Ovo have changed my direct debit back again

[dreamygirl25]

I don't really understand. They asked me to increase it by at least £100 last month (so I went from 207 to 307 - paying a big dd for years and am £1000 in credit right now, but now they have written to me and told me they have changed it back.
Why is this? Have I missed some news? Apologies for being dim if its obvious. I'm not really on top of things right now.

Its probably because you’re £1k in credit, they might have a maximum amount of money they’re allowed to keep in credit. That’s ever such a lot of money and surely it would be better in your pocket than theirs?

Ovo pay good interest on credit balances - I think 5% at one time? Not a bad place to keep a little slush fund.

Well I'm not flush at all, terrified of a massive bill so I think happy to keep it there. They said if I keep paying what I'm paying I'll be £250 in credit this time next year. So I should up my direct debit this time next year?
Thanks for the replies both

I would keep it there too.

Use the app. It's fairly easy and transparent to see why on there.

£1000 sounds like a huge amount of credit to have, even at this time of year when you'll start to use more over winter.

Have you had a bill recently? I know that some providers only bill a couple of times a year so it would be normal to have a big credit just before a bill is issued because most of the credit is used up when the bill comes.

What is your annual cost - this should be on your bill or you can work it out. Then obviously your DD should be 1/12 of this, so you will then know what you should be paying for it to balance out over the year.

But if they won't let you set your DD to a sensible amount and let you have excess credit back when you ask for it, move somewhere that does - Octopus are very good for this and have a good balance predictor tool, so you can see how it should change over the coming year so you can see if your DD and credit are right. Plus they bill monthly, so good for keeping an eye on cost/usage/account balance.

So they have lowered your direct debit again?
My payment is also going down a little as the price per kwh is lowering again in October. I dont have as large a credit balance as you do though

This can sometimes happen after the company announces a price decrease. Have you had any emails communicating that your price going down? I’ve just had one from my energy supplier.

That is also a hell of a lot of money to have in credit, so it could be that.

Reassessments are also often done after a bill. Have you had a recent bill? And what are your meter readings like? Have you been billed to estimated or actual meter readings recently?

I hated OVO for this & other reasons-I moved all my accounts away from them to other supplier who does 'flexible'DD amt. FIL died with £1000 credit with OVO yet they constantly wrote to him to increase his DD amt-they're truly awful.