Should I ask for a refund??

mstopham

I am with Scottish Power and up until last month have not been taking the best care of my finances, ultility bill included.

Having made the decision to get my house in order so to speak I am wanting to do something about the credit I am in with SP.

As at my latest quarterly bill (I pay them a DD each month that was estimated until May) on 22nd May I was £255 in credit.

I currently pay £82 a month and have lived in the property just over a year so the £255 should equate to approx £20 a month over paying (As this is a year obviously includes higher winter bills as well as lower summer ones).

I rang up on the 21st of May (coincedence that it was the day before my quarterly bill) and spoke to them about my account. The CSR advised me that it was too late for the current bill (understandable as it was the next day) but as I had now given meter readings they would adjust my estimated monthly amount to reflect the actual usage.

I have been billed £82 today so I am assuming that the change isn't going to happen until 22nd August (my next quarterly bill)

So my question is... should I ring up SP and ask to be refunded the £255 (I would use the money to pay off a chunk of a credit card debt) or in your opinion would I be better letting it sort itself out over the next 3/6/12 months?

Premier_2

I'll admit, I'm a little prejudiced against monthly payments via DD to utility companies due to a bad experience in the past.

What I think I can say with relative certainty is that if you don't ask you won't get. The worst they can do is refuse.

They may just use the credit to reduce your monthly payments over say the next 12 months.

DGJsaver

mstopham wrote: »

I am with Scottish Power and up until last month have not been taking the best care of my finances, ultility bill included.

Having made the decision to get my house in order so to speak I am wanting to do something about the credit I am in with SP.

As at my latest quarterly bill (I pay them a DD each month that was estimated until May) on 22nd May I was £255 in credit.

I currently pay £82 a month and have lived in the property just over a year so the £255 should equate to approx £20 a month over paying (As this is a year obviously includes higher winter bills as well as lower summer ones).

I rang up on the 21st of May (coincedence that it was the day before my quarterly bill) and spoke to them about my account. The CSR advised me that it was too late for the current bill (understandable as it was the next day) but as I had now given meter readings they would adjust my estimated monthly amount to reflect the actual usage.

I have been billed £82 today so I am assuming that the change isn't going to happen until 22nd August (my next quarterly bill)

So my question is... should I ring up SP and ask to be refunded the £255 (I would use the money to pay off a chunk of a credit card debt) or in your opinion would I be better letting it sort itself out over the next 3/6/12 months?

If you can run your money matters well , and understand the meaning of keeping up to date with you energy bills through winter and summer , and they say you can have it back

grab it both hands

Cardew

If you are £255 in credit and this is based on an actual meter reading(not estimated) you are likely to be even more in credit by the end of the summer.

Most firms carry out a review at the end of the first year and either refund the overpayment or, as you say, reduce your DD. That monthly reduction should take place next month.

Certainly I would try to get back £200 or so if you need it to pay off your CC bill; although unless you clear your CC bill, I thought paying some off the balance didn't help - you are still charged interest on the whole amount??

My brother had a huge CC bill of around £8,000. He paid off half but was still charged for interest on £8,000. That was some while ago - I assume it is still the same???

tobykim

Good idea to get some of it back, though not all, leave a bit in for your Winter bill, I took all mine out once and was short when the c heating bills came in, although with SP and they never quibbled about giving it to me back I think I was about £200 in credit, one thing to note though is they will not pay it back into your bank account they send cheques and I think the max amount each cheque can be is £100 so you may end up with 2 cheques

mstopham

Cardew wrote: »

Certainly I would try to get back £200 or so if you need it to pay off your CC bill; although unless you clear your CC bill, I thought paying some off the balance didn't help - you are still charged interest on the whole amount??

My brother had a huge CC bill of around £8,000. He paid off half but was still charged for interest on £8,000. That was some while ago - I assume it is still the same???

You should not be charged interest on the whole amount that you have borrowed. Only on what you owe and I think it should be done on a daily basis. My interest on my CC's goes down as I pay money off (and obviously was going up as I spent).

Cardew

mstopham wrote: »

You should not be charged interest on the whole amount that you have borrowed. Only on what you owe and I think it should be done on a daily basis. My interest on my CC's goes down as I pay money off (and obviously was going up as I spent).

Sorry what I meant was for that particular month.

e.g. You owe £8,000 and pay off the minimum, say £100. I owe £8000 and pay off £7000, we both pay interest for that month on the full £8,000.

In the days when I paid my credit card off(in full) by cheque each month, I onnce had a bill for £xxx.97p and I mistakenly sent a cheque for £xxx.79.

I was charged the full interest on £xxx.97p - some £20 IIRC.