Choices, choices, choices?

[KatyMac]

I have just realised I am not in as bad a financial position as I thought

I have worked out how much electricity I used last winter (oct-april) and used this years prices to work out how much I should expect to pay this year

My planned DD will just cover it

I also have about 45% of that total amount in credit on my electricity account

So do I

a) reduce my monthly payments
b) cash in my saving
c) cash in a bit of my saving
d) a combination of the 2

I have quite a lot of debt but it is currently on 0% CC until the end of March

The amount I have is about 15% of my debt so it isn't going to make that much difference

What should I do?

First of all I'd talk to your supplier, as I don't know what your elec co is like but my experience of British Gas is that I'm usually substantially in credit but they increase my direct debit enormously when they feel like it. 2 years ago they upped the dd from £30 to £70 in March, and I was £100 in credit at the time, I did get it cut for a while as even the call centre guy thought I had a point when I protested. Anyway, if you don't hassle them the energy companies tend to use direct debit as an excuse to take your money in advance.

I'd say the easiest way of doing it is to get them to reduce your payments and put the difference towards your credit card bill each month, ok it won't pay it but it will cut what you have left to pay if you can, or your interest if you still owe money in March.

Thanks that is a good point