Help! Ive capped for 1yr but have I done the right thing?

philbmangle

I have a standard dual fual package with EDF and yesterday I fixed my prices until Oct next year.

Now I see on the news the price of oil has come down dramatically. Does this mean gas / elec will come down too?

I dont want to be stuck on fixed tariff paying more if prices have fallen.

EDF charge £70 approx to get out of contract but as I only did it yesrday can I use the 14 day "cool off" period?

What should I do???

Many thanks.

Magentasue

I fixed before the price rises but can't see such a compelling case now. Chances are that prices will level or rise rather than drop, but guess anything is possible.

Depends on the price you've fixed at, too. Did you fix at current prices or higher?

If higher, I'd be tempted to cancel and wait and see a bit. That said, if you fix, you have the security of knowing what you'll be paying for a year. Did you research fixed deals or agree on the spur of the moment. Are there better deals out there or do you feel you've got good prices? Also, are there comparable deals that don't tie you in with a penalty for switching?

There's usually a cooling off period - check t&c because it sometime varies according to where and how you sign up.

philbmangle

My fixed deal ended on 30th Sept 08 so i have saved £180 over the past year but since I fixed last year there have been 3 big price hikes so now I have to pay the new higher prices (almost double what I orignally fixed at. I have now fixed for 1 year until Oct next yr at the new current prices.

I have just phoned them and there is no "cool period" so even if I wanted to come out it would be £20 Elec and £30 for Gas.

Magentasue

So, have you fixed at the prices you would have been paying, anyway? Or higher?

If you're unsure, why not try the comparison sites, see what you find and calculate potential savings? If you could save more than the £50, it might be worth switching. If you've got a good deal, may as well stay where you are for now.

bengee1977

philbmangle wrote: »

I have a standard dual fual package with EDF and yesterday I fixed my prices until Oct next year.

Are you on fixed price? Or capped?