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Why is my renewal quote so high this year?

  • 7 January 2019
  • 10 replies
  • 434 views

We have been with OVO for nearly a year, no complaints and would like to stay. However, our renewal is up and our quote says we’ll have to pay £140 per month from Feb 2019. We currently pay £116 and are £240 in credit??
We have been on comparison websites and have quotes for £119 per month. Can OVO match this monthly payment or shall we take our credit and switch to another company? Thank you.
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Best answer by Nancy_OVO 9 January 2019, 13:02

Hi @Raq

The figure you're seeing is a suggested monthly payment amount. This is based on your average consumption and the new prices. If you click the relevant 'renew' button online, your Direct Debit won't be increased. It will remain at the current amount for the time being. If you have a credit balance on your account at the moment, you can use this to offset any difference in unit rates should you choose to renew.

You can monitor your account balance by giving regular meter readings and checking your credit on future statements. If you notice your credit is decreasing, you can always increase the Direct Debit accordingly in the 'Payments' section of your online profile.

Hope this helps,
Nancy
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Hi @Raq

The figure you're seeing is a suggested monthly payment amount. This is based on your average consumption and the new prices. If you click the relevant 'renew' button online, your Direct Debit won't be increased. It will remain at the current amount for the time being. If you have a credit balance on your account at the moment, you can use this to offset any difference in unit rates should you choose to renew.

You can monitor your account balance by giving regular meter readings and checking your credit on future statements. If you notice your credit is decreasing, you can always increase the Direct Debit accordingly in the 'Payments' section of your online profile.

Hope this helps,
Nancy
I pay £85 pm which is spot on and the required payment to renew is £116, which seems OTT. I haven't yet clicked on the renew option as it's too expensive, but I'll check it out now if I can reduce the payment.

In the year from Feb 2018 to Feb 2019, my energy costs with OVO were £1089.

Now they are predicting that the cost for 2019/2020 will be £1328.

That''s a 31% rise.

Can someone please explain?

I’ve just today signed up for 2 year fixed payment, direct debit due 12th march, will the new payment start then
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Hi @Mac,

I've just moved your post over here. Are you talking about the suggested Direct Debit upon renewing? If so, more info above ^^

Cheers,
Nancy
My fixed rate contract ends soon and the Better Energy rate is quoting £30 cheaper than im currently paying. Does that mean I've been on the wrong tarrif or is this new monthly rate a guess?
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My fixed rate contract ends soon and the Better Energy rate is quoting £30 cheaper than im currently paying. Does that mean I've been on the wrong tarrif or is this new monthly rate a guess?

Hi @Mumillion - yes that will be an estimate based on the available prices and your annual usage average.

See this thread for more info ^
Just started a new year again with OVO, perhaps rather foolishly.
The new contract gave prices and stated that we should continue to pay the same as last year for the time being. The next statement we received stated a requirement to increase our payments by 24% to cover price increases over the past year, as our payments were "far below the recommended minimum" despite the fact that it showed we were in credit.
NOTE My own calculation based on previous years payments show that the request is eccessive .
The latest statement indicates no change in payment has been made.
As far as I am aware the direct debit is controlled by OVO so why hasn't the payment increased?

As an observation I find it a disgrace (as do many of your customers) that if I had aproached OVO directly I would effectivly been charged a financial penalty payment for having the temerity for doing so, especially as the request for this response is viewed by me as confidential.
I await your answer on this one as there has not been any answer to this when several customers have asked the same question with no adequate response.

As for next year we will definitly move to another supplyer and writting to Which? (as we are members) to wonder why they show a good star rating for customer service when there is no service unless you wish to pay extra for it
OVO estimate my energy costs for this year at £1381. That's £115 a month.

They've just suggested that I raise my monthly payment from £171 to £226. Even with the £410 of debt I'm in, that seems like quite a wild leap.

I'm in this position having followed their advice at every stage as to what my monthly payment should be.

Would I be right in suggesting that OVO are not very good at any of these figures?
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Hi @tonyp227 and @daveshamps

I've moved your posts over here where you can find more information about Direct Debit changes when you renew.

It's important to mention that the Self-Service Reward is a discount applied as a thank you to customers for managing their account themselves online. There are certain things that you won't be able to do online, and sometimes customers may not be able to find the information they need on our website FAQ or our Forum. In these instances, it's perfectly okay to give us a call or get in touch via email without any risk of losing your reward. More information about this here.

Hope this helps

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