Should I have switched?

linzi_h

I have accepted a transfer from Scottish Power Online Enegy Saver 10 to Npower Sign Online 23. Should I have done this? I only switched as it said that they would save me £200 a year. Now I have seen that I might have done the wrong thing. Scottish power have sent me a letter saying that I should call to see if they can do a better deal. Any advice please?

Thanks

DUTR

Do you live in a factory? If not, I doubt that you will see £200 a year saving, when you go for energy quotes then supply the kwh not how much you spend per month.

keith1950

I think the point is that you will save money until Npower increase their tariffs ( imminent ).

I think Martin has been advising that unless you are going for a fix you should not switch until the 'Big 6' have all increased their prices, so far 4 have increased so theres still 2 to go, you can then judge which is the cheapest.

macman

linzi_h wrote: »

I have accepted a transfer from Scottish Power Online Enegy Saver 10 to Npower Sign Online 23. Should I have done this? I only switched as it said that they would save me £200 a year. Now I have seen that I might have done the wrong thing. Scottish power have sent me a letter saying that I should call to see if they can do a better deal. Any advice please?

Thanks

What is 'it'? Did you do your own research on a comparison site?

Premier_2

linzi_h wrote: »

I have accepted a transfer from Scottish Power Online Enegy Saver 10 to Npower Sign Online 23. Should I have done this? I only switched as it said that they would save me £200 a year. Now I have seen that I might have done the wrong thing. Scottish power have sent me a letter saying that I should call to see if they can do a better deal. Any advice please?

Thanks

Use a comparison site. That way you'll get independent results showing who can offer you the best deal, not someone intent on selling you their particular product.

MillicentBystander

Personally I would get out of npower if you still have time under the cooling off period - they haven't announced their increase yet plus that SO23 tariff includes a £105 annual bonus paid in arrears. The figure you the alleged saving refers to INCLUDES this bonus figure; leave before the 12 months are up and you don't see it at all.

jalexa

MillicentBystander wrote: »

plus that SO23 tariff includes a £105 annual bonus paid in arrears. The figure you the alleged saving refers to INCLUDES this bonus figure; leave before the 12 months are up and you don't see it at all.

Good point.

"Paid in arrears" is also how I usually describe a "deferred discount" tariff (such as SO23).

A better description might be "discount forfeited on early termination".

linzi_h

DUTR wrote: »

Do you live in a factory? If not, I doubt that you will see £200 a year saving, when you go for energy quotes then supply the kwh not how much you spend per month.

No I don't live in a factory . . . . and I did do the quotes basted on the kwh - I did it based on my usage over the past year and put the totals in then the comparison site came up with that total :undecided

macman wrote: »

What is 'it'? Did you do your own research on a comparison site?

Premier wrote: »

Use a comparison site. That way you'll get independent results showing who can offer you the best deal, not someone intent on selling you their particular product.

I did a comparison on simply switch and checked the outcome on the other comparison sites.

MillicentBystander wrote: »

Personally I would get out of npower if you still have time under the cooling off period - they haven't announced their increase yet plus that SO23 tariff includes a £105 annual bonus paid in arrears. The figure you the alleged saving refers to INCLUDES this bonus figure; leave before the 12 months are up and you don't see it at all.

:beer: Thanks for the advice! I will give them a ring now and find out if I still have tile to cancel

cooking-mama

DUTR wrote: »

Do you live in a factory? If not, I doubt that you will see £200 a year saving, when you go for energy quotes then supply the kwh not how much you spend per month.

Why would the OP have to live in a factory to save £200 PA.?
I dont understand this comment,I also used several comparison sites,based on my annual gas and electric consumption and got more or less the same answer in that EDF 2014 would save me £150 a year based on BG;s standard tarrif,or £229 a year based on BG's price promise 2013...Does this mean these savings are false then?im only switching to save,dont realy like the hassle and worry that the switch over wont go smoothly,therefore if im doing it all for nothing then id rather stick.

linzi_h

cooking-mama wrote: »

Why would the OP have to live in a factory to save £200 PA.?
I dont understand this comment,I also used several comparison sites,based on my annual gas and electric consumption and got more or less the same answer in that EDF 2014 would save me £150 a year based on BG;s standard tarrif,or £229 a year based on BG's price promise 2013...Does this mean these savings are false then?im only switching to save,dont realy like the hassle and worry that the switch over wont go smoothly,therefore if im doing it all for nothing then id rather stick.

I too thought the same about the factory quote and the information being false :undecided

cooking-mama

linzi-h...my gut instinct is that the savings are accurate...im already with British gas,and if you go online you can check out their tarriffs on their own website...with my annual consumption BG quoted £1510 on their price promise march 2013..U-Switch quoted the exact same figure,tried it with a couple of plans and they all gave the same answer.
PS,forgot to add,I think the savings can only be guaranteed when switching to a Fixed rate plan,some energy companies have still to put their prices up,so if Npower is one of them,and the plan you picked is "variable",then the savings could possibly only be temporary...some MSE'rs have posted that EDF is the only company that still has lower rate fixed plans...hth