Has Martin Mis-Advised Us Into Capping Our Fuel Rates?

Former_MSE_Archna

Hi guys,

I just wanted to reiterate what we included in the the weekly email the week before last

Gas & Electricity price rise now LESS likely in January. Is capping worth it?
Recession fears have driven down winter's wholesale gas & elec prices by 15-20% in the last few weeks. If this holds, next Jan's predicted 20% energy price hikes are more likely to be 0-10%. Should I cap? As the cheapest caps cost 15%ish more than the cheapest non-capped tariffs, savings are less likely. Yet if you’re near the financial brink, capping gives the security of a fixed price. Did you cap before? If you capped when I yelled “cap cap cap”, your rate's cheaper and you're likely to be saving money already, so even if prices don’t rise, you’re quids in. Much more, and how to compare and check in the Updated Guide: Gas & Electricity Related Articles: Home Phones, Grant Grabbing, Cheapest Boiler Cover

Whether or not you're saving money now depends on when you capped and which cap you opted for. But for those that capped for surety reasons, so they would have some peace of mind their energy bills wouldn't rise did absolutely nothing wrong.

A few weeks ago capping was an attractive prospect, now it's probably less worth while though of course this could change again over the weeks.

1carminestocky

I think Martin is underestimating the probable future actions of the Govt in forcing the energy companies to play ball. I genuinely believe price will come down in the New Year - no thanks to the energy companies, of course. NOT financial advice, btw, lol.

pingu

MrsTine wrote: »

It's all about taking the information available and making a decision based on your circumstances. No solution will ever be universal so you should always take any advice and consider YOUR situation before taking action

well said

think OP is a MFAH looking for bit of attention:mad:

Martin doesn't force anyone to do anything:rolleyes:

God gave us all a BRAIN which you supposed to use now and then

space_rider

I fixed in Feb 08 and I only paid the premium for a day. Prices have gone up twice since I fixed. Because of being more energy efficient I estimate that despite the increase in prices my energy bill due 5 Nov is actually £30 less than it was last year. The weather has been bit milder but I have reduced the amount of hours I have my water heated and also turn the heating off an hour earlier and I have also turned the thermostat down slightly. I shall endeavour to keep this up even if prices go down.

ixwood

I'm in 2 minds on this. Martin does need to be careful giving out advice, as so many blindly idolise him and seriously overestimate and over rely on him. He's just one guy with opinions.

I think a lot of the backlash is also cos he was thought of as some sort champion for the masses by a lot of people. People are starting to realise he's not. Helping people is just a nice way of helping himself/his ego/whatever (and fair play to him!).

Andy_Hamilton

I capped early on.
I'm one of those sado moneysavers who actually checks there meters every month and know how much I'm using.
I'm with EON and the fixed price is the best price available to me at this current time.
I went onto U-switch and the best I can get is paying an extra £70 per year.
We all seen the TV reports that said the price of Gas is related to the price of oil. Now we all hear that gas wholesale prices will take time as they are not actually linked.
I will be watching tariffs what are available and when I decided to change my account I will.

Magentasue

Andy_Hamilton wrote: »

I capped early on.
I'm one of those sado moneysavers

Ah, that's what S&M is.:D

Cardew

Magentasue wrote: »

Ah, that's what S&M is.:D

Which they intend to teach 7 year olds all about at school.

My friends little boy wants a leather whip for Christmas!

Andy_Hamilton

Oh no, what have I started!

SwanJon

iamesbo wrote: »

Why should the worst thing to do be to stick on the standard tarrif?
You have provided no evidence whatsoever to back up that assertion.
If you are on the standard tarrif you would pay a fair price - well you would if the gas companies did not operate as a cartel and charge artificially high prices.

OK, knock yourself out, go for a standard tariff.
No evidence, but I'm fairly sure I'm right - point out the evidence to the contrary.
If you want the peace of mind from fixing, then go for a fixed rate.
If you want to be on a variable rate go for an online tariff as they are cheaper than the standard tariff.