mis-sold price cap

miccahotpants

I've just signed up to what I thought was a price cap deal until June next year. On the phone I got the operator to confirm my price would not change. However now I've received the terms and conditions it says all I am guaranteed is cheaper bills than standard British gas customers.

Is it worth complaining? Can I get anything for my efforts? Alternatively anyone know of any genuine price caps available? Currently with edf but leaving as they introduced a service charge.

grizzly1911

Yes there are true capped rates. See the comparisons sites to work out the difference over variable.

Bear in mind that if you do choose a capped rate, for say 18 months and prices go up in the interim, then you may have a bigger jump to make at the end of your tariff to get back on the escalator. Main benefit of capped is that you have a degree of certainty over cost for the period of the tariff.

If you are not happy now you have received the detailed terms ring up and cancel. I have done this when I realised the deal wasn't what I thought in the cold light of day.

st999

Bear in mind that if you do choose a capped rate, for say 18 months and prices go up in the interim, then you may have a bigger jump to make at the end of your tariff

As all who are on eon's fixonline8 are finding, about £200 a year increase

backfoot

st999 wrote: »

As all who are on eon's fixonline8 are finding, about £200 a year increase

Compared with what?

st999

Compared with what?

whatever you want to compare it to

last year I paid £940, same usage, cheapest moving is £1100 with BG staying with eon cheapest fixed tariff is £1325, cheapest tariff with eon is £1139.

Take your pick.

grizzly1911

backfoot wrote: »

Compared with what?

The point I was making (and ST999?) is that with an escalator only going up if you sit on the second floor for 18months you have to jump to the fourth floor next time.

EONFOL8 was a cracking deal but there have been at least two market price rises since then so the whole ballpark has moved.

Over say a given period, say ten years, at this rate you will just stay 1 year behind the price curve at best. In reality you will not save much compared to a variable rate.

What you do get is stability for each fix period and you know when the next price rise will hit you. Instead of say 5% increments it will be 20%.:(

Gerrard_8_lfc

The tariff the OP talks about states it will always be cheaper than the BG Standard until a set date. The OP will save £100s of pounds by switching to any supplier's online deal.

I think the tariff the OP is on is Track and Save 8 which is a dog of a tariff and Variable not fixed.

eurmalian

miccahotpants wrote: »

Is it worth complaining? Can I get anything for my efforts? Alternatively anyone know of any genuine price caps available? Currently with edf but leaving as they introduced a service charge.

It all depends on what you want really. If you were promised that it was a fixed price tarriff and it isn't, then if you complain then they should listen to the call and cancel the contract.

As for fixed price deals, I think British Gas have a couple but they're at a fairly hefty premium over the standard rates. You're basically gambling that prices will go up a lot and soon for them to be worth it.

What tarriff are you on? As there are a few that are guaranteed at certain levels below the standard rate and some are better than others.

st999

correct grizzly.

On 1st July I will be signing up to SG (BG for those not in Scotland) websaver 12 through Nectar and get my 10,000 nectar points.(from an email I was sent, don't know if anyone else got it)

If SG price increases by more than the cancellation penalty I will be off elsewhere, unless there is no better deal.

But no more fixed price tariff for me unless I save money.

stewie_griffin

Gerrard_8_lfc wrote: »

I think the tariff the OP is on is Track and Save 8 which is a dog of a tariff and Variable not fixed.

Since the OP states he is with EDF and Track & Save is an E.ON tariff I doubt he's on that Although saying that EDF don't appear to have a tariff like that so maybe the OP doesn't know who his supplier is!!

grizzly1911

st999 wrote: »

correct grizzly.

On 1st July I will be signing up to SG (BG for those not in Scotland) websaver 12 through Nectar and get my 10,000 nectar points.(from an email I was sent, don't know if anyone else got it)

If SG price increases by more than the cancellation penalty I will be off elsewhere, unless there is no better deal.

But no more fixed price tariff for me unless I save money.

My thinking too

I think the "good" deals are gone for a while and whilst I believe energy prices are no doubt going up I am not so certain that the increases being talked of will filter through in such big chunks.