HELP! Got till wednesday to cancel capped switch

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Jon_S_4
Jon_S_4 Posts: 259 Forumite
Uniform Washer
When Martin advised everyone to cap, i changed my tarriff from EON EnergyOnline Extra Saver 5 To EON Price protection 17 Capped tarriff.

Im now paying about 26% more by direct debit now than before i switched.

To be better off, EON would have to increase the EnergyOnline Extra Saver5 tarriff by more than 26%.

For every month that goes by and there no price rise, im paying 26% more than i was before.

So my question is: Should i cancel the switch to a capped tarriff ?

I can understand capping if your paying a few % more, but im paying nearly 30% more.

Thanks
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
    Combo Breaker First Post
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    no-one can advise you jon s. It is a risk either way
  • lindseykim13
    lindseykim13 Posts: 2,978 Forumite
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    I'm with e-on and have done exactly the same thing i think with british gas wacking their prices up last week we can safely guess that it wont be long before e-on do the same. at least we can be safe in the knowlegde that we won't pay anymore than the capped rate until oct 09. It is a risk but i'm going on martins advice and he's not failed me yet!
  • brysiewysie
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    There's no penalty to change from PP17 so it may not hurt to wait and see (I can't imagine the price rise will be long now).
  • Andy_Hamilton
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    Is your DD going up because your actulally being charged 26% more for the same amount of energy?
    Do you monitor the usage?
    After 2 price increases by eon I fixed it and it's not that much more for me.
    Lets get this straight. Say my house is worth £100K, it drops £20K and I complain but I should not complain when I actually pay £200K via a mortgage:rolleyes:
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
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    Is your DD going up because your actulally being charged 26% more for the same amount of energy?
    Do you monitor the usage?
    After 2 price increases by eon I fixed it and it's not that much more for me.

    Yes, its going up by 26% as thats how much more expensive the capped tarriff is over the EnergyOnline Extra Saver 5.

    Ive been with Eon for a couple of years now, and the direct debit amounts have worked out just right.
  • glitzy
    glitzy Posts: 244 Forumite
    First Post First Anniversary Combo Breaker
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    i capped last wk, day before martins email to say dont. i went with eon's energy saver 4 with free energy monitor (£39.99) - i was told that i would pay extra £140, but all the other products were not capped, they were not gauranteed they would not go up even though the price quoted until nov 09 i would check yours is capped - plus the sales lady had done hers. good luck x
    ....YOU LEARN SOMETHING NEW EVERY DAY :wink: ....
  • brysiewysie
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    glitzy wrote: »
    i was told that i would pay extra £140, but all the other products were not capped, they were not gauranteed they would not go up even though the price quoted until nov 09 i would check yours is capped

    EON Price protection 17 is definately capped. It's exactly the same as Energy Saver but without the monitor and the £35 disconnection fee.
  • fxMark
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    I'm on the EON standard rate and had started the switch to Scottish Power's fixed rate but phoned up and cancelled it this morning. Maybe a mistake but its looking like a bear market in commodities has started.
  • moncman
    moncman Posts: 26 Forumite
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    I'm on the EON standard rate and had started the switch to Scottish Power's fixed rate but phoned up and cancelled it this morning. Maybe a mistake but its looking like a bear market in commodities has started

    Don't want to be a gloom merchant but I'm not sure that was a great decision.

    I was also on EON standard - SP fixed actually came in at about the same price. With £62 cashback I'm in profit even if rates stay the same.
  • Little_Mama
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    I've done the same as you and capped with PP17 from Energy Saver Online V5 and also worried if I'd done the right thing. My 14 days have passed and I'm sticking with PP17, Eon had only just put up the prices on ESO V5 at the beginning of June and all it's done is make me more determined to cut my energy usage and make sure they don't get too much extra money out of me.

    It's a gamble but at least you know you don't need to worry about rises over the next 14 months....other than to wonder if you had done the right thing.

    LM
    :jMFWin3T2 No 20 - aim £94.9K to £65K:j

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