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Scottish Power Pay in Advance (-5%)
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Has anyone had any experience of this new option from Scottish Power yet? You pay in advance for a year's estimated gas and electricity (based on past consumption) and save 5% off the price until the money you have paid has run out. The obvious point I would be concerned about, is that I have only been with them for a few months, so how accurately might they estimate what I should pay? Can anyone see any other pitfalls or advantages.
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Comments
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I looked at this and was going to go for it but it only applies to the standard tariff and I am on fixed price until 2011.Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. Albert Einstein0
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You would be asked to deposit the minimum amount for each £600 for gas and £600 for elec. This is how it works you get discount of 5% on each until all credit is gone, if at anytime you have reason to need any of the deposited money back you can request this but must be aware this may reduce the amount of time you get the discount. From the way their agent explained this to me the 5% tracks prices either going up or down sounds ok if you can pay up front.
Just a note to this. When I first went to them and they were re-setting my DD after 3 months, I questioned the amount, I was told by their advisor that my consumption information from my previous supplier was available to them and thats what they were using to set d/d along with the reads I had given them after 3 months. So if this is true and assuming you have been with another supplier they should be able to do an accurate assessment or even give you the yearly consumption figures. I know that if you are new to a property and are going on DD they will use consumpton details of previous occupant to work out charges until they have at least 12 months use from you.0 -
switch while your winning!!0
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