- Messages
- 8,392
- Location
- Little Feckwittering-on-the-Moor
... when the statement comes in, check it.
I've been guilty of not checking my electricity account for over a year. In that year, I've built up a credit approaching 50% of my actual usage... so in effect every month I've been giving a faceless corporation an interest-free loan amounting to (in my case) a couple of hundred quid, growing at about £15 per month.
That dosh is now headed back to my bank account and I've reduced the monthly payment by 30% as well.
Conversely if you're underpaying and building up a systemic debt, it could easily get to the situation where they review your payments to recover the debt in 6 or 12 months and you could see your payments go sky high (and they'll stay there even once the debt is repaid until you challenge it).
I've been guilty of not checking my electricity account for over a year. In that year, I've built up a credit approaching 50% of my actual usage... so in effect every month I've been giving a faceless corporation an interest-free loan amounting to (in my case) a couple of hundred quid, growing at about £15 per month.
That dosh is now headed back to my bank account and I've reduced the monthly payment by 30% as well.
Conversely if you're underpaying and building up a systemic debt, it could easily get to the situation where they review your payments to recover the debt in 6 or 12 months and you could see your payments go sky high (and they'll stay there even once the debt is repaid until you challenge it).