I'm on a fixed plan - Will the price cap increase affect my direct debit amount?

For anyone interested, please see https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

We’ll post links to OVO’s announcement in this thread once we’ve seen it.

On the eve of the October price cap I watched OVO like a hawk, saw their fixed rates climb and my recommended direct debit payment ROCKET.

Now, on the eve of the second day AFTER Truss's 2,500 cap announcement, my recommended direct debit amount is STILL rising.

What's going on? You were eager to increase our payments in anticipation of a sharp rise, why are you slow to let us nudge our payments back down?

Hi @animald ,

I’ve been reliably informed that OVO has paused all Direct Debit reviews for now while they work through the latest announcements and changes. Once OVO is ready, you’ll get an update. That’s all I know right now.

I changed mind to the recommendation, well I didn't, been cutting usage was waiting for it to get to £600 was recommended £620.thought thats close enough had the email they will auto change the recommendation went to do it and it increased to 673! Now it's recommended at £724, this changes yesterday 😮

I predict it'll between £400-£500 as I'm on drive anytime and a large usage is eV charging, gas can't avoid that will be the killer for me but I'm also confused by the government help on fixed rates, a fixed 17p less and 4p less for gas is still substantially higher than the variable so still a bit confused. 

Just guess we have to wait until October to see what's actually happening! 

As if on queue, the app let me readjust my DD this morning. @stead worth having another look yourself?

I personally think lots of people look too much at the DD suggestions and not enough at the unit rates. Much easier to compare and contrast options by reviewing the rates, as a 17p/kWh reduction on a fixed tariff at 70p/kWh will be a lot different to a 17p/kWh reduction on a 40p/kWh tariff.

Then you've got 2-rate, time of use and tracker tariffs to consider. Have the government considered all eventualities or will it be left up to individual suppliers to interpret what was meant?

Just had a look, it says my recommendation is not available right now, but if I try to change it it tells me it has to be a whole number between £673 and £2000 still 

I’ll give it a few more days! 

At least we are earing interest on the balance, had a whole £1 last bill, should have £3 credit this month !

@nealmurphy what choice do people have when OVO won't let us ignore their recommendation and set below it?

@animald other than the obvious one, possibly not a lot. My advice was more generic for all energy customers, not specifically those with OVO. But it still stands as you are being charged at specific unit rates - whether your payments marry up with these costs are affected by several factors.

I really do think a bit more patience is required from us consumers on all this.  The energy companies are having to react to a policy statement issued only 2 days ago, when the policy is due to last for 2 years.  Any problems (whether they are real or just a perception) will fade into insignificance given time.

Please only get onto customer services if your issue is really urgent.