When to move from a fixed rate

jerrysimon · 15 March 2017 at 10:31PM

Went to fixed tarrif with Npower last year having been on variable for years

Better late than never. Anyway saved about £3-400 this year. The fixed period is up end of April. Staying with Npower for another fixed year is still the cheapest for me if I stay with a big name supplier. I have put in actual usage over the last 12 months to confirm.

Obviously prices have gone up since I fixed last year, so I assume although Npower tell me I could switch today I should stay on my current plan up to the end of its fixed cost i.e. end of April before moving to a new fixed plan which will be at the higher rate. If I switched today then for the next month and a half I would be charged at a higher rate ?

I guess my only concern is that if I wait to end of April then current offering of a fixed plan for 12 months from April 2017 might change/go up ?

Regards

Jerry

jerrysimon · 15 March 2017 at 10:48PM

Looking again EDF Energy are offering a slightly higher cost but have £30 cash back which balances it out and Npower now state there is a £60 exit fee (up from £40 last year) over zero exit fees for EDF.

Decisions decisions....

Jerry

System · 16 March 2017 at 10:46AM

Why are you focussed on the Big 6 when there are savings to be made by choosing a smaller supplier or even suppliers (separate fuels). Iresa, for example, doesn't charge exit fees.

jerrysimon · 16 March 2017 at 11:21AM

The smaller offer very little saving over the two I mentioned. When I put in my usuage SO Energy or Bristol Energy offer about a £24 saving/year over Npower or EDF. I will look at EDF given there are no exit fees.

Must admit I have only looked at dual provider offers I guess I should confirm its not cheaper to split them.

Jerry

System · 16 March 2017 at 11:28AM

jerrysimon wrote: »

The smaller offer very little saving over the two I mentioned. When I put in my usuage SO Energy or Bristol Energy offer about a £24 saving/year over Npower or EDF. I will look at EDF given there are no exit fees.

Must admit I have only looked at dual provider offers I guess I should confirm its not cheaper to split them.

Jerry

So a £24 perl year saving isn't worth it? Each to their own but do not believe for a moment that the Big 6 necessarily offer the best service. For customer service, Zog sits at the top of my list (gas only). FWiW, I would have thought that exit fees are the least of your worries in a market where prices are rising.

Spidernick · 16 March 2017 at 11:56AM

Linked to this, does anyone know how soon before the end of a fixed-term deal the transfer process can be started to avoid an exit fee?

My current deal ends on 31 March, so I am thinking about moving now. Although the exit fee is only £20 there is no point paying this for the sake of a few days, so I don't want to jump the gun unnecessarily. Can I allow for the time it takes to switch, or do I need to wait until the end of the month? Thanks.

[Deleted User] · 16 March 2017 at 12:17PM

@Spidernick
Exit fees are void in the last 49 days of any fixed term contract so swap now if the end date is 31 March 2017.
Switching takes a minimum of 17 days (for selected suppliers) with a target of being performed within 35 days for all suppliers.

jerrysimon · 16 March 2017 at 12:42PM

That was my question in that should you leave the switch to the last minute given that any new rate it likely higher than those achieved last year ?

Although there are cheaper rates from some these statement put me off!

"Further info: Iresa is an outlier - over £40/yr cheaper than any other firm on average. It's a new company that says its systems help it make substantial savings, but we do have questions over the sustainability of this model. It takes direct debits in advance, so your first payment will be taken three working days after your 14-day cooling off period."

Regards

Jerry

Anthorn · 16 March 2017 at 1:00PM

jerrysimon wrote: »

Went to fixed tarrif with Npower last year having been on variable for years

Better late than never. Anyway saved about £3-400 this year. The fixed period is up end of April. Staying with Npower for another fixed year is still the cheapest for me if I stay with a big name supplier. I have put in actual usage over the last 12 months to confirm.

Obviously prices have gone up since I fixed last year, so I assume although Npower tell me I could switch today I should stay on my current plan up to the end of its fixed cost i.e. end of April before moving to a new fixed plan which will be at the higher rate. If I switched today then for the next month and a half I would be charged at a higher rate ?

I guess my only concern is that if I wait to end of April then current offering of a fixed plan for 12 months from April 2017 might change/go up ?

Regards

Jerry

I post the following in relation to the area I live in which might not apply to anyone else if they live in a different area.

I fear that if you fix now you have missed the boat because the big six have already announced price rises. However Scottish Power have a very good offer on the April 2018 fix and provides the opportunity to move to another of their tariffs without paying a fee, handy if prices go down. Please note that there are two April 2018 tariffs, one with a higher standing charge and lower unit price and one with a lower standing charge and a higher unit charge. If you don't mind a smaller supplier Iresa has an even better offer.

Compare on an energy comparison site.

jerrysimon · 16 March 2017 at 1:08PM

For me both Npower and EDF are cheaper than Scottish Power.

Actually the fixed rate for Npower have not changed as I have been watching them for quite a few weeks now. Obvioulsy changed sinced I fixed last year but then they all have. I guess the ideal would have been to fix for a couple of years last time.

Jerry

System · 16 March 2017 at 1:18PM

jerrysimon wrote: »

That was my question in that should you leave the switch to the last minute given that any new rate it likely higher than those achieved last year ?

Although there are cheaper rates from some these statement put me off!

"Further info: Iresa is an outlier - over £40/yr cheaper than any other firm on average. It's a new company that says its systems help it make substantial savings, but we do have questions over the sustainability of this model. It takes direct debits in advance, so your first payment will be taken three working days after your 14-day cooling off period."

Regards

Jerry

That was written BEFORE the collapse of GBEnergy and the introduction of the Ofgem consumer levy. In the event of a supplier default, customers will be moved by Ofgem to a Supplier of Last Resort on their PRESENT tariff terms and all credit balances will be protected. You now have more protection re your energy balance than you do if your broadband or mobile supplier goes bust.

When to move from a fixed rate

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