I have looked at my payments section and it is showing that we could reduce our Direct Debit by approximately £50 per month, as we are currently over-paying for our usage. However it also shows a credit of £355 which it says we could ask to be refunded.
My question is: Can we take both options or by choosing one (for example the refund) will we lose the other? Not sure if by taking the refund we will need to maintain payments at their current level or whether future payment calculations are made without making reference to any existing balance on the account?
Best answer by Steve587
I would have thought that you could do both, as long as all requirements are met. It would seem that to build up a credit balance of £355, you have been making substantially higher monthly payments than needed, although knowing how OVO's system seems to work, it may be that you've maintained previous high winter month payments into the warmer weather months, hence the large balance and the potential £50 reduction (again, presumably a summer month level, which will eventually change later in the year). However, unless you really need the money, you may just want to reduce - and keep a monthly check - on your DD amount and benefit from the 5% credit interest you get from OVO - much better than the banks!!