the reply's and they have cleared up a lot. There still is one point that I do not understand. I am on 

Loyal Octopus 12M Fixed March 2024 v1

In September 2024 my electricity unit rate was 22.35pkWh, my online account now shows it to be 23.47pkWh which means a rise during the fixed tariff period, is this allowed?

Thanks in anticipation...
 

debitcardmayhem

BrianDA said:

Hi all, thanks for all the reply's and they have cleared up a lot. There still is one point that I do not understand. I am on 

Loyal Octopus 12M Fixed March 2024 v1

In September 2024 my electricity unit rate was 22.35pkWh, my online account now shows it to be 23.47pkWh which means a rise during the fixed tariff period, is this allowed?

Thanks in anticipation...
 

one is without vat 22.35*1.05=23.468

QrizB

BrianDA said:

In September 2024 my electricity unit rate was 22.35pkWh, my online account now shows it to be 23.47pkWh which means a rise during the fixed tariff period, is this allowed?

Was 22.35p the ex-VAT price, and 23.47p the inc-VAT one?

22.35 x 1.05 = 23.4675.

BrianDA

I feel like a plonker, thanks all...