Hello, I set up a monthly payment of £62 and it looks like my usage is below that. I accumulated credit for £150. Can I use that to pay my bills? And how do I change the amount of my monthly payments? I emailed Bulb several times and never heard back
You can change this yourself online, go into your account and click on the payments and statements section, where you will see the option to change your D/D amount
How do I decide the right amount to pay? And can I use my credit to make payments?
Just use a rough estimation estimation of your monthly usage, if you set your D/D a bit low the credit will be used up sooner rather than later,
To clarify, if I set my DD very low, it will use my credit?
Yes, just keep an eye on your account and if it gets below say 2 months credit just increase your D/D
cool, super helpful. thanks so much
To add to skippy64 posts:
If you look at your last statement it will give you an estimate for the year.
So you could deduct the £150 credit you have then divide that figure by 12 to get a monthly dd payment.
Your welcome. Glad I got something right or I would be made to go and stand in the corner, AGAIN
SInce others have only indirectly explained this, I thought I would add something. Your statement bills are ALWAYS paid from your Bulb credit. So, your credit is always used. Think of it like an addition to your bank account. Payments from your bank account are added to your Bulb account, giving you credit in your Bulb account. Your energy bills are then deducted from your Bulb account, rather than your bank account.
Now you might ask why is it done that way and why is it a good thing? That depends on your point of view. Many people have trouble budgeting and forget that they’re going to have very high bills in the winter (due to turning on the heating) and very low bills in the summer, and then they get in trouble because they can’t pay their large bills. Combined with Christmas that also came as a surprise, they get in significant financial difficulty. So energy companies came up with the system where you pay an estimated 1/12 of your total annual usage each month, budgeting the same every month, and so build up credit over the summer in order to use it up over the winter.
For people like you and I that have no problem budgeting, we could and would prefer to just pay the total on the bill, and not mess about with the credit thing. Some suppliers do still let you do that, but often the actual cost of energy is higher so it makes sense to suffer the monthly payment system instead. Bulb offer only the monthly payment system.