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Are you in credit to your energy supplier?

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Are you in credit to your energy supplier?

As the title says "are you in credit to your energy supplier?"

As a matter of fact yes, at this point in time I am and for a good reason.

I pay my energy company a fixed amount monthly.

In Summer I accrue credit which contributes to the extra cost of my winter usage.

If I requested a refund of the credit in Autumn I would be in debt next Summer and my energy company would increase my direct debit to compensate.

I'm happy with the way it is. 

 

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Re: Are you in credit to your energy supplier?

No... and I`m happy about that.... my money is in MY bank.... paying ME interest, ... not in some BIG COMPANY account paying THEM interest..

 

You are being ripped off... the company is making money with YOUR money..

 

I am on monthly PAYG account....  I send in a meter reading when they request it, once a month and I pay the bill "on demand".. keeping  MY money in MY account paying ME interest for the next 30 days....

 

 

SpendLessTime
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Re: Are you in credit to your energy supplier?

No as I swapped suppliers in the winter so my direct debit payments are not matching total usage to date. Come next winter things will even out after low summer energy usage.

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Re: Are you in credit to your energy supplier?


shutter wrote:
I am on monthly PAYG account

Maybe if you were on a monthly direct debit account you could be on a lower tariff, saving you money.


 

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Re: Are you in credit to your energy supplier?


shutter wrote:

No... and I`m happy about that.... my money is in MY bank.... paying ME interest, ... not in some BIG COMPANY account paying THEM interest..

 

You are being ripped off... the company is making money with YOUR money..

 

I am on monthly PAYG account....  I send in a meter reading when they request it, once a month and I pay the bill "on demand".. keeping  MY money in MY account paying ME interest for the next 30 days....

 

 


So I take it you're not a customer of Ovo Energy then? They pay 3% interest on a positive balance, which is higher than a lot of banks' savings accounts... Grin

 

https://www.ovoenergy.com/ovo-answers/topics/payments-and-statements/ovo-interest-reward/what-is-the...

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Re: Are you in credit to your energy supplier?

No... and I`m happy about that.... my money is in MY bank.... paying ME interest, ... not in some BIG COMPANY account paying THEM interest..

With interests so low I don't see that makes any difference.

 

I agree with spreading the costs over direct debits and I seem to be able to get the best tariffs that way.

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Re: Are you in credit to your energy supplier?

I had my payments recalculated when I was switched to a cheaper tariff. This will build me up a credit during the summer months to offset the higher winter costs. I also got £100 back which I had in credit on my old tariff.

SpendLessTime
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Re: Are you in credit to your energy supplier?

@twocvbloke

So I take it you're not a customer of Ovo Energy then? They pay 3% interest on a positive balance

 

Well Santander offer 3% interest on current account balances and a 2% cashback on Direct Debits to energy suppliers, so you can save money that way too.

nadger
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Re: Are you in credit to your energy supplier?

I'm quite happy to always be in credit with E-On and get any balance refunded once a year at beginning of July.

I can adjust DD payments online and E-On have reduced them if they calculate I'm building up too much credit.

 

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Re: Are you in credit to your energy supplier?

I have no problem with being in credit either as the sum of money has generally not be in excess of a few hundred pounds, if we look at the best interest rates possible, say 3% how much would I be making in such an account or put another way how much am I losing in a year, also keeping in mind the excess will drop well below a few hundred pounds during the winter months.

Equally if I had that cash in the bank it might get spent thus resulting in higher DD to the energy company.

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Re: Are you in credit to your energy supplier?

It's quite possible the Banks will introduce negative interest rates to "fix" the next financial crisis. If that happens you'll have the energy companies begging you to not pay your bills in advance.

Now Zen, but a +Net residue.
nadger
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Re: Are you in credit to your energy supplier?

I remember Switzerland doing that a few years ago.

 

Should it happen here the mattress will get even lumpier Smiley

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Re: Are you in credit to your energy supplier?

I don't believe any company should demand and take money for services they have not provided.

 

I stopped paying my monthly water bill for this reason.

 

Far better for me to pay every six months for a service they have provided which is the way things should be.

 

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Re: Are you in credit to your energy supplier?

I was until I submitted my meter reading and I will be in defect but it will catch up over the summer as I have electric heating and a monthly direct debit