Direct Debits - what do I need to know?



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@Lucy_OVO Still waiting for the PM that has not been sent
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@robinj Argh - not sure what happened there! I've just tried again - has it worked?

^Lucy
I've have an issue with my short term memory, makes most ordinary things quite complex (Checking re-checking etc). Since being with OVO I have been wondering what the point of asking about (Credit Hoarding that seems to be the norm here)...

"Its in case your usage increases in winter" ... Yeah like I decide to heat the whole block with an electric 3 bar heater, and install a heated swimming pool maybe... I fail to see how my 65 Watt TV 20 Watt stereo and 4 x 9 Watt low energy lamps equate to high usage during the 16 hour winter months.

But hey what do I know was only an electrician for about 20 years im sure a lot has changed in the 8 or so years since i stopped...

Just wondered if anyone could help me get my head round it
Oh...
I did say about my memory right...

The other thing is the smart meter ain't working its not sending readings and I can't edit the meter in my profile either..... Really whats the point....
Userlevel 5
Badge +2
I've have an issue with my short term memory, makes most ordinary things quite complex (Checking re-checking etc). Since being with OVO I have been wondering what the point of asking about (Credit Hoarding that seems to be the norm here)...

"Its in case your usage increases in winter" ... Yeah like I decide to heat the whole block with an electric 3 bar heater, and install a heated swimming pool maybe... I fail to see how my 65 Watt TV 20 Watt stereo and 4 x 9 Watt low energy lamps equate to high usage during the 16 hour winter months.

But hey what do I know was only an electrician for about 20 years im sure a lot has changed in the 8 or so years since i stopped...

Just wondered if anyone could help me get my head round it


Hey Syl21969,

We advise customers to pay a certain Direct Debit amount to build up credit for the winter to ensure that when the colder months roll round, they don't need to increase their Direct Debit.

To ensure that customers benefit from having a credit balance with us, we offer them an OVO Interest Reward on any credit balance. For more information, you can read about this here: https://www.ovoenergy.com/ovo-answers/topics/payments-and-statements/ovo-interest-reward/what-is-the-ovo-interest-reward.html.

If your smart meter isn’t sending us readings, then there’s a communication issue that we’ll need to look into. I’ve sent you a private message (PM) with more information on how we go about this. Please bear in mind that you won’t be able to make any changes to your meter on your My OVO account though. What was it that you were trying to change?

I hope you don't mind but I've also tweaked the title of your topic to make it more searchable for other users.

Lucy
Hi was just wondering when i moved into my house i was quoted £62 a month DD which seemed about right but now i am being asked to increase my DD to £207 which is a ridiculous price jump i just submited my first a meter reading and was asked to confirm the electricity as it seemed too low will this changed the amount?
my latest statement does not include direct debit Why
I'd like to know how frequently Ovo reviews the energy usage throughout a year, to ensure the DD payments are appropriate, whether too much or too little
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Hey @102123180 amd @BelB - I've moved your posts over here where you can find lots more info about Direct Debits.
Does the recommended DD incorporate any positive balance in the account into the calculations? Or is it based solely on payments needed to cover outgoings in any particular year?
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Hi @101057797 - I've moved your post onto this topic where you can find more information about Direct Debit calculations. Check out the link @Lucy_OVO's first post.
Hello

According to my energy consumption already used and predicted it shows that my current direct debit amount is correct. Currently I'm £158 in debit which as we've just come out of the winter months you'd expect. Yet Ovo are asking me to increase my direct debit by £42 per month. Why, I don't understand the logic. Surely it will even itself out.
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Hey @Frontfiringspeakers - I've moved your post onto this topic where you can find loads of info on Direct Debit calculations 🙂
Can you please send me a link to where you've posted my question.

Thank you
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Hello

According to my energy consumption already used and predicted it shows that my current direct debit amount is correct. Currently I'm £158 in debit which as we've just come out of the winter months you'd expect. Yet Ovo are asking me to increase my direct debit by £42 per month. Why, I don't understand the logic. Surely it will even itself out.Can you please send me a link to where you've posted my question.

Thank you

They are both here, by my replying to you, you should get a link to this topic.....

Hope that helps!

Darran
I would like ti increase my DD by £18 rather than OVO's recommended £30 more minimum.
Why can't I do that as it's my money their using?
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Please see the above thread, @jrm, you'll find all the info you need.☺
Obviously i am just someone else with a gripe about the level of DD.

First of all i accept that the aim of OVO is to get you to the end of your contract with Zero balance. That is fine.

I also accept that you tend to overpay during the summer months, building credit which you get interest on and then perhaps slightly underpay during the winter months. That is also fine.

Their stated aim of at least being one month in "credit", is also okay with me.

What does bother me ... is their estimates are rubbish. Being rather sad and someone who works in finance, i keep a spreadsheet of all my costs and can easily work out the average, i know that sometimes the costs goes up a little and that is fine. In the past OVO kept saying as a new customer, they never had enough data on my usage to know the exact amount. That argument goes out the window now, as i have been with them since 2014.

Just today out the blue, i am informed that the amount of DD will go up from £83 to £88, I am already well in credit. And what makes matters worse, is when i log into my account, the graph and information on my DD states that my DD level is £88, but they recommend £82 per month, actually lower than i am currently paying. But bear in mind that the by my calculations, i am already way over paying , even with the £83 i am currently on. My average since 2014 is £66 per month, so i wanted to go with a DD of £75, which i felt was fair. (by the way, i couldn't, even if i wanted to, set it at that level, as the lowest i can do is £82.00) So today, i simply changed the current increase back down to the £83.00 i was paying.

At the end of my previous contract, i was so "overpaid" that i set the DD right down to £30.00 for the last three months, to correct things, then it went back up to £83, which was way over what i think it will be, but i am not wanting to give you another £60.00 per year (£5.00 x 12), which you simply don't need.

No doubt as usual, i will need to get a refund on the huge credit I always build up.

So OVO, you have enough data on my account to know my average usage and costs. Why can't the DD be set at a reasonable amount? why are your estimates always too high?. You should be implementing a variable DD debit to match the smart meter readings every month, and i would be only paying for what i actually use. Other utility suppliers can do it.

D
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Welcome to the forum, @OvoBuddie, this does sound frustrating.

You're right by now our annual consumption estimates for electricity EAC (Estimated Annual Consumption) and for gas AQ (Annual Quantity), should mirror up with your usage certainly as you have smart meters.

I'd recommend getting in touch with our team, we may need to look at recalculating your EAC and AQ.

I appreciate there are other suppliers that alter the Direct Debit taken monthly, we try and make the winter months more manageable with the summer credit built.

You can send us a message on Facebook, Twitter or email the team on hello@ovoenergy.com, or give them a call. You can reach our Customer Care team 9-5 Monday-Friday on 0330 303 5063.

Thanks!

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