Arranging date to switch suppliers?

[Deleted User]

My dual fuel fixed price tariff runs out on 30 September 2011. I have checked some comparison sites and I'm almost certain which one (a fixed tariff again) I'd like and it's with a different dual fuel supplier. There is also cashback.

When I enquired the 'new' supplier was very keen for me to sign up straight away assuring me that it would not go through before October 1st. I contacted my present supplier who confirmed that I would be subject to a penalty if I move before October 1st. (As far as I know I can't get my present supplier to agree that they won't allow any switch to become effective until my present fixed tariff runs out.)

I'm a bit wary of signing up with the 'new' supplier now in case, despite my request, it does go through before 1st October. Does anyone have experience of time scales involved etc? The downside is that if I do not sign up soon I may lose the fixed tariff offer and/or the particular cashback offer - but I don't want to have to pay an exit penalty!

Many thanks.

Deleted_User

macman

No, you cannot specify an exact date to go on supply. Typical switch time is 4 to 5 weeks. So you are unlikely to be on supply before 1/10 if you switch now, but to be safe wait a few more days, unless you think that the tariff may no longer be around by the end of next week.

jalexa

Deleted_User wrote: »

I'm a bit wary of signing up with the 'new' supplier now in case, despite my request, it does go through before 1st October. Does anyone have experience of time scales involved etc? The downside is that if I do not sign up soon I may lose the fixed tariff offer and/or the particular cashback offer - but I don't want to have to pay an exit penalty!

There are two answers to this. The first is that it is "up to you" to decide the benefits of the switch. How much you will benefit, how much would you stand to lose? Does your current supplier have a proposition which would offer a half-way house?

Regarding the timeframe, general domestic supply agreements are subject to 28 days notice. If you initiate a switch today there is a minimum 7 days cooling off period before the current supplier is notified. Some suppliers implement a 12 day cooling-off period. A 28 day notice period would take you past your maturity date.

What I cannot say with certainty is whether a supplier can chose to waive the 28 notice period, though I am not aware of that practice.

The general advice is transfers take between 4 to 6 weeks from the expiry of the "cooling-off" period.

My advice, FWIW, is that you need to decide, but if you have a particular (fixed) tariff in mind and are concerned about it being withdrawn, you should initiate the switch today.

[Deleted User]

Thank you macman. I'm kean to accept to new offer but it sounds as if I should wait a bit longer. I appreciate your quick reply.

Crimson

HappyMJ

Best to wait until there is 7 days to go and then switch as that is the cooling off period. You could risk switching earlier as the process is supposed to take an average of 4 weeks. If you estimate 2 weeks as the fastest possible switch and work from that you should be quite safe. So I'd switch on the 12th or later of September.

[Deleted User]

Thank you for your very quick and detailed reply, jalexa. My present supplier hasn't given any assurance that a request to switch would not go through before 1st October. Because I'm quite wary it sounds as if I'd be best to wait a bit longer before switching - and hope that the fixed price and the cashback are both still available at that time.

I appreciate your reply.

Crimson

[Deleted User]

HappyMJ wrote: »

Best to wait until there is 7 days to go and then switch as that is the cooling off period. You could risk switching earlier as the process is supposed to take an average of 4 weeks. If you estimate 2 weeks as the fastest possible switch and work from that you should be quite safe. So I'd switch on the 12th or later of September.

Thank you HappyMJ. That sounds like safe advice. Much appreciated.

Crimson

macman

Personally I've never had a switch go through in less than 3 weeks.

HappyMJ

macman wrote: »

Personally I've never had a switch go through in less than 3 weeks.

Ebico was the quickest switch for me 3 weeks and a few days to get the meter key from the date I applied.

Premier_2

It takes at least 28 days for a supplier switch to go live (and typically more like five to six weeks).

You'll be fine if you start your switching process now. If you leave it too long, you may find the tariff you are interested in withdrawn.