Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Outfox hiking monthly payments?

Making your money go further
DrFfybes
Lemon Quarter
Posts: 3732
Joined: November 6th, 2016, 10:25 pm
Has thanked: 1171 times
Been thanked: 1964 times

Outfox hiking monthly payments?

#451617

Postby DrFfybes » October 20th, 2021, 12:33 pm

Just submitted my readings to Outfox the market, and despite being over £270 in credit after 4 months they have decided to increase our monthly payments from £137 to £234.

This seems a little on the steep side as I'm on a fixed tariff. It seems based on estimating my gas use for the year at 63,000 kWh, up from the 32,000 we used last year.

My suspicion is they base it on summer use and apply a multiple, but with an old boiler with a pilot light and poor insulation on the hot water cylinder our summer use is higher than most.

Anyone else had this?

Paul

Gersemi
Lemon Slice
Posts: 492
Joined: November 4th, 2016, 3:57 pm
Has thanked: 535 times
Been thanked: 222 times

Re: Outfox hiking monthly payments?

#451717

Postby Gersemi » October 20th, 2021, 4:38 pm

I submitted my latest reading to them yesterday, I'm a similar amount in credit to you, so I'll report back on the DD situation when they produce the bill.

daveh
Lemon Quarter
Posts: 2191
Joined: November 4th, 2016, 11:06 am
Has thanked: 409 times
Been thanked: 807 times

Re: Outfox hiking monthly payments?

#451724

Postby daveh » October 20th, 2021, 4:54 pm

Not with outfox, but SSE (OVO) put up my DD (for electricity only) without asking and I'm over £300 in credit, which is still growing and is equivalent to ~ 6 months of direct debit payments. The credit should start decreasing with winter, especially if it turns very cold as I'll supplement the wood fuelled central heating with electric heating to pre heat the rooms I use most before returning from work as the wood burner takes a while to get going and start heating the radiators. I made them reduce it back to the original price, and I'm hoping they will refund the credit at the next bill.

Watis
Lemon Quarter
Posts: 1404
Joined: November 5th, 2016, 10:53 am
Has thanked: 352 times
Been thanked: 489 times

Re: Outfox hiking monthly payments?

#451728

Postby Watis » October 20th, 2021, 5:04 pm

daveh wrote:Not with outfox, but SSE (OVO) put up my DD (for electricity only) without asking and I'm over £300 in credit, which is still growing and is equivalent to ~ 6 months of direct debit payments. The credit should start decreasing with winter, especially if it turns very cold as I'll supplement the wood fuelled central heating with electric heating to pre heat the rooms I use most before returning from work as the wood burner takes a while to get going and start heating the radiators. I made them reduce it back to the original price, and I'm hoping they will refund the credit at the next bill.


I doubt you'll get the credit back, as I would expect the company to have taken the credit into account when reducing your DD.

To them it will look like you want to have your cake and eat it. Good luck, though.

Watis

daveh
Lemon Quarter
Posts: 2191
Joined: November 4th, 2016, 11:06 am
Has thanked: 409 times
Been thanked: 807 times

Re: Outfox hiking monthly payments?

#451764

Postby daveh » October 20th, 2021, 8:11 pm

Watis wrote:
daveh wrote:Not with outfox, but SSE (OVO) put up my DD (for electricity only) without asking and I'm over £300 in credit, which is still growing and is equivalent to ~ 6 months of direct debit payments. The credit should start decreasing with winter, especially if it turns very cold as I'll supplement the wood fuelled central heating with electric heating to pre heat the rooms I use most before returning from work as the wood burner takes a while to get going and start heating the radiators. I made them reduce it back to the original price, and I'm hoping they will refund the credit at the next bill.


I doubt you'll get the credit back, as I would expect the company to have taken the credit into account when reducing your DD.

To them it will look like you want to have your cake and eat it. Good luck, though.

Watis

They (OVO/SSE) didn't reduce my DD, I made them reduce my DD back to what it was before they increased it (illegally as they didn't inform me in advance). SSE (when they were still SSE) were actually very good at returning credit sums without being asked if you had built up a credit by the bill date. I do think they (OVO) were trying it on by upping the DD because they may be in financial problems due to the price cap.

Watis
Lemon Quarter
Posts: 1404
Joined: November 5th, 2016, 10:53 am
Has thanked: 352 times
Been thanked: 489 times

Re: Outfox hiking monthly payments?

#451773

Postby Watis » October 20th, 2021, 8:31 pm

daveh wrote:
Watis wrote:
daveh wrote:Not with outfox, but SSE (OVO) put up my DD (for electricity only) without asking and I'm over £300 in credit, which is still growing and is equivalent to ~ 6 months of direct debit payments. The credit should start decreasing with winter, especially if it turns very cold as I'll supplement the wood fuelled central heating with electric heating to pre heat the rooms I use most before returning from work as the wood burner takes a while to get going and start heating the radiators. I made them reduce it back to the original price, and I'm hoping they will refund the credit at the next bill.


I doubt you'll get the credit back, as I would expect the company to have taken the credit into account when reducing your DD.

To them it will look like you want to have your cake and eat it. Good luck, though.

Watis

They (OVO/SSE) didn't reduce my DD, I made them reduce my DD back to what it was before they increased it (illegally as they didn't inform me in advance). SSE (when they were still SSE) were actually very good at returning credit sums without being asked if you had built up a credit by the bill date. I do think they (OVO) were trying it on by upping the DD because they may be in financial problems due to the price cap.


Hopefully, OVO are sound financially, time will tell.

I was with OVO for a few years and enjoyed receiving interest on my credit balance - 3% initially, rising to 5% after a few years. They paid higher interest on cash than any of my bank accounts!

All energy companies will be trying to maintain their liquidity in the current circumstances. Part of that will involve holding on to credit balances on top of charging the most they can, subject to the cap.

The energy companies justify this by saying they are trying to protect us customers from financial shocks by raising the direct debits. Paradoxically, this could have the opposite effect than intended if, by having customers essentially paying in advance, they are tying up money that someone on a financial cliff edge needs to stay solvent.

And, if a customer did go bankrupt, would that leave the energy company appearing to treat itself as a preferred creditor?

Watis

daveh
Lemon Quarter
Posts: 2191
Joined: November 4th, 2016, 11:06 am
Has thanked: 409 times
Been thanked: 807 times

Re: Outfox hiking monthly payments?

#451796

Postby daveh » October 20th, 2021, 9:28 pm

I'd be very pleased if they were paying interest on credits, but I doubt they are anymore. SSE were very good on the service side, though not the cheapest, though I was happy to pay a little more for decent service. So far not impressed with OVO.

I was on a fixed deal which ran out in April. Had problems with my meter which was replaced with a smart meter as soon as covid regulations allowed. I tried to set up a new fixed rate once the meter was replaced, but couldn't do it online for some reason and I failed to get round to phoning them, so I'm now stuck on the standard rate tariff which is now the cheapest due to the CAP.

I'll wait and see what happens at the next CAP review date, and after my next bill to see if I get my large credit refunded, before looking to see if I can get a better deal than at OVO.

Gersemi
Lemon Slice
Posts: 492
Joined: November 4th, 2016, 3:57 pm
Has thanked: 535 times
Been thanked: 222 times

Re: Outfox hiking monthly payments?

#452093

Postby Gersemi » October 21st, 2021, 7:25 pm

DrFfybes wrote:Just submitted my readings to Outfox the market, and despite being over £270 in credit after 4 months they have decided to increase our monthly payments from £137 to £234.

This seems a little on the steep side as I'm on a fixed tariff. It seems based on estimating my gas use for the year at 63,000 kWh, up from the 32,000 we used last year.

My suspicion is they base it on summer use and apply a multiple, but with an old boiler with a pilot light and poor insulation on the hot water cylinder our summer use is higher than most.

Anyone else had this?

Paul


OK, I've now had the next bill and my monthly payment is unchanged (to my relief). I switched to them in March, so I have a slightly longer history than you. Also we were away on holiday for a month out of the last two months - this meant the last bill was estimated as we weren't around to read the meters (I'm resisting having a 'smart' meter installed) and so this bill is very small. I don't know if any of this was relevant.

DrFfybes
Lemon Quarter
Posts: 3732
Joined: November 6th, 2016, 10:25 pm
Has thanked: 1171 times
Been thanked: 1964 times

Re: Outfox hiking monthly payments?

#452142

Postby DrFfybes » October 22nd, 2021, 6:04 am

I looked and they had the same rather high estimate of my annual gas use on their earlier bill too. Considering it is double last year and double what I put into the comparator sites, I have asked them to justify this figure.

My only thought is they have old data, from when we bought the house and Scottish Power were billing on the wrong (smart) gas meter number as they'd cocked up when they installed the smart meters.

I've also now had to complain as despite 3 reminders they still haven't got the same opening leccy readings as I supplied, instead estimating them somewhat lower then the closing readings Scottish billed me on.

Paul

Gersemi
Lemon Slice
Posts: 492
Joined: November 4th, 2016, 3:57 pm
Has thanked: 535 times
Been thanked: 222 times

Re: Outfox hiking monthly payments?

#452165

Postby Gersemi » October 22nd, 2021, 8:52 am

Oh dear, you have been unlucky. My switch from Scottish Power went very smoothly. I hated SP, I found their bills totally incomprehensible.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Outfox hiking monthly payments?

#452172

Postby Dod101 » October 22nd, 2021, 9:17 am

Can you not just pay the old fashioned way, quarterly in arrears? I have always paid that way by variable Direct Debit and have never seen the point in giving a supplier money in advance, especially allowing a credit in favour of the supplier build up.

Dod

DrFfybes
Lemon Quarter
Posts: 3732
Joined: November 6th, 2016, 10:25 pm
Has thanked: 1171 times
Been thanked: 1964 times

Re: Outfox hiking monthly payments?

#452409

Postby DrFfybes » October 23rd, 2021, 12:33 am

They have just confirmed they based it on 3 years of use. They are apparently going to look again.

I might try going quarterly. Normally there is a discount for monthly DD but I don't know if this applies to OTM.


Paul

88V8
Lemon Half
Posts: 5769
Joined: November 4th, 2016, 11:22 am
Has thanked: 4098 times
Been thanked: 2560 times

Re: Outfox hiking monthly payments?

#452643

Postby 88V8 » October 24th, 2021, 11:59 am

DrFfybes wrote:...with poor insulation on the hot water cylinder our summer use is higher than most.

I changed our cylinder for one that has an integral foam coat. Worth doing. One can avoid having to drain the system by using that freeze stuff.

Watis wrote:Hopefully, OVO are sound financially, time will tell.

I was with OVO for a few years and enjoyed receiving interest on my credit balance - 3% initially, rising to 5% after a few years. They paid higher interest on cash than any of my bank accounts!

I'm with Ovo, found their customer service very good althugh I haven't had to bother them for a while.

They still pay me 5% on our credit balance which is about four months of DDs.
I have the opposite problem with DD changes, that during the summer they keep suggesting I reduce it. Their system never seems to learn that we use more lecky in winter, perhaps that's unusual....

I'm on their two-year E7 fix and have another 14 months to run. They must be subsidising me and other Fixed customers to a huge degree, I hope they are well hedged.

In 2014 they said to City AM "We don’t hedge ahead as much as the big six, so we can react a lot quicker to drop prices if wholesale prices go down". Bit different back then....

V8


Return to “Living Below Your Means”

Who is online

Users browsing this forum: No registered users and 6 guests