Electricity bill payments - anyone understand them

[jean2579]

We make fortnightly power payments so that we dont get hit with a huge bill.  I have been slack and never really checked the quarterly statements. I had nothing else to do today and checked the latest statement and it shows that we have a bit over $1200 credit . Does anyone know if we stop making the fortnightly payments they will take future bills from the $1200 credit. I can think of a lot better uses for $100 plus a fortnight than leaving it with AGL.:^O

[the_hawk*]

If you are paying $100 per fortnight $700 a quarter and you have a $1200 credit you are not using much.

I would stop paying the extra and keep a close eye on your next few bills until the credit is all but used and then set it up based on your actual average bills

[love*today]

Yes they will.

a decade ago we got told they wouldn't take payments from us anymore as we were too far in credit......highly doubt they'd stop the money coming in these days though 😕

[jean2579]

Thanks Hawk, that makes a lot of sense. There are only 2 of us and we really don't use a lot.

[jean2579]

Thanks everyone for your advice. We called AGL this morning and they have cancelled fortnightly payments for 3 months and said that our next bill was covered. Without advice here we would not have called them.

[the_hawk*]

jean going by what you have posted here at least your next two bills should be covered.

How much is your bill and over what period.

My guess is that your bill runs about $250 a quarter, if that is close you need to be paying $40 a fortnight after you use most of you credit.

$250/13weeks x 2 for a fortnight.

are you getting them to do a direct debit and thats why you rang them?

You know you can get centerpay to do it as a free service for many of your bills

http://www.humanservices.gov.au/customer/services/centrelink/centrepay

[jean2579]

Hawk, when my OH spoke to them this morning they said that the statement he had received was an old one which had been sent out wrongly. They said that our correct credit was $500.00. My OH pays by direct debit as he feels uncomfortable having anything come from Centrelink. He is very "old school" and hates accepting even the Aged Pension.

[purple_haize]

My daughter pays by fortnightly payments, and when she had so much credit, they sent her a letter and a new card with a lower amount on it, they told her she had to keep paying or they would cancel her payment plan and she would have to pay the full amount.

She is happy to pay fortnightly.

[kengillard]

we pay fortnightly too.    Easier that way.

[the_hawk*]

Hawk, when my OH spoke to them this morning they said that the statement he had received was an old one which had been sent out wrongly. They said that our correct credit was $500.00. My OH pays by direct debit as he feels uncomfortable having anything come from Centrelink. He is very "old school" and hates accepting even the Aged Pension.

I can understand him not wanting to go near certerlink, I hear so many horror stories about their stuff ups.

all you need to do is use that simple formula in post #5 when you know how much you are actually using to work out how much you need to pay each fortnight.  

You may as well have a few treats as give it to them to hold.

If he likes to stay in control and can budget well, here is what I have always done.

Bill money always went into a high interest bank account and always paid stuff on the last day possible.

Its very easy now with internet banking and Bpay.

Com bank has a nice account at the moment if you set up a $200 a month minimum savings plan, hint I fund this from the account I pay my bills from and then take the funds back every few months to fund it and pay bills. wink wink. 

Goal Saver

Be rewarded with a bonus variable rate of 4.65%

1 when you save regularly (on balances up to $100,000)

2 Grow your balance by at least $200 and make no more than one withdrawal per month

Just make sure it doesn't mess with centerlink deeming rules if they apply to you.

and having the account in joint names you can income split the income for tax purposes 😉

tax free upto $16,000 each now.