Direct Debit reviews explained
Everything you need to know about Direct Debit reviews.
Setting your initial Direct Debit amount
We use the information you give us when you join OVO to make a prediction of your energy use for the entire year. This can include information like the size of your home or how much energy you used in it previously. The cost of this energy is evenly split into your monthly Direct Debit transfers.
Where does your Direct Debit go?
The money you transfer to us via Direct Debit is deposited into your energy account. Each month, we charge your energy account based on how much energy you used.
Why is it important to get Direct Debit amounts right?
Your energy use changes throughout the year, so it’s normal for your energy account to fluctuate between being in credit and debt. However, at the end of your contract, your energy account should be as close to £0 as possible. This prevents you from having to pay off a large negative balance in one go. It also means you haven’t been depositing too much into your energy account, each month.
What is a Direct Debit review?
After you’ve submitted a few meter readings, we might see that our predictions don’t match up with your actual energy use. If this is the case, then we know your energy account will be in debt or credit at the end of your contract. To avoid this, we update your Direct Debit amount and let you know, ahead of time. We also give you opportunities to update your Direct Debit amount yourself.
Calculating your new Direct Debit amount
If you have 3+ months left on your contract:
If you have less than 3 months left on your contract, then we’ll spread the debt over an extra 12 months to make the amounts smaller and more manageable. If you leave us at the end of your original contract, then we’ll just settle remaining balance on your energy account then.
Getting multiple Direct Debit reviews
Everything from a cloudy patch of weather, to a good run of TV can change the amount of energy you use, which is why we run every customer's account through several health checks each year. So it’s possible that we’ll need to change your Direct Debit amount more than once.
If you need more help
Our forum has a topic on Direct Debits that’s full of useful information.
Direct Debit glossary
- Unit rates: This is the fixed price you pay per unit of energy (e.g. 1 kWh costs 10p).
- kWh: Is a measure of how much energy you’re using (e.g. 1 kWh costs 10p). It equals the amount of energy you’d use if you kept a 1,000 watt appliance running for an hour. Eg. a 100 watt light bulb would take 10 hours to rack up 1kWh.
- ‘Usage’ or ‘energy use’: How many units of energy you use. This can vary based on things like your lifestyle or the weather
- Energy account: The pot where we take your energy payments from.
- Direct Debit transfer: The money that goes into your energy account to cover your energy payments.
- Energy payment: The monthly payment from your energy account for energy you’ve actually used.
Related FAQs
Payments
Find out everything you need to know about Direct Debits – and every other way to pay.
Energy bill breakdown
Discover the different elements that make up your energy bill.
Debt and energy assistance
Find out ‘what’ to do and ‘where’ to get support when you can’t pay your bills.
Refunds
Find out how to get one if your balance is too high.
Annual statements
Discover what they are – and why we send them.
Winter Fuel Allowance
Discover what it is, how to claim it – and lots of other helpful stuff.
Energy bills explained
Find out how to read your OVO energy bill – and what all the different bits mean.
OVO Interest Reward
OVO Interest Reward is where we pay you interest on your credit balances.
The Warm Home Discount (WHD)
Find out what it is, how you get it – and everything in between.
Cold Weather Payments
Find out what they are, how you qualify – and everything else you need to know.
Statement history
Find out how to get a copy of your statement – and how to ‘go paperless’.
Feed-in-tariffs
From what they are and how to apply, to everything else you need to know.
Need help filling in your FIT form?
No problem. Help is right here!
Setting up and editing your Direct Debit
See how you can set up your new direct debit or edit your existing details.
How do Direct Debits work?
See how we calculate your Direct Debit amount and why it might change over the course of your contract.
OVO Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879
Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3-5% interest rewards, exit fees and saving claims.
1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount. All rates correct as of 20/3/2018, but may go up or down.
2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas). All rates correct as of 22/11/2017, but may go up or down.
3Pay Monthly Savings claims: Saving based on the estimated annual cost of Simpler tariff for a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying monthly in advance by direct debit, including online discount. Comparisons made against the average of the Big 6 standard variable tariffs with equivalent features. All rates correct as of 20/3/2018.“The Big 6” are British Gas, Scottish Power, SSE, Npower, E.ON and EDF.
4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.
We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.
33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.
OVO Interest Rewards: Interest Rewards are paid on credit balances of customers paying by monthly Direct Debit. It is calculated at 3% in your first year, 4% in your second year and 5% in your third year (and every year thereafter) if you pay by Direct Debit. Interest Rewards are paid monthly based on the number of days you’re in credit and the amount left in your account after you’ve paid your bill. Full terms apply: https://www.ovoenergy.com/terms
95% of new customers save when switching to OVO: Savings based on the average estimated annual costs for all new OVO customers quoted through the OVO website, compared to their current supplier and tariff. Comparisons taken between 01/05/2016 and 11/10/16. Incl VAT.
94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.
uSwitch's Energy Supplier of the Year 2017: OVO energy was voted and awarded 'Energy Supplier of the year' and best for: Overall Customer Satisfaction, Most Likely to be Recommended, Value for Money, Best Deal for You, Customer Service, Billing Services, Energy Efficiency, Meter Services, Online Services, Green Services and Transfer Process. OVO Energy scored a 96% customer satisfaction score.
* EV - Everywhere, full terms and conditions: https://www.ovoenergy.com/ev-everywhere/terms
* OVO SolarStore (Beta), full terms and conditions: https://www.ovoenergy.com/ovo-solar-store/terms