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I capped In August 08 - Is it time to switch?

minnie123
minnie123 Posts: 2,133 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
I capped with EDF in Aug 2008 it's fixed until Oct 2009. I did it because I thought energy prices were going to go through the roof but they haven't have they. So should I switch now or wait a bit longer. It will cost me £50 fee to get out of the cap.

I live in a two bed semi - there is me my partner and a small baby and our current DD's are £35 monthly for Elec and £65 monthly for Gas.

Comments

  • gemma1984
    gemma1984 Posts: 215 Forumite
    I'd love to know the answer to this question too
  • KimYeovil
    KimYeovil Posts: 6,156 Forumite
    1,000 Posts Combo Breaker
    How much extra are you paying per month compared with other (no exit fee) tariffs? (Remember the next two or three months look like being expensive - you will be using more than one-twelfth of your annual consumption.) But don't forget it will be one to two months before the switch kicks in.

    If you switch via a cashback site the £30 to £70 or more could offset the leaving fee.
  • minnie123
    minnie123 Posts: 2,133 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Yeah I thought the cashback could cover that fee. I know my tariff is expensive but I don't know whether to switch now or whether to wait because prices are going to drop further. I haven't done a comparison on a site yet. I was just thinking if I capped in August it wouldn't have been a cheap cap would it?
  • minnie123
    minnie123 Posts: 2,133 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Does anyone know if the tariffs are going to reduce soon - I don't know whether to switch now or wait. I have to pay £50 to get out my fixed but I think my fixed is high. :confused:
  • Magentasue
    Magentasue Posts: 4,229 Forumite
    Nobody knows if prices will go down. If our present tariff is too high, look at what's out there and judge that - if prices drop, you can always switch again.
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