£400 October 2022 credit

Assuming this is paid in one go, most accounts, if not all, will be in credit. What’s to stop customers asking for a “credit refund”, as you can do now with any credit on your account?

For example, I’m on a variable DD. I’m never in credit. Once I get the £400, I could withdraw it??

I doubt it, they will use the £400 credit towards monthly bills until it runs out and then when it has gone will collect from your variable D/D

That’s the usual method, but they’d have to actively monitor who was trying a fast one to withdraw the £400 in part or in whole.

What if I pay by fixed direct debit.

Will I always be £400+ in credit or will they stop taking payments till the £400 is gone or let me reduce the amount I pay each month until it’s gone?

I guess if you’re so much in credit (ultimately), that would call for a reduction in your monthly DD.

From what I understand it will be paid in 6 instalments over the winter, not in one lump sum, so should help to cover the October increase.

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Hey @Anton59 @Joanne2711 @Bulberino @prob91 :wave:

As this is a new scheme we still don’t have the full outline of how it will work. As soon as we do, we will be letting our members know.

– Robyn :bulb:

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