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Original poster

are you in credit with your energy company?

59 replies

MyCircumference · 28/10/2023 08:32

i usually am in september, apparently its normal
but not for me this year.
in debt by 211 a month ago

that isnt good
does this mean no heating for me this winter?

OP posts:
mycatsanutter · 28/10/2023 09:28

Yea I'm completely up to date with readings and I'm £265 in credit , I'm only paying £125 a month so will start making some one off payments I think would rather do that than increase the dd.

Pootle40 · 28/10/2023 09:37

Nuffaluff · 28/10/2023 09:06

If you are in credit the energy company is banking your money and earning interest off it. The profits they must make off this - imagine - with all the customers in credit.

They make out they’re doing you a favour by allowing you to ‘be in credit’. What a con.
It’s your money not theirs! Why not put the money in a savings account and earn some interest for yourself from your money?

Agreed that's why I pay monthly. The difference in tariff is negligible. I can afford to pay less in summer and more in winter and earn the interest thanks very much rather than them. I know I will need to pay £350/400 a month in the coldest months but was paying £150 in Summer.

Original poster
MyCircumference · 28/10/2023 09:42

thanks, i have increased my direct debit and made a small one off payment

OP posts:
Pinotwoman82 · 28/10/2023 09:45

I’ve just looked and have £603 with OVO, haven’t really had the heat on much, only here and there when it felt a bit damp with the rain

Tornado70 · 28/10/2023 09:46

We did the same

megletthesecond · 28/10/2023 09:49

Yes. About £800. I've just come off a 2yr fix and cut back use last winter. Toying with another octopus fix.

Westfacing · 28/10/2023 09:51

Nuffaluff · 28/10/2023 09:06

If you are in credit the energy company is banking your money and earning interest off it. The profits they must make off this - imagine - with all the customers in credit.

They make out they’re doing you a favour by allowing you to ‘be in credit’. What a con.
It’s your money not theirs! Why not put the money in a savings account and earn some interest for yourself from your money?

Indeed!

I say this every time because I find it strange that people are proud that they have their savings in a private company's bank account rather than their own.

Unless you have a partner who can't be trusted with the family savings, build up credit in your own bank account to pay for winter fuel.

frenchfancy81 · 28/10/2023 09:52

Yes- by almost £800?!

ohsobroody · 28/10/2023 09:56

Yes. Currently hovering between 400/500. We deliberately kept DD high all year, appreciate that isn't possible. Will you receive anything like cost of living payments? They shouldn't cut you off if you keep making payments. Can you increase DD by 20 a month to show willing?

Westfacing · 28/10/2023 09:57

The title of the thread should be

'Do you lend money to your energy company?' because that's what you're doing

Ovaltiner · 28/10/2023 10:03

Yes, we are, by a significant amount but this is because our heating broke in Feb (and was massively inefficient before that), so our monthly payments were insane last year.

We replaced the system this year and it has made a huge difference.
I've reduced the payments since and am about to do battle to get the bulk of the overpayment back. I suspect we might need a month's winter usage to point out that we are massively overpaying now.

It can then help to offset the expenditure on the new heating system!

Ovaltiner · 28/10/2023 10:05

Should clarify, we ended up using plug in electric heaters all last winter which cost a fortune (and the house was still freezing, to add insult to injury). Would have been even worse with massive DD and no heating at all, which is what I've suggested!

Original poster
MyCircumference · 28/10/2023 10:05

thank you @ohsobroody
i have increased the DD - and will keep an eye on it.

OP posts:
itsallnewnow · 28/10/2023 10:09

@Westfacing this is the first year I've thought about storing it somewhere else lol every other year savings rates have been so pitiful I actively chose the easiness and peace of mind of keeping it in energy account. lol

We do have other savings in easy access and premium bonds so we will be rethinking going forward

Ariela · 28/10/2023 10:10

Never not in credit, but we only pay £55/month electric. I'm hoping this winter we might dent our £580 we are in credit, given I used a lot of electricity last month (baking).

megletthesecond · 28/10/2023 10:17

I'd rather my energy company had my credit than my bank as it protects me when I get moved to universal credit. Overpaying energy gives me a cushion when my money might be cut.

Qwerty4321 · 28/10/2023 10:38

I have been perpetually in credit for the last year so have moved to variable DD so I pay for what I use. I don't want the energy company sitting on my money but I also know I'm strict enough with myself not to spend the money I put aside for the bills which probably doesn't work for everyone.

If you're in credit by hundreds of pounds I can't understand why you wouldn't reclaim it, though.

9outof10cats · 28/10/2023 10:59

I am always in credit by the wintertime as I pay £150 a month, every month.

I am not sure if I have enough to cover the winter costs, but so far I have not had the heating on too much.

Last winter I was still in credit by £500 once the worst of the cold weather was over and reclaimed some of it back. But we had the cold weather payment, which made a big difference.

9outof10cats · 28/10/2023 11:00

Member589500 · 28/10/2023 08:56

I try to be and am about £200 in credit but would prefer to pay more monthly to have a higher buffer. My company doesn’t allow this. (EDF). They revised my voluntary monthly payment from 300 to 209 when the credit started building. I would prefer to just have 300 come out and be confident I won’t get into arrears over the winter.

Thats odd. Octopus Energy did the same to me, but I just went onto my account and increased it back up again. They appear to allow that.

shardash · 28/10/2023 11:02

Yes, we are, by around £200. It is usually like that by this time of year, as we use a lot less gas in the summer months, but once the central heating goes on we'll use up all that credit by the time the next bill comes in.

StEtienne93 · 28/10/2023 11:02

I do have credit, but not a lot (£260) and it's only that much because I got the warm home payment.

PawsisShady · 28/10/2023 11:07

In debt by £110. Can't afford to increase my DD

Blanketpolicy · 28/10/2023 11:08

We were £500 in credit and just switched supplier as my 3 yr fixed deal had just ended and the next deal was pretty poor, and we also got a EV so switched to a tariff with cheap over night rates for charging.

I have had the £500 credit refunded so currently sitting with £0 credit going into winter which makes me a little nervous, but guess that £500 is better in my account than theirs for now.....

WeightoftheWorld · 28/10/2023 11:39

Yes, not massively though. We've reduced our DD slightly as I think we will end up overpaying otherwise and I'd rather have the money in our bank accounts than theirs! We will check again in a few months and can increase it again if needed, although the supplier will no doubt get in there first anyway if they're concerned.

decionsdecisions62 · 28/10/2023 11:41

Yes £430 but that will drop as I've had the heating on this month