British Gas - Please Advise!

laura1c

Hi,

I joined the price freeze to 2011 at the end of July last year. I moved in September and asked BG to tx my price fix deal. They said they would but when I called today I found out this hadn't been done.

Now they are reducing their prices by 10%.

They have given me a choice (as it was their error that meant my price fix didn't transfer to our new home). I can either join the deal now OR I can stay opted out and thus take advantage of the 10% discount.

The risk I run is that I don't opt in to the old price fix, take advantage of the 10% reduction, then prices rise by stupid% in the next year or so.

If I take the price fix it will cost me £100 to get out of it (unless I move house again - which is entirely possible before 2011 as I rent).

I am really not sure what to do. They have given me a short grace period to mull over it - and are calling me on Monday to take a decision.

What is the advice on this board - do I price fix on the current rate until 2011 or do I take the reduction, risk prices rocketing again and the possibility that another price fix in the future is not offered?

Any and all advice gratefully received!

Many thanks for you time if you got this far!
Laura

Premier_2

If you want the security of fixed prices, as you did last July, fix them.

If you are prepared to accept variable pricing, don't fix.

Personally, I wouldn't rush into any fix at present since its got a £100 bail out fee until you know how much or how little other suppliers reduce their prices by.

Totality

I took 2011 when it first became available and when Martin was telling us to cap before pulling that advice. Right now, I'm regretting it a little. However, by 2011 I'm sure it will have worked in my favour, so I'm putting up with a short-term loss and hopefully gaining in the long-term.

1carminestocky

Personally, I think you've had a very lucky escape, lol. If I was you, I would go for the cheapest (non-fixed/capped) possible tariff now and hang fire on fixing. At the moment, it would appear the trend is downward price-wise and if this was to continue I'm assuming there will more attractively priced fixed deals further down the line.

anniewoo

I took 2011 last year after panicking about all the reports of huge price rises in the future and now I am beginning to regret it slightly.My gas bills are very modest compared to some people on here as I live alone and don't have my heating on very much,I just put extra layers of clothes on :rotfl:

I rang BG a few days ago when the 10% reduction was announced and was told that it would cost me £75 to get out of the fixed price deal.The guy I spoke to said it would be probably be better to stay as I am for the moment,but if prices drop anymore,then it might benefit me to change to the standard rate.He did say that although prices may be coming down at the moment,they could also go up again in the future,no one knows.