Do I fix my rate or not?

Madmonk

I've just had a letter from my current duel fuel provider offering me 2 more years at the same fixed rate but do I take it or do I jump? I jumped to them 2 years ago and then prices started to fall, but I was trapped but if I move now will I face the same problem? Whats everyone else doing - to fix or not?

MM

macman

Madmonk wrote: »

I've just had a letter from my current duel fuel provider offering me 2 more years at the same fixed rate but do I take it or do I jump? I jumped to them 2 years ago and then prices started to fall, but I was trapped but if I move now will I face the same problem? Whats everyone else doing - to fix or not?

MM

If everyone knew the answer to that then we would all do the same thing. It depends on your outlook. If you can afford what you are paying now and want 100% security of no more rises for 24 months, then it's sensible to fix. If you would be kicking yourself if prices fell, then no. Personally I'm in the latter camp, but that's just my approach.
Not even the utility companies know what is going to happen to wholesale prices that far ahead, so how can we?

Madmonk

I think I was hoping for a crystal ball on price rises - daft really! I think I'll stick with what I have (I'm only paying £60 per month for gas & Elec and I'm in credit as well so better the devil you know!

MM

Cardew

There are some cheap internet tariffs(eon/OVO etc) that are fixed for a year or so; these have smallish penalty - £30 or so - for early exit. So it might be worth considering these tariffs and simply paying the penalty in the unlikely event prices fall.

Browntoa

I've noticed to E.ON FixOnline 8 is the same unit price as their standard tariff , only thing you lose are the Tesco clubcard points but the online discount is 17% instead of 10 %