Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error

The Humble Cheque.
Newbie
Posted: 18 November 2022 23:58:20(UTC)
#30

Joined: 31/01/2012(UTC)
Posts: 3,821

andy mac;248300 wrote:
[img]null[/img]
@Newbie

Its not OVO by any chance
I went through a similar argument with Ovo
Make sure calls are recorded
Escalate a complaint until you get to reconciliation dept
When they eventually ask what they can do ask for 3 times their monthly demand
point out 1 the stress
2 Tell them that if they take their proposed amount the account will go into overdraft and you will sue them for compensation
( they have np way of knowing how much is in the account)
3 Tell them that unless they confirm these you will go to the media and the ombundsman
4 On the day before the DD is due, pay a lump sum into your account this will bring the proposed DD down
5 Point out that you have decreased usage and their projections are therefore meaningless and that their systems are not fit for purpose
6 If they promise and dont deliver double the compensation claim

My sons account is always in deficit as the statement is the last day of the month but his DD is on the 1st of the month so he is increasing the credit every month

Best of luck dont let the barstewards grind you down

Thanks for the tips
Ironically I moved from OVO to Shell Energy.
Seems like they are as bad as each other.
Peter59
Posted: 19 November 2022 09:23:19(UTC)
#32

Joined: 06/10/2015(UTC)
Posts: 201

When OVO took over SSE I was prepared for a messy transition but actually it`s all gone well. Smart meters installed 2015 and it seems like that`s the way to go for accurate readings. Downloading bills helps keep an eye on costs.

When things go wrong it can be a huge worry as there is no way of altering a utility DD. My sister`s farming business will have to call in the Ombudsman at some stage as her supplier is not responding to requests to reduce a £1k/ month DD. We are led to believe that with DD we are in control. Not entirely correct!
Newbie
Posted: 19 November 2022 10:28:03(UTC)
#33

Joined: 31/01/2012(UTC)
Posts: 3,821

Peter59;248428 wrote:
We are led to believe that with DD we are in control. Not entirely correct!

DD's are controlled by the party the who claim the monies - i.e. the person whom you are paying.
SO's are in your control.

It is why suppliers give you a discount if you are on DD as they know they can manipulate it later down the line.
Also they word it cleverly such that you get the feeling you are in control, whereas reality is different. What you are actually in control of is the providers website where you can set the limit, but they reserve the right to change it - so you have no control.
With DD you have essentially given the supplier access to your accounts.
The new trend seems to be them accessing your bank accounts via you debit card - whereas you can cancel a DD when they have your debit card details, it is far harder to stop payments given that if you cancel you debit card, then the payments agreed get transferred to your new debit card automatically.
3 users thanked Newbie for this post.
Tim D on 19/11/2022(UTC), Peter59 on 19/11/2022(UTC), Nigel Harris on 19/11/2022(UTC)
Mostly Retired
Posted: 19 November 2022 16:15:23(UTC)
#34

Joined: 24/04/2012(UTC)
Posts: 344

Giving a supplier/service provider a continuous payment authority through your debit card leaves you with full rights to cancel via the card issuer and not the supplier.

A surprisingly clear notice regarding this was issued by the FCA : https://www.fca.org.uk/n...ies-it-your-right-cancel.
Newbie
Posted: 19 November 2022 16:26:08(UTC)
#35

Joined: 31/01/2012(UTC)
Posts: 3,821

Mostly Retired;248451 wrote:
Giving a supplier/service provider a continuous payment authority through your debit card leaves you with full rights to cancel via the card issuer and not the supplier.

A surprisingly clear notice regarding this was issued by the FCA : https://www.fca.org.uk/n...ies-it-your-right-cancel.

Though correct factually, in practice you have get on a phone call and get through to an operator and. jump through hoops to do this. Bank branches cannot do this immediately either and they 'usually' have to sit you down whilst they make the call and and get through to the card issuer who is someone at arms length from the bank branches and systems.

This is unlike DD's which you can cancel online, via the app or within a branch immediately. The same with a SO (standing order) which you can also adjust yourself immediately.

SO, came first, then DD, then regular payments via DC's (debit cards) - My point is more about technology slowly taking away control from you. Whilst advancements in tech and processes, you must ask who has it really benefited.
4 users thanked Newbie for this post.
Tim D on 19/11/2022(UTC), Peter59 on 19/11/2022(UTC), Nigel Harris on 19/11/2022(UTC), Jimmy Page on 23/11/2022(UTC)
Easyrider
Posted: 19 November 2022 17:56:27(UTC)
#36

Joined: 09/11/2020(UTC)
Posts: 1,951

Thanks: 3499 times
Was thanked: 2612 time(s) in 1147 post(s)
If the Humble Cheque is so easily made the vehicle of fraud why has fraud and scams increased astronomically in recent years, when cheques are rarely used, and the payment by 'phone or online has become the norm?

IMO payment by cheque rather than telephone or online banking would reduce fraud and scamming. Cheque books continue to be withdrawen, not for safely reasons IMO, but because it enables the banks to shed staff, lower costs and therefore make more profit.
1 user thanked Easyrider for this post.
J Thomas on 22/11/2022(UTC)
andy mac
Posted: 22 November 2022 22:03:38(UTC)
#37

Joined: 12/02/2016(UTC)
Posts: 1,264

Thanks: 1052 times
Was thanked: 1299 time(s) in 633 post(s)
To update Newbie re Ovo

Email today asking me to bring my account back in line by
a increasing DD by 33%
or
b make an online payment of £871

So I rang midmorning and 'somehow' pressed the wrong buttons but got a person within 2 minutes
Explained the email
explained the account that the DD was against never had enough in it so would go into overdrawn
Any fees would be claimed against OVO in the small claims
I also pointed out that I had a credit of £561 and was paying more than my bills so credit increasing
Asked could I have my £561 back
Pointed out I had decreased use by 20% in the last 4 months
Pointed out that these were correct figures whereas they estimated based on last year

System not fit for purposed - their conciliation team in March 2022

Put on hold for 17 minutes before being told the DD would remain the same
( staff member had to speak to his manager - I assume he went and made his boss a cup of tea)

He did forget to tell me that the DD would be reviewed in 3 months.
I needed to ask him if it was under review in 3 months
Asked for email confirming chat and decision so far nothing , but if they dont then I make more money by getting compensation for a formal complaint

If more people challenged them then they will eventually start to play ball

Go get them

3 users thanked andy mac for this post.
Newbie on 22/11/2022(UTC), Tim D on 22/11/2022(UTC), Nigel Harris on 23/11/2022(UTC)
Newbie
Posted: 06 December 2022 13:57:29(UTC)
#38

Joined: 31/01/2012(UTC)
Posts: 3,821

Had a call with shell and they agreed that my DD will be set to take what i actually use - this was 10 days ago.

Today I get an email reading as follows

" As all meters eventually do, your electricity meter has reached the end of its lifetime, so we need to replace it with a new one. The good news is, we’ll upgrade your old meter to a smart meter, free of charge. While we’re there, we can also upgrade your gas meter to a smart meter.

Smart meters come with an in-home display unit (IHD) that shows you how much energy you’re using. This makes it easier to see where you’re using the most energy, which can help you use less....."

I have never heard of such a thing as meters coming to an end. If fact when I had my place rebuilt a decade ago, I was told that there is no point in changing the meters (gas of electric) as these simply let the energy companies know what I use.

Are forum members aware of such claims of meters ending, or is it a case that they are simply trying to get me to change over.

I have been resisting the change on the basis that there was a case in some other part of the world where it transpired that an energy company had asked all its consumers to change to fancy electric meters as opposed to old mechanical ones. During the hearing the lawyer pulled in the CEO and asked what the benefit to the consumers were and whey there was a need for a tiny blue light in the meters...... long story short it transpired that the meters were drawing energy and as such this was costing money. Although the charge was minuscule the lawyer asked the CEO if they were to multiply the minuscule figure by the number of meters in action what that would amount to annually for the energy company.

Hence 'for the benefit of the consumer' was quickly as put aside as was the issue of budgeting, as in that part of the world, people had to go into the bank and pay the monthly bills on time or be cut off immediately. People now disgusted were quick to lobby and change supplier immediately. The company has since then been still trying to acquire the consumers back by gimmicks such as free led bulbs, employing local people to go and read meters etc.




Fife Clive
Posted: 06 December 2022 15:55:48(UTC)
#39

Joined: 01/12/2021(UTC)
Posts: 419

Thanks: 756 times
Was thanked: 1519 time(s) in 388 post(s)
Newbie;250071 wrote:

I have never heard of such a thing as meters coming to an end. If fact when I had my place rebuilt a decade ago, I was told that there is no point in changing the meters (gas of electric) as these simply let the energy companies know what I use.

Are forum members aware of such claims of meters ending, or is it a case that they are simply trying to get me to change over.


It is true that meters have a shelf life, they are certified for up to 40 years I think and suppliers can request to change them over.

There is no compulsion to have a smart meter, yet… in your shoes I would challenge the age of the meters against the certified lifespan. Then ask for a like for like replacement and make that a condition of their access to your premises. If they can’t do that then stop engaging and become very awkward. An Englishman does after all have the right to refuse anyone entry to his home unless they have a court order.

Could always look to move supplier to one that can install a dumb meter. Bulb for example claim that they will replace with a traditional meter if asked https://help.bulb.co.uk/hc/en-us...-end-of-its-working-life
3 users thanked Fife Clive for this post.
Newbie on 06/12/2022(UTC), Tim D on 06/12/2022(UTC), Captain Slugwash on 06/12/2022(UTC)
Lindisfarne
Posted: 06 December 2022 18:07:35(UTC)
#40

Joined: 27/06/2014(UTC)
Posts: 813

Thanks: 1626 times
Was thanked: 1057 time(s) in 417 post(s)
"As all meters eventually do, your electricity meter has reached the end of its lifetime, so we need to replace it with a new one. The good news is, we’ll upgrade your old meter to a smart meter, free of charge. While we’re there, we can also upgrade your gas meter to a smart meter."

I had the same from Octopus just over a year ago. As my Meters were over 20 years old I changed.
Actually, my text said "are approaching the end of their lifetime.
1 user thanked Lindisfarne for this post.
Newbie on 07/12/2022(UTC)
4 Pages«Previous page234
+ Reply to discussion

Markets

Other markets