Octopus' recommended monthly direct debit amount - take care

grandweb

I wish a standard option was to just pay the exact amount you owe each month, like a credit card direct debit.

Saying that, I'm with Octopus and have been maintaining a £300ish debt over the summer and they still haven't changed my DD, so unless they change it, it's going to go into a lot more debt over the winter.

EssexHebridean

grandweb said:

I wish a standard option was to just pay the exact amount you owe each month, like a credit card direct debit.

Saying that, I'm with Octopus and have been maintaining a £300ish debt over the summer and they still haven't changed my DD, so unless they change it, it's going to go into a lot more debt over the winter.

So simply go on to your online account and increase the DD to the correct amount - allowing that they offer customers the facility to take responsibility and manage things for themseves, why wouldn't you make use of that facility? 

And while not the "standard" - variable DD is available, and you could just change to it, That said, if you're struggling to pay the amount you know on a monthly DD, that probably isn't right for you anyway. 

born_again

grandweb said:

I wish a standard option was to just pay the exact amount you owe each month, like a credit card direct debit.

Saying that, I'm with Octopus and have been maintaining a £300ish debt over the summer and they still haven't changed my DD, so unless they change it, it's going to go into a lot more debt over the winter.

Credit card DD's have several options. Full, minimum & some offer a fixed amount each month.

grandweb

EssexHebridean said:

So simply go on to your online account and increase the DD to the correct amount - allowing that they offer customers the facility to take responsibility and manage things for themseves, why wouldn't you make use of that facility? 

And while not the "standard" - variable DD is available, and you could just change to it, That said, if you're struggling to pay the amount you know on a monthly DD, that probably isn't right for you anyway. 

I never said I was struggling, and I don't want to change it if they are going to give me a "free loan" - I can invest or put the money into a savings account to earn some interest on it (even if the gains are small). I've previously had it the other way round where I've been in high credit so I don't feel particularly bad about keeping my low DD for a long as possible.

Credit card DD's have several options. Full, minimum & some offer a fixed amount each month.

In my example I'm referring to the full payment - my point is it's possible for these companies to just bill you the exact amount you owe (if you have a smart meter), so I don't know why the don't provide that option.

Edit:

I missed the second part saying "variable DD is available" - I don't see this option, can you confirm this is available with Octopus?

bob2302

grandweb said:

I missed the second part saying "variable DD is available" - I don't see this option, can you confirm this is available with Octopus?

You have to phone them and ask. They don't make it easy because at lot of people that would want this haven't thought it though and may get into trouble. 

squirrelpie

bob2302 said:

grandweb said:

I missed the second part saying "variable DD is available" - I don't see this option, can you confirm this is available with Octopus?

You have to phone them and ask.

Well I'm on variable DD with Octopus and I never phoned them - it can be done by email.

Netexporter

I just change my DD from time to time, to suit changing circumstances. Currently £10/month because my newish solar panels have generated a £500 credit that will hopefully see my newish heat pump through the winter. I'll adjust the DD upwards if the weather eats the credit faster than expected.

Bendo

grandweb said:

I wish a standard option was to just pay the exact amount you owe each month, like a credit card direct debit.

Saying that, I'm with Octopus and have been maintaining a £300ish debt over the summer and they still haven't changed my DD, so unless they change it, it's going to go into a lot more debt over the winter.

Well since you are with octopus, you can do exactly that. In fact you can go on fixed DD and pay the bill by Amex or other cashback card when it comes and they won't take the DD. Easy little bit of cashback.

victor2

squirrelpie said:

bob2302 said:

grandweb said:

I missed the second part saying "variable DD is available" - I don't see this option, can you confirm this is available with Octopus?

You have to phone them and ask.

Well I'm on variable DD with Octopus and I never phoned them - it can be done by email.

I got a relative's account changed to variable DD. Wrote the email for them, job done.