Energy Companies

[Old Cruser]

We've been with OVO for a good few years. never had any issues and enjoyed the 5% interest rate on accrued monies - except -
After the winter we were not far off £600.00 in credit so decided as winter was over and we hadn't used our heating for awhile to reclaim some.
Problem!
We were apparently only allowed ! £104.00 back as we needed to keep three months in credit to cover our future energy bills!! 
How very DARE THEY presume that we couldn't pay our bill - we pay by direct debit and have never been in debit.
I stewed on it for awhile then emailed a strong letter to their complaints.
Seriously within less than FIVE MINUTES hubbies mobile was ringing - he wasn't aware i had just emailed them.
I heard him say 'who is it' OVO? Hubby came into my computer room looking a bit confused.

Anyway to cut the story short the chap from OVO had seen my email pop up Obviously read it - and phoned straight away.

We got our money, but I requested he leave £200.00 in as a starter for next winter.
My gob has been truly smacked - That has to break all records!

[Sorastro]

With Octopus they have a calculation graph which basically shows you how much usage and how much credit or debit will occur over the coming twelve month period.
This balance rises and falls as the seasons pass rising in spring summer {low usage} to falling autumn winter {high} allowing you to see and  adjust your monthly payments to keep your head above water.
Even with the high prices I'm approx £300 in credit per month now and if I don't change the payments by the end of this coming winter it will lessen and I will be in credit JUST, so round about October will increase my d/d slightly.

I don't keep vast amounts of utility credit now simply because if your utility company has say one million customers and about a third of them are constantly £300 in credit {like me} that's 300,000 x £300 sat in their bank earning them interest, which they DON'T pass on.

[Old Cruser]

With Octopus they have a calculation graph which basically shows you how much usage and how much credit or debit will occur over the coming twelve month period.
This balance rises and falls as the seasons pass rising in spring summer {low usage} to falling autumn winter {high} allowing you to see and  adjust your monthly payments to keep your head above water.
Even with the high prices I'm approx £300 in credit per month now and if I don't change the payments by the end of this coming winter it will lessen and I will be in credit JUST, so round about October will increase my d/d slightly.

I don't keep vast amounts of utility credit now simply because if your utility company has say one million customers and about a third of them are constantly £300 in credit {like me} that's 300,000 x £300 sat in their bank earning them interest, which they DON'T pass on.

They are crafty at times but we do get 5% interest with OVO however I think I have read that for new customers they are stopping that!
It's still wasn't good enough what happened.
I believe the price cap is being lowered in July so I'm waiting to see what happens then and may change to what we have as I've signed up for nothing at the moment

[Sorastro]

Just had an Email from Octopus saying prices will fall 1st July by 17% and maybe another 7% on October.

Just checked their calculation graph and the forecast says if I don't increase my d/d I will be just about going into the red by the end of January 24......... I think I can live with that.
According to them the new prices should save me about £356 p/yr which is good news.
But I've noticed a slight increase in the standing charges from the 1st, not a massive amount {about £2 extra p/month}
So hopefully if the other 7% kicks in in October I should in theory ride it out till the Spring without altering my d/d we shall wait and see.

[Chesterfield 4ever]

I just used all my energy to reply 😆 need a lie down now

[Sorastro]

Having watched a couple of episodes of Rip off Britain on this subject it mentioned one customer was over £2000 in credit and another one who was a pensioner who was in credit to the tune of a whopping "EIGHT GRAND" and they were having the devils job claiming it back. I'm all for keeping my account in the black but eight grand, that beggers belief. Apparently her son discovered this oversight and asked for a refund several times {as he had power of attorney} but their excuse was, when confronted by R.O.B., that they didn't  do anything about it because it wasn't his name on the account!

From what I can see these utility companies are virtually frightening people {especially o.a.p.'s} into believing that if you so much as go one penny into the red you'll be cut off and frogmarched straight to prison, their business accounts are awash with their customers money and it's money that some companies are very reluctant to part with.

[Sorastro]

I have just checked my balance, as of today I am over £500 in credit. I send my readings off every 1st of the month and on the 3rd of every month my d/d is paid in, this keeps my credit around the £380 mark. Obviously we will start and use more in the coming months but I hope I should be o.k.

Utility companies apparently encourage customers to be at least one month in credit, I think my d/d should cover it, fingers crossed.

When I was with People's energy round about the start of Covid they asked every customer if they could "donate" a little extra to cover those customers who were really struggling with their utility bills so I donated some money. It was not long after that I swapped companies just before they went bang so I do wonder if mine and others contributions reached and helped those customers.

[Old Cruser]

Daughters had more taken out of her account this last month.
She gad a gas leak under this kitchen floor apparently  I'm hoping her monthly payment's go down now its sorted. She was in credit!