I'm In Credit For Gass N Leccie

[spathiphyllum]

£40 odd quid. My direct debit is apparently too much? apparently they estimate i'll be £420 in credit at the end of my 'plan'.

They say i can get a credit refund, will this go straight back into my bank account?

What should my plan of action be? I've never been in this kind of position before.

If i do run up a credit of £417, will they give that to me in full at the end of the "plan" ?

[emmie]

they should do, i was in credit at the end of year plan or whatever and i got money back, which was nice. I am with EDF.

[Flonska]

Have a read of this, first . . .

https://www.citizensadvice.org.uk/consumer/energy/energy-supply/claim-back-credit/claim-back-credit-from-your-energy-supplier/

Then check the back of one of your bills. Your energy supplier may explain how "in credit" balances are dealt with. If no information on your bill, then phone the customer help number shown.

[emmie]

can you not check with them before thinking how to spend the money..........

[New Judge]

It depends on your supplier (and the terms of your contract).

Some may keep the credit as winter is approaching to offset the extra costs you will incur then. However, if they estimate you will be £420 in credit by the end of your deal (presumably 12 months) you are paying around £35 a month too much. Do you have an estimate of how much gas and leccy (in Kilowatt Hours) you will use in the year? If so it's fairly easy to calculate the likely cost.

[spathiphyllum]

this all came about after i gave them an up to date metre reading. However, winter is just starting! I'll see how it goes through the colder months. Good link Flonska, and good advice emmie thank you

[gingejbee]

...just one of the reasons that we pay our bills quarterly, six-monthly or yearly when they are due....

[spathiphyllum]

Unfortunately not NJ.. i've no idea how much gass and electric i shall use. They rated me based on the last owners usage but they were a fam of 4 with a dog.

[New Judge]

Take a meter reading once a month, spathi. It's easy to work out your costs but if you like I can do it for you (give me the latest and previous meter readings and the name of your supplier and the deal you are on).

[maggiebee]

I'm with Scottish Gas and if I've overpaid at the end of the year, the surplus goes straight back into my bank account.

[spathiphyllum]

Thank you for the offer New Judge, however i think i need a few more months (and varied temps) to get an accurate estimate. (i'd rather be in credit than out of it) also the lump sum at the end of the year would be some nice savings. Also, i've no idea (to be honest) of the plan or deal i'm on! Just know the supplier is British gas and they're the ones i have to use.

[New Judge]

Yes spathi, you can't get a view of your annual usage from just a month or two because everybody's usage is obviously very seasonal. What I suggest is that you take a reading once a month. You don't necessarily need to work out your costs for each month (though I do, purely for interest). But what would be useful for you is to have an estimate of your usage in Kwh when your deal is about to end so that you can look around for a better deal. I do this every year (my annual usage does not vary by much) and it's always better if you can do the comparisons with your actual usage to hand. One word of warning - do not simply allow your current deal to expire and allow your supplier to switch you to one of their other tariffs. They will almost certainly put you on their standard tariff which will be more expensive. You have to compare tariffs every time your current deal expires if you are to make the most of being able to switch. Switching is no hassle (I've done it about six or seven times in about ten years). The comparison sites do most of the work and it's saved me a tidy sum.

[New Judge]

And I forgot to add - don't let the energy company be your "savings bank". If you have spare cash you should not lend it to them free of interest. That's why it's important that you get your DD as near as possible to what you need to pay. That way you can put your money somewhere where it may earn you a bit of interest. Even with today's pitiful interest rates, every little helps!

[dannyk13]

I was £90 in credit which was paid into my account, then my DD was increased to pay for the estimate of my annual usage.

[spathiphyllum]

Thank you for the hints tips and help everyone, i will make sure not to let it 'tick over' and to have a look at the new tarrifs when i'm due for one. I'll also try to get this ££ out of the account and lower my DD if possible, but i shall wait a couple of months first to check that the winter won't eat up this credit :)

[Denton]

You are with one of the worst Suppliers in British Gas,I would go on a Comparison Site and you will be amazed what other deals are available.

[spathiphyllum]

Apparently i have to be with them :/

[hereIam]

I just get a quarterly bill.

[New Judge]

"You are with one of the worst Suppliers in British Gas,I would go on a Comparison Site and you will be amazed what other deals are available."

British Gas is currently offering the cheapest deal for those wanting a dual fuel supply and who pay by monthly direct debit (£200 pa cheaper for me compared to the next best). With the deal comes free boiler cover for a year. The downside is that you must agree to have a Smart Meter installed within three months of signing up. I'm surprised other suppliers haven't made such a stipulation in order to help them achieve their (unrealistic) Smart Meter targets which they've agreed with the government.

[New Judge]

"I just get a quarterly bill."

Then you are almost certainly paying more than you need to. Perhaps considerably more if you are on a standard variable tariff.

[spathiphyllum]

I always turn off all of my plugs, including my TV plug, the ONLY things i leave on in the house is the fridge and freezer. So in effect, if i got a smart meter (i assume they're on all the time) then i'd be adding 50% of my current leccie (from plugs) to my monthly usage surely? Or are they battery powered?