British Gas acting as a bank on my behalf

[Jcloughie]

Octopus are not ,in my case, taking into consideration the previous year where I ended up with in November of £1160 in Credit with Bulb, I reclaimed £500 and over the last 6 months have whittled down the credit. I fully wish to have enough credit to be able to keep my DD payments at about £300 all year, but also if power costs are variable then so should DD payments.
Swings and Roundabouts, which in Milton Keynes we know all about

You may find your payments get more sencible after things settle down with your new supplier. I just do my own calcunlations and set my monthly payments accordingly. Occasionally Octopus have suggested an ammout. My current credit is about £75. But has been £300.

To take OC’s suggestion of paying what it owed each month. Surely this should be eminently possible using smart meters with suppliers only taking the correct ammount on a varriable DD.

John

 

[Beachball]

I am in credit with Octopus by £357, I have been paying a direct debit of £300 for the last 2 months and my power usage has been , in December £475, Jan,£450 Feb £360, and as of today £350, and it will keep dropping, if the weather is favourable. Now Octopus have stated that as HMG subsidy has ended, I should put my DD upto £391, They automatically changed it, and I have just changed it back. They are NOT squeaky clean either.

I would agree one point we were paying £185 with Octopus and now it gone up to £250 we are still in credit by £200

 

[Hutch]

I would agree one point we were paying £185 with Octopus and now it gone up to £250 we are still in credit by £200

At least I know I am not alone, Octopus even told me they expect the cost of power to reduce, The next few months will be interesting.

 

[Niall_McIntosh]

I am with OVO and am in credit with them However, I do benefit from this as I get paid interest on the amount they hold. I think this is something they used to offer, but is no longer available to new customers.

 

[Beehpee]

I keep hearing that energy prices will drop around July and that there’s a good chance there will be fixed rate offers to be available in July then it will be more like it was before prices went through the roof.
As for my mention of refusing to pay by DD I’m not missing any lower costs by making them wait, I get great pleasure making them wait to get my payment.
The only penalty I get is if I look on Experian at my credit score I drop from 100% as my score down to 99% perfect, I’ve no intention to get a loan or credit card or any other form of money borrowing so it could drop to 0% for my care.

BP

 

[otherclive]

I keep hearing that energy prices will drop around July and that there’s a good chance there will be fixed rate offers to be available in July then it will be more like it was before prices went through the roof.
As for my mention of refusing to pay by DD I’m not missing any lower costs by making them wait, I get great pleasure making them wait to get my payment.
The only penalty I get is if I look on Experian at my credit score I drop from 100% as my score down to 99% perfect, I’ve no intention to get a loan or credit card or any other form of money borrowing so it could drop to 0% for my care.

BP

One company has already offered a fixed rate deal. Can’t see prices going back to where they were if we have to import LNG but certainly the reduction in prices is welcome.

 

[ProfJohnL]

However aren't you unfairly penalised by not paying by DD as some suppliers offer a 5% discount for paying by DD?

It depends on the company your with.

 

[Buckman]

When inflation drops to a normal level will pigs fly and prices drop?

 

[otherclive]

When inflation drops to a normal level will pigs fly and prices drop?

Even if inflation drops to zero the prices will be locked in. To feel better off real incomes need to rise, or a spell of deflation, or world prices reduce in real terms. Probably a combination of all three.

 

[RogerL]

Even if inflation drops to zero the prices will be locked in. To feel better off real incomes need to rise, or a spell of deflation, or world prices reduce in real terms. Probably a combination of all three.

More likely none of them - real income increases just fuels inflation unless it's directly linked to productivity - deflation is regarded as economic trouble - world prices are unlikely to reduce.

 

[otherclive]

More likely none of them - real income increases just fuels inflation unless it's directly linked to productivity - deflation is regarded as economic trouble - world prices are unlikely to reduce.

By most definitions a “ real income increase” is linked to productivity or increased GDP which filters down into and across the economy. Puzzled as to why you think world prices are unlikely to reduce. Already gas and oil have gone down from their peak, and other commodities have levelled off or started to reduce. The shock to the global economy of covid followed by Ukraine will filter out but I don’t expect anything too soon until Ukraine is resolved. Then there’s the real biggy…… climate change.

 

[Dustydog]

Our B Gas super deal expires in June. Two good years but I see a massive increase on the horizon even though prices have dropped . We have been paying £126.00 and been told it will increase to £240. We will be shopping around. This is gas and electric. Currently £305 in credit. Just about one months payment. Will leave it there to soften to forthcoming blow. In fairness the quarterly £67.00 bonus from BG has helped as has the oap £600 from HMG.

 

[Beachball]

Our B Gas super deal expires in June. Two good years but I see a massive increase on the horizon even though prices have dropped . We have been paying £126.00 and been told it will increase to £240. We will be shopping around. This is gas and electric. Currently £305 in credit. Just about one months payment. Will leave it there to soften to forthcoming blow. In fairness the quarterly £67.00 bonus from BG has helped as has the oap £600 from HMG.

Hi Dusty we use to have a fixed rate with B Gas and ours went up double on what we were paying . and we move on to a new supplier (Octopus Energy)

 

[Jcloughie]

You get a hint on here of others monthly payments. Obviously there are a great many variables. But I consider I am in an average 3 bed house. A few years ago fuel was about £1200 on average, and we managed to keep to that. I believe that the average figure is going to be £2500. So that is my target. That equates to £208 per month. This is around what we pay and what Octopus are happy with.

John

 

[Hutch]

I do a check on the First of April, I didn't realise this until today when looking through something. And in April 2019, my DD with Scottish power was £170. My last year's payments to Bulb went up to £180. and I ended up in credit to £1160. Now Octopus want £391. We have squared off at £300.
I feel sorry for people who have been on fixed tarrifs. As they might find a shock.

 

[Hutch]

Mind you decorative candles £8.99 per month.

 

[otherclive]

I do a check on the First of April, I didn't realise this until today when looking through something. And in April 2019, my DD with Scottish power was £170. My last year's payments to Bulb went up to £180. and I ended up in credit to £1160. Now Octopus want £391. We have squared off at £300.
I feel sorry for people who have been on fixed tarrifs. As they might find a shock.

No shock after enjoying two years of low rates. We do live in the real world, but we can continue with our our energy as normal as even at low rates £80 pm kept us well in credit. So given rates will reduce further in July we don’t have any shocks coming, albeit we know that our expenditure will rise.

 

[Beachball]

You get a hint on here of others monthly payments. Obviously there are a great many variables. But I consider I am in an average 3 bed house. A few years ago fuel was about £1200 on average, and we managed to keep to that. I believe that the average figure is going to be £2500. So that is my target. That equates to £208 per month. This is around what we pay and what Octopus are happy with.

John

Well i got a letter from Octopus
the planned rise of energy price guarantee to £3,000 for a typical home now been delayed to July but your direct debit has to gone up to £250 so i am looking at that . but like some others we are in credit .

 

[Hutch]

Well i got a letter from Octopus
the planned rise of energy price guarantee to £3,000 for a typical home now been delayed to July but your direct debit has to gone up to £250 so i am looking at that . but like some others we are in credit .

That's a similar letter to mine from Octopus energy.

 

[otherclive]

Well i got a letter from Octopus
the planned rise of energy price guarantee to £3,000 for a typical home now been delayed to July but your direct debit has to gone up to £250 so i am looking at that . but like some others we are in credit .

It’s a bit of a moving feast but most expect the Energy Price Guarantee to fall further in July. This is from the HMG official site:

“The Chancellor’s three-month extension of the Energy Price Guarantee at £2,500 means households won’t feel the full force of Ofgem’s Price Cap between April and June – which stands at £3,280 – helping to bridge consumers into the summer.
Lower wholesale gas prices are expected to feed through to lower household energy bills from July, where Cornwall Insight data suggests the Ofgem Price Cap will reach an estimated £2,100 a year for a typical household.”

Energy Price Guarantee extended for an extra three months

Millions of households will get more support via the extension of the Energy Price Guarantee to help ease the cost of living, the Chancellor has announced today ahead of the Spring Budget.

www.gov.uk

 

[Beachball]

Well i hope it does come down but we wait and see what Octopus energy does from July

 

[Jcloughie]

Well i got a letter from Octopus
the planned rise of energy price guarantee to £3,000 for a typical home now been delayed to July but your direct debit has to gone up to £250 so i am looking at that . but like some others we are in credit .

I also got that letter, but the price guarantee is not the same as the average yearly bill. This is created by Offgem, this is BG’s interpretation.

What is the average energy bill in Great Britain? – British Gas

Looking for a guide on average energy bills from British Gas? Learn how your utility bills depend on your lifestyle, home size and how many people you live with.

www.britishgas.co.uk

John

 

[Buckman]

Our average electric consumption is approximately 7000kwh annually as we have air source heating. Switching to Eco machines has saved us about 500kwh annually even though the machines take nearly twice as long to do the same job!

 

[Beachball]

Not sure what the average is for a 2 bedroom bungalow for two people we have gas central heating

 

[Raywood]

You are entitled to a refund. Point out this to them and say you will be reporting them to the regulator if they do not pay you immediately and follow through if they are unreasonable. I would also add that if they argue you should say you will be switching supplier because of this although I am not sure they will always respond to that. I would also insist on getting the full name of who you are talking to before complaining.
From what I read British Gas are very bad on service service, although to try and be fair, they did do very well with my daughters father in law when he had problems and he could not praise the enough.
Octopus and OVO do have the best reputations.