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Energy - is this too much credit?

7 replies

BaconLettuceTomato · 05/08/2023 22:52

I'm a slightly-less-than-average energy user, currently paying £180 per month. I used to not worry too much about the amount of credit built up over summer, as my bills were never more than £100 a month and it wouldn't have been a problem to increase payments a bit if I went into debit. However, with the current prices I don't want to suddenly face a big bill in the winter. I'm £300 in credit at the moment. Does that sound like a sensible amount for early August, or shall I ask for a bit back / reduce payments by £20 or so?

OP posts:
WheresTheRemoteControl · 05/08/2023 22:53

Im 500 in credit. It will soon disappear come winter

NuckingFightmare · 05/08/2023 23:11

I was £1100 in credit. Bills were £178 month. I dropped to £150 a month and I'm still in £918 credit.
I'm keeping mine in credit as it means in winter I don't have to be as stingy putting heating on.

dementedpixie · 05/08/2023 23:24

£300 credit sounds reasonable. I'd leave it for now

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NerdyIsMyMiddleName · 05/08/2023 23:30

I think on the MSE podcast, he was saying that it should be at £0 at around May. Mine was around £800, which I decided was too much but Shell thought differently so I switched.

Each to their own, but I'd rather have that money earning interest in my savings account than providing the energy companies with an extra free form of finance!

At the time, it would have paid for about 3 months of gas and electricity at winter rates, so they're really taking the piss, especially as we've got a smart meter - they can't say they're shoring up cash because they don't know how much our bills are going to be 😡

BarbaraofSeville · 06/08/2023 04:28

If you're paying by direct debit you won't suddenly face a big bill, they'll just increase your direct debit when they review your account.

Your bill will have estimated annual usage figures on it, so you can work out how much this should cost and hence average monthly amount.

It's hard to say whether the credit is right without knowing about how much you have the heating on and what type of heating you have. Also whether you use a tumble dryer a lot in winter.

weathervane1 · 06/08/2023 05:32

Last weeks bill for dual fuel was £67 and we're nearly £600 in credit. Once the cold weather bites this will vanish within the first two months and we'll be back to paying £200+ a month.

Cupcakequeen75 · 06/08/2023 06:57

We are £1k in credit and it will build a bit more before we hit winter but assuming things are similar to last year (costs & weather) it means we can keep our DD the same (£100pm) and come out the other side ok.

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