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Octopus have reduced my monthly payment

colasblue

colasblue

pfm Member
It's gone from £300 per month to £127.

Hell of a drop!

It won't make any difference to me since energy bills are a mere trifle to gentlemen of my means but it would be a shed load of money to a lot of people.

I've clocked up about a grand in credit since they took over from Avro under unfortunate circumstances so obviously they've been charging unnecessarily highly.

How do the so called regulators actually let them get away with that in a time when a lot of people are really feeling the pinch?

Is it possible to claim back the interest they've obviously earned on my (and everybody else's) overpayment?
 
You can’t claim the interest. It’d be a tiny amount and not worth the trouble.
As above. Use the app or manage your account online, it’s your opportunity to take responsibility.

Octopus are the best supplier I’ve had experience off. By a long way. We were refugees from Bulb.
 
Coincidentally my DD was reduced from £200 to £127. I had 'saved up' around £450 in the last year and standing charges and energy unit prices have reduced.
 
timH said:
Get the Octopus app and you can change your DD yourself
Click to expand...
Can't do apps and don't need to with Octopu. I start with a decent credit in October and finish in end of April with a paltry sum but still credit. The it starts to build again but never more than, say, £300. My dd has stayed the same for a couple o years, whether on a fix or daily rate.

Even if Octopus weren't at the lower/lowest end of charging I'd stay because I've never experienced such efficiency and ease of getting in touch should one need. Increasing their customer base (even by default) has not, thankfully, affected their modus operandi.
 
Stinks of manipulation if you ask me, almost like they got the nod to charge what they like so as to recoup the cost of most of the fly-by-night scumbags going bust.

You've been lucky you were able to reduce your DD, most people I know who tried it got it put straight back up by the supplier even if they'd reduced it inline with what they were actually using.

I'm actually not upset about being on prepayment meters after this scam came about, at least I'm in control of what I spend and when.
 
I’m with Octopus and have noticed their grift over recent years and regularly used their online tool to adjust my payments to something far more logical (read lower) than what they wanted to take. Even then I am in credit by several £hundred. I’m fine as I have a substantial financial buffer, but considering the truly visceral levels of poverty in the UK at present what they have been doing should be considered criminal IMHO. They have basically been over-charging, earning interest off the very poorest, and ripping off those who can afford not to look closely at their bills.
 
Conversely, my Octopus account went into debt because their DD estimate was too low.

Get on the app and input what you, as the actual user, think is best.

Being in debt to them is not good for my peace of mind.

I like to build up a little reserve during warmer months to cover the rising winter bills.
 
Minio said:
Conversely, my Octopus account went into debt because their DD estimate was too low.

Get on the app and input what you, as the actual user, think is best.

Being in debt to them is not good for my peace of mind.

I like to build up a little reserve during warmer months to cover the rising winter bills.
Click to expand...

Just a quick note for the app-averse that you can set your payments via the website as well - the app is an option but not required.
 
Good afternoon all,

Octopus aren’t bad overall but when you have a smart meter fitted and they ask you for a current meter reading before agreeing to a refund you do wonder……

Regards

Richard
 
Tony L said:
I’m with Octopus and have noticed their grift over recent years and regularly used their online tool to adjust my payments to something far more logical (read lower) than what they wanted to take. Even then I am in credit by several £hundred. I’m fine as I have a substantial financial buffer, but considering the truly visceral levels of poverty in the UK at present what they have been doing should be considered criminal IMHO. They have basically been over-charging, earning interest off the very poorest, and ripping off those who can afford not to look closely at their bills.
Click to expand...

To me it screams of them wanting to make sure they get their cut of everyone's money first because they know when people are hard up they might miss a few bill payments. By overcharging and building up a ridiculous buffer they have several months of your money should you suddenly stop paying the DD.
 
Minio said:
Conversely, my Octopus account went into debt because their DD estimate was too low.

Get on the app and input what you, as the actual user, think is best.

Being in debt to them is not good for my peace of mind.

I like to build up a little reserve during warmer months to cover the rising winter bills.
Click to expand...
Same here.
No issues with Octopus at all. They let me adjust my payments and if too much credit builds I can get it back straight away.
Tony Lockhart is spot on. Stop moaning and take control yourself.
 
Thinking of changing to Octopus. I've been with British Gas since my supplier had to be bailed out by them a couple of years ago, but I don't like the website or the fact that they only take two 'proper' readings a year. I've built up quite a debit with them that worries me, so i was going to wait until the end of the summer low-usage months, but reading around they seem to be the most popular supplier, so I may just have to click and get it done...
 
I think the suggestion was to have three months of buffer in the account for any leccy companies I don’t think octopus are unusual here. At least they make it easy to adjust
 
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