EDF price drop and I just fixed :-(

hubb

Great, after all the scaremongering about constant price rises, EDF are announcing they are dropping by 5% and I fixed mine in December for a year. Great ! Is there anything I can do ? EDF did tell me that prices should rise when I fixed it.

DVardysShadow

:rotfl::rotfl::rotfl:

Well they would say prices were going up if they could get a few people to fix, wouldn't they? Even if prices were going down.

hubb

I was asking for a bit of advice, not someone to point and laugh :mad: Muppet !

ic

How did EDF tell you there would be price rises? Fixing is always a gamble - be it mortgages, savings, utility bills, whatever. Nobody knows the future.

pothole50

I dont think there is anything you can do, thats life your situation is the same as if you bought anything, and in the sale it was reduced I dont think you could get any money off just because you bought it a few weeks earlier at a higher price. This time you lost out perhaps next time you will win. They will put their prices down by 5% then tell you how wonderful they are before increasing the price again by 10% in which case you are a winner for fixing.

DVardysShadow

hubb wrote: »

I was asking for a bit of advice, not someone to point and laugh :mad: Muppet !

You're calling me a muppet? It was you who got caught.

There is no advice for your situation. Except don't get caught again. If fixes are not on offer, prices are going up. If prices have stopped going up and appear to be steady, fixes are again on offer which ensures that the supplier is insured against price drops to an extent - plus they can charge extra for the fix. Fixes are not for your benefit they are for the supplier's benefit. Applies to mortgages too. Or anything.

devilsadvocate88

In the grand scheme of things its probably better to fix as over the entire period of the deal, say 2/3 years, you'll have paid on average less than the standard rate usually. There are always winners and losers though and occasionally some people are left out of pocket by fixing just before a price drop. Its unfortunate but its not as though the energy companies are trying to rip you off personally.

Itismehonest

hubb wrote: »

Great, after all the scaremongering about constant price rises, EDF are announcing they are dropping by 5% and I fixed mine in December for a year. Great ! Is there anything I can do ? EDF did tell me that prices should rise when I fixed it.

I know someone who is on Guaranteed Pension Credit who rang EDF last year to check they were on the best tariff & were told the only thing they(EDF) could advise was to go on fixed rate. I'm wondering if a) they even were on the best tariff & b) how many people have been 'fixed' before their supplier announces cuts?

hubb

It's just sod's law

HalloweenJack

im on fixed 2014 and im still cheaper after the 5% reduction!

cbrpaul

the earlier EDF fix offers ie the " Fixed saver V2 "will still come out the better deal !!!