Octopus refund.

keanefan

I saw Martin on the MLMS recently, saying we should request refunds for large energy bills credit. I decided to do that. I was £335 in credit last week. I pay £45 per month by DD. It is low because I have solar PV and for at least 6 months in 2025 my export payments were more than my electricity bill.

They recommended last week that I leave a balance of at least £45 in my account. I requested, and received, £270.

Today they told me they were increasing my DD to £62 per month. Has this happened to anyone else?

Seems odd to me as it means I will just build up even more credit this year.

teaselMay

It's because now that there's only 1/12 of the year's estimated cost in credit their algorithm says you need to be paying a bit more to cover the winter. They're usually very amenable to discussion as to why that's not the case

keanefan

@teaselMay thank you.

marlot

If it helps, Octopus are also happy for their DD to be for the bill amount each month (assuming you have a smart meter). I prefer to do it that way.

FreeBear

https://forums.moneysavingexpert.com/discussion/6669913/octopus-refund

Over on the Octopus forum (separate entity to the MSE forum), there has been a spate of postings about increases to the DD that go above and beyond reasonable estimates. One poster, despite being in credit after the winter spend, OE wanted to increase the DD by some 450%.. Another was looking at a 10 fold increase..

So far, Octopus hasn't cottoned on to the fact that my DD is less than they "recommend". But I should still build up a healthy credit in time for the heating season, and aim to be credit neutral come next April.

Thankfully, you can adjust the DD amount through the Payments menu on the web site (and probably the app).

keanefan

https://forums.moneysavingexpert.com/discussion/comment/82012656#Comment_82012656

I do have a smart meter and am seriously considering this.

keanefan

https://forums.moneysavingexpert.com/discussion/comment/82012724#Comment_82012724

I have increased my DD on the app but am considering just paying my balance monthly instead.

teaselMay

Octopus' algorithm does appear to spit out some implausible numbers at times. The balance projection on their payment page often includes months for me where gas bill, including standing charge, is less than the gas standing charge and despite my electricity use being pretty consistent their projection is often double my use. I've taken to ignoring it and just making sure what I'm paying makes sense to me.

Rodders53

Octopus set my electric only DD to £130+ and I had to pay 1 month in advance when moving to them in March. With a referral feed and CS gesture plus a first DD payment I was something in excess of £270 after the first bill!

Octopus allow you to set your own DD amount and I've never had them set another amount (although they do "suggest" an amount with a big "accept/apply" <recommended> button to press…) Currently set at £30 by me…

My credit is currently £200 (£170 plus the next DD of £30 due on 1st) and they are suggesting £110 per month today. With a chart showing me remaining in credit all the while if I accept that (by a lot all over this summer and winter)… I'll tweak my DD after the next bill or two to keep a small credit and see what happens.

So go online and adjust your DD down to a figure that suits you better.

Octopus also allow variable direct debit paid after each bill if that suits and I may well do that instead.

vic_sf49

I just adjust my direct debit in the app. Currently set to £1, but they now recommend a dd of £6.56. Think I'll risk the deficit, and leave it alone for now. 😂

Exporting more solar now the days are sunnier, which will build up credit over the summer, but I may need to increase my direct debit closer to winter. Didn't have a full year of metered export last year, so I'm not sure how I'll do on export vs import.

WiserMiser

https://forums.moneysavingexpert.com/discussion/comment/82012656#Comment_82012656

You don't need a smart meter to have Monthly Variable Direct Debit. Just make sure you send monthly readings.