Gas and Electric - overpayment and stuff.

[MocMocaMoc]

I'm paying way over the odds (£140pm) for my G&E after failing to submit my meter readings on time. They just stuck the Direct Debit up to the maximum amount and off we went.

So now I'm £480 in credit. My bills read like this:

03-Feb-2014 £ 140.00 (Credit) £ 480.34 in Credit
02-Jan-2014 £ 140.00 (Credit) £ 340.34 in Credit
19-Dec-2013 £ 103.09 (Actual) £ 200.34 in Credit
02-Dec-2013 £ 140.00 (Credit) £ 303.43 in Credit
04-Nov-2013 £ 140.00 (Credit) £ 163.43 in Credit
23-Oct-2013 £ 245.84 (Estimated) £ 23.43 in Credit
View bill
02-Oct-2013 £ 140.00 (Credit) £ 269.27 in Credit
02-Sep-2013 £ 140.00 (Credit) £ 129.27 in Credit
02-Aug-2013 £ 87.00 (Credit)
24-Jul-2013 £ 271.73 (Debit) £ 97.73 in Debit

(I only moved in June 13)

So, does this mean I'm due back loooooads of money? Or am I reading this wrong?

[mnkiboy]

MocMocaMoc said:

03-Feb-2014 £ 140.00 (Credit) £ 480.34 in Credit
02-Jan-2014 £ 140.00 (Credit) £ 340.34 in Credit
19-Dec-2013 £ 103.09 (Actual) £ 200.34 in Credit

You've only got one actual reading there. The £140 you're paying each month is being shown as all credit, as if you're not using any fuel.

You'll definitely be in credit, but you could do with another reading at the end of winter to determine how much you should be paying. I reckon you could probably halve what you're paying.

[jagracer]

We have this with my mother in law's g&e, she's now 700 pound in credit and living in a care home so its only racking up the standing charge. We are applying for a refund, you could do this or stop all payments and use the credit to offset future bills.

[oyster]

jagracer said:

We have this with my mother in law's g&e, she's now 700 pound in credit and living in a care home so its only racking up the standing charge. We are applying for a refund, you could do this or stop all payments and use the credit to offset future bills.

Why would you give the power company an interest free loan with YOUR cash?

[jagracer]

oyster said:

Why would you give the power company an interest free loan with YOUR cash?

Where did I say I would?

[Odie]

Just be aware that if you take your money now, they might increase your monthly payment, this has happened to me a few times with various energy companies.

[jagracer]

Odie said:

Just be aware that if you take your money now, they might increase your monthly payment, this has happened to me a few times with various energy companies.

In our case I wont be paying anything monthly and It's only standing charge anyway.
With my own energy bills I wont pay by standing order, I pay quarterly bank transfer when I get the bill.