Octopus Refunds

Thefotoman

Octopus again! I am over £200 in credit with Octopus and in response to them asking me to deposit even more money with them, I have requested a refund. I now receive a message saying they will review it and let me know if it they have approved it!

This is MY MONEY (they are NOT a BANK!) and they have the audacity to think they have the authority to either refund me or not! I find this practice very dubious and more akin to a company run by the Mafia!

Thefotoman

Octopus Energy has requested that I should have at least £296 credit in my account to avoid going into debt with them! Obviously they will be putting this money on deposit and collecting the interest but not passing anything on to me!
They are, in effect, purporting that I will have problems in affording to pay their bill. I find this practice disgusting. This deceitful action is normally the work of companies run by the likes of Trump and Infantino!.

Swipe

Just pay via Variable Direct Debit then if you don't like them holding your money.

WiserMiser

If you think Octopus are bad, you're likely to find anyone else far, far worse. At least they're very easy to contact and you don't even have to pay for the call.

As Swipe says, MVDD is the answer, but you'll have to email or call them.

TroubledTarts

So, taking the mild rant out of your posts.

Yes it's normal at the end of summer (couple of months) for customerd on direct debit to have a decent credit on their account for the expensive winter months to come.

It is for this reason that Octopus are suggesting that figure and not fleecing you or anything underhanded.

You can do as others have suggested and ask them to put you on pay monthly variable direct debit and as long as you are money savvy and know your usage and bills and stay up to date with energy pricing the winter big monthly payments won't be surprised or ruin your Christmas.

bristolleedsfan

https://octopus.energy/blog/getting-a-refund-from-octopus-just-got-faster/

HumberFlyer

I am £239 in credit at the moment…. octopus has not asked me to increase, but I have just increased my dd by £30 this morning…. preparing for the expensive months coming shortly.

QrizB

I'm wondering how your reply is timed as earlier than your original post, but that's a mystery for another day 🙂

As Octopus and others have said, the credit is to ensure your balance doesn't go negative over the winter months. Octopus's T&C require that you keep your account in credit at all times (most other suppliers have the same T&C term).

If you don't want to carry a credit balance, change your payment to Monthly Variable Direct Debit. Every month you'll automatically be charged enough to clear your bill, no more and no less.

Jemma01

Not unusual, I've got about £487 credit. and I know my winter bills are £250/m 🫩 they tried to up my monthly payment to £85 this August, but I'm keeping it at £65, since my PV is generating at worst £100/m. I reckon by February I'd have ran out of credit 🤔

Rodders53

I'm currently -£20 with Octopus now they've taken July's consumption off (and credited the £120 DD from today). They suggested just shy of £140 going forward… which I've set next month' to this morning.

I was a fair bit in credit so only paid £30 for a couple of months to get it down. All done online. No tantrums or any pressure to accept their suggested monthly DD.

I'll go on to VDD with pleasure, but this system suits me well enough. Most 'bills moneys' sit earning 2.75% pa in a Nationwide account until moved in time for DD outs.
Electric only as my Kerosene has to be paid for in advance of delivery from another supplier (and will be needed in the next month or so).

EssexHebridean

I recently requested £100 credit refund - it landed in my bank account inside a week later. I pay £90 a month, and that refund still left me with nearly 2 months worth of credit on the account - plenty for this time of year.

If you are struggling to get money refunded, that almost certainly points to uncertainty about the state of your account - it's probably worth checking that your monthly payments are correct, that meter readings are up to date, and that you are on target to get through next winter without going into debt. If all those things check out, then there should be no issue with a refund being issued for any excess balance.

I wouldn't fret about Octopus earning interest on your credit balance though - they really aren't switching money in and out of high-interest accounts!