In our email, we’ll ask you to get in touch with us to talk through your options. You’ll also see in your My OVO account that your switch is on hold until we’ve heard from you.
If you decide that you’d like to go ahead with your switch you’ll need to give us a call to make a payment. If you decide not to switch to OVO your switch will be automatically cancelled 14 days after the email is sent.
Why are OVO introducing security deposits?
Credit checking helps us to have open and honest conversations with new customers about their ability to pay for their energy.
Asking customers who fail a credit check for a security deposit helps us to ensure we treat all our customers fairly, that includes protecting ourselves from customers who won’t pay.
We’ll continue to do all that we can to support vulnerable customers and ensure that they can benefit from our competitive cost reflective pricing.
How is my security deposit calculated?
The security deposit is calculated based on your estimated annual consumption and direct debit amount and affordability.
Is the deposit amount negotiable?
The security deposit is not negotiable. Your options are to make one payment of the full amount requested or not to switch.
Will being with OVO affect my credit rating?
Credit checking can have an impact on your rating as well as how well you pay for your energy with OVO. If you pay on time each month your rating will improve but if you miss payments this could have a negative impact.
What part of the credit check made me a risk and why am I being penalised for this by having to pay a deposit?
We’re not able to give out specific details about individual credit checks but if you would like to check your credit history you can do this through Experian. Experian also has lots more useful information about what a credit check is and how your credit history will affect your score.
If I’m signed up fraudulently and I go through credit check, is there any way to get this removed?
We investigate all fraudulent sign ups. If a customer is concerned about how this might have affected their credit rating they will need to contact Experian.
Why wasn’t I told about the credit check when I signed up?
We tell all our customers that they might be subject to a credit check before they sign up with us. This is in the script read out by our agents on the phone, a note in our online signup process and our Ts&Cs.
Can I sign up to one of your fixed energy plans and pay cash in arrears if I complete a successful credit check?
No. Customers can only pay cash in arrears on our variable energy plans.
What happens if I fail my credit check and want to join OVO but fail to pay my security deposit within 14 days?
If you fail to pay your security deposit within 14 days your switch will be cancelled. If you wish to sign up to OVO you will need to go through the signup process again. This will mean that you will go through a second credit check.
How will this affect my Direct Debit / account balance?
It won’t - the security deposit is a completely separate payment and it won’t affect the balance of your account or how much direct debit you pay each month. We’ll only use this money if you switch away and are in debt once you’ve settled your final statement.
When will I get my security deposit back?
Your security deposit will be returned once you have left OVO and have received your final bill from us. If your account has a debt balance remaining once you’ve left. We will take this away from your deposit amount before returning it.