Started by Dixkot, August 19, 2014, 11:56:51 am
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Quote from: zoony on September 18, 2020, 18:31:43 pmProblem is that when you sign up to Look after my bills, they find you a deal for 12 months, but there are early exit fees. What is pissing me off is that I raised my DD payments by £20 a month more than what they estimated I'd be using, and I'm still going to be ending up with a substantial final bill.
Quote from: BasspedalMan on September 25, 2020, 18:25:32 pmI have been pretty happy with my experiences with 'Look after my Bills'. Latest deal is 100% renewable and I have reduced my monthly payment and am £350 in credit!!!
Quote from: zoony on September 25, 2020, 23:06:29 pmI checked on the EDF website a month before my switch to Utility point, and I was £180 in credit on my electric (£60 a month DD), and £50 in debt on my gas (£50 a month DD). Just had my final bills, and I owe £48 on my electric, and £221 on my gas. How the feck can I go from a net credit of £130 to owing £270 in one month when I haven't changed the amount of energy I use? Something stinks, but I doubt I'll be able to do anything about it.
Quote from: Richard_2112 on September 26, 2020, 02:04:29 amI get this all the time with metered customers at work so I'll break it down for you as best I can. Basically when you are with a utility service a bill is added to your account based on your consumption once per quarter. The idea of a 12 month plan is you build a credit up leading up to each quarter which is then eaten up by the bill that's added to your account. The theory being that you should start and finish each 12 month payment plan at £0.00. But the flaw in these plans is if you haven't built up enough credit for any of those quarters then you start to lag behind and instead of just building up a credit for the next quarter you'll still be paying off the previous quarter as well. That's when final bills get tricky because your services from them will end but not only will the credit from your account be wiped out by how much you've used since the previous quarter bill, but if you'll also be billed up to the date you end the contract.
Quote from: DavidL on September 26, 2020, 09:50:06 amIs it done that way so the utilities earn the interest on your accrued payments?
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