Supplier change timing

cratchitsboss

I have just received notification that our current electricity deal expires at the end of March and it has an early exit penalty. Does anyone know if it would be safe to start switching supplier now as the last time we changed it took 3 or 4 months to complete and during this time we were on a very expensive standard tariff.
Have tried asking a couple of suppliers and Energyhelpline about this and am still waiting for promised return calls from all of them.

spiro

I would:
a) start change of supply mid March.
b) notify your current supplier which tariff (not one with exit fee) you want to go on when the tariff ends. You dont have to go onto the standard tariff.

dogshome

In spite of your earlier experience, a Switch usually takes about 6 weeks and so far as triggering Penalty Charges is concerned, the key date is when the Switch happens, not when you start the ball rolling

To be on the safe side start your switch in the middle of March, ( This does mean that you will spend a week or so on your present suppliers 'Standard' tariff ).

t0rt0ise

The quickest I've had my supplier change is 4 weeks so that's what I'd give them, so I would start the process round about 3rd March. They don't do anything at all for the first two weeks so nothing is going to happen all that quickly.

When my last deal with EDF ended, they agreed to keep us on the same tariff until the change happened. You might want to enquire of your supplier whether they will do the same.

cratchitsboss

Thanks for all the info and advice.

jalexa

cratchitsboss wrote: »

I have just received notification that our current electricity deal expires at the end of March

Have you enquired if your current supplier has a maturity offer or checked if any of your current supplier's tariffs are competitive?

Be aware that if you are currently on a tariff with a "deferred discount":eek: you could lose discount by switching before the discount is earned.

cratchitsboss

Current supplier, npower, just sent a letter saying we would be switched onto a tariff called 'go save' which just seems to be their standard tariff.
They did not make any offers just listed some other tariffs that we could switch to and did not give any details.
Comparison sites usually put npower in 3rd or 4th place though there is only about £15 difference between all the front runners so still wondering about staying with them but I read Eon will be reducing prices next week so will see what they come out at.

jalexa

:eek:

cratchitsboss wrote: »

Current supplier, npower,

In that case quite likely you are on a "deferred discount" tariff and if so any discount already credited monthly will be clawed-back if you switch before the discount is earned. And you would lose the remaining discount which was already factored into the original comparison.

The best time to leave a "deferred discount":eek: tariff is just after the discount is earned, normally after 12 month periods of custom.

Be aware that top listed tariffs are often there by virtue of one or more "gotchas" (such as "deferred discount":eek:) designed to achieve a favourable listing within Consumer Focus Confidence Code rules.