If you’re curious about how your credit balance changes over time, Octopus Energy has developed a “balance forecaster.” This tool provides insights for customers, helping them determine whether their monthly energy payments are too high or too low. By starting with a £150 monthly payment, a typical household will have a balance of nearly £500 by the beginning of November.
In contrast to other providers who require a more laborious process, Octopus Energy’s beta tool also allows customers to customize their direct debit level.
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Can I request my provider to change or lower my direct debit?
If your energy provider notifies you at least 10 days in advance, they can change your direct debit. If you’re unsure why your direct debit increased, it’s best to contact your provider directly. If their response fails to satisfy you, you can file a complaint and escalate the issue to the Energy Ombudsman.
Direct debit reviews typically occur twice a year. If you have outstanding payments at the end of the payment year, your supplier may deduct the amount from your account as a lump sum or spread it out over the following year. Your supplier is required to consider your ability to pay when pursuing any outstanding debts.
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Can I request a refund if my supplier owes me credit?
Yes, you can certainly request a refund if you have excess credit with your energy supplier. They are obligated to provide a refund unless they have reasonable grounds for withholding the money. It’s advisable to request a refund before the summer when your energy bills are lower.
Are there alternative options?
If you’re frustrated with the fixed direct debit system, there are two alternatives to consider. The first option is pay-as-you-go, which involves using a pre-payment meter or setting a smart meter to prepay mode. However, if your meter runs out of credit, your power supply will be disconnected. Previously, prepayment customers were charged higher rates compared to those paying by direct debit, but the government has since eliminated this “unfair charge.”
Another option is monthly variable direct debit, where you are billed for your actual monthly energy usage. As a result, your bills will be higher in the winter and lower in the summer. While this may cause fluctuations in your monthly payments, you won’t accumulate credit with your supplier.
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