To not pay off debt ?

27 replies

CPHB2021 · 07/03/2023 22:33

£520 in debt to energy company. Should we just pay it off so we are able to build credit over the summer or should we keep the money ( it's in our small savings pot ) and see how the summer goes. We've never been in any kind of debt before, bar our mortgage, so it makes me very uneasy to know we owe this money.

Would you pay it off? Or see how it goes!

OP posts:

WinterMusings · 08/03/2023 03:35

CPHB2021 · 07/03/2023 22:53

Thank you. That's what I was thinking ( re- keeping hold of the money )

Gosh, being a grown up isn't all it's cracked up to be!

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No, it's not quite how I thought it would be!

BarbaraofSeville · 08/03/2023 05:41

wanttokickoffbutcant · 07/03/2023 23:12

If you pay by monthly DD you are not in debt!! They average out annually so you will catch up in lower usage months. It doesn’t even show on a credit report unless you don’t pay the monthly DD.

This. Don't worry about it. You just let the energy company manage your account and DD and just keep an eye on the balance to make sure your credit balance doesn't go too high.

They've upped your DD so that will reduce the negative balance over time.

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