Help please :)

howmuchnoway

Now that I have missed the boat on the 2009 cap I was wondering if anybody could help me As my OH is away and I have been left to sort it all out

We are currently on dual fuel with British Gas. I am trying to weigh up if it is worth going for the 2011 cap with htere being a £100 cancellation fee. That's my first dilema.

The second being if I do decide to cap until 2011 am I better to do so as is now with dual fuel. Or just the gas and switch electricity supplier ?

Sorry for all of the questions, just soooo

kjsmith7

Can't speak for other suppliers, but the BG 2011 tariff is useful in a number of ways. You are capped at the rates as of the increase on the 30th: the 35% increase in gas, and 9% on the electric. If the rates go up again, your rates don't, which is a great advantage. With the cap, you can still get duel fuel discounts, direct debit discounts, advanced payment discounts, etc. etc. etc. I think it's a case of taking a gamble. It's very unlikely that prices will go down in the next few years, but it's always a possibility. I think the £100 "get out" clause would be worth paying if the prices dropped substantially anyway.

Do a comparison search, maybe get some cashback if you did switch. However, all suppliers ARE going to put their prices up, and remember that it takes around 6 to 8 weeks to fully switch to a different supplier. By then, it may or may not be possible to get onto a price protection plan, and your new supplier(s) may have increased their prices to more than you would have been paying with British Gas.

I hope that my information has helped you.

Remember: Energy suppliers = swings and roundabouts!