Should I take Martins advice???

teamscottbarnes

Hello, having just listened to Martin on radio 2 i've run my details through uswitch.

I'm currently with OVO (new energy variable) and pay £73 for both gas and electric. According to uswitch i'm on the cheapest option and the cheapest fixed plans are more than £100 extra for the year.

We are very tight financially currently and things don't look like they're going to improve. What should I do???

We are very frugal with our heating/lighting and wear many layers in winter whilst in our cold house! Any advice would be lovely!

relic

I don't get it. Are you asking should you take his advice, even though it is more expensive, and even though you can't really afford what you have already?

Ben84

I believe OVO is price fixed for 12 months from sign up as standard, so you should already be price fixed? Or is your price fix about to expire and are you wondering what to do next?

teamscottbarnes

Basically should i fix and take the extra costs now or risk it and end up paying more on a variable rate. I'm torn and could do with helpful advice not criticism. Surely my question isn't that stupid?

teamscottbarnes

I signed up last May (10) so have been with them just over a yr. Signed up to their variable new energy rate- so not currently fixed.

grizzly1911

You really need to use your energy used p.a. in KWH in the comparisons.

If you are paying £876 pa now a £100 increase would be 11%.

Increases published are between 10-20 % dependent on fuel.

Depends so the differentials could be up to £200 ish.

Also check if you have any exit penalties to pay if you leave OVO.

Have you made sure you have insulated your property fully and made the best of any available grants to help? Might help bring down consumption to mitigate increases.

Not making any comment on your own position but a lot of people say £100/200 increase but if people look at what they might spend on a night out these days, a packet of fags a day or a glossy mag each month or mobile phone which is most important.

teamscottbarnes

There is no exit fees as we've been with them for the full 12 months.

We got a grant to do cavity wall insulation and have changed all windows to double glazing.

We don't smoke. We rarely go out (got 3 children under 6). We budget for everything. Our only treat is an occasional bottle of wine on a friday night.

With differing costs you outline, fixing maybe is the better option- just means taking the hit now.

jstallan

Personally I'd rather take the hit now knowing the increase outside of my control is £100. It's them down to you to control your usage (as you seem to be doing already).

Can't see the price of Gas and Electricity going down.

As a Scottish Power subscriber the real cost of the recent increases for me were Electric up 18% and Gas up 57%. I've opted for the SP Capped 2013 deal.

Linda_D_2

jstallan wrote: »

Personally I'd rather take the hit now knowing the increase outside of my control is £100. It's them down to you to control your usage (as you seem to be doing already).

Can't see the price of Gas and Electricity going down.

As a Scottish Power subscriber the real cost of the recent increases for me were Electric up 18% and Gas up 57%. I've opted for the SP Capped 2013 deal.

Very true, I'm in the same boat being with Scottish Power.

grizzly1911

teamscottbarnes wrote: »

There is no exit fees as we've been with them for the full 12 months.

We got a grant to do cavity wall insulation and have changed all windows to double glazing.

We don't smoke. We rarely go out (got 3 children under 6). We budget for everything. Our only treat is an occasional bottle of wine on a friday night.

With differing costs you outline, fixing maybe is the better option- just means taking the hit now.

Loft insulation at 270mm minimum?

Insulated hot water tank plus jacket (not for you)?

I remember two kids under 6, used to budget, they are pretty much grown up now, still budget:o

teamscottbarnes

I like the sound of an insulated hot water jacket for myself!

We no longer have a hot water tank and we were told our loft insulation meets the minimum limits although probably could do with more.

From advice looks like fixing seems most financially stable thing to do- just got to grit my teeth (and put on an extra layer in winter)