Will I be charged exit fees?

billykeats

My current gas & electric contract with Ovo Energy expires on the 15 November 2013 but I would get charged an exit fee of £60 for leaving prior to that date.

I would very much like to take advantage of the only good decent fixed rates as advised by Martin Lewis. I would like to know if I was to make an application today knowing that it can take up to 6 weeks to transfer Gas & Electric, will I be charged the exit fee with Ovo Energy?

Comparison sites say I will save approximately £70 in the year plus the possibility of £30-40 cashback

Any advice would be much appreciated

macman

You are in contract until the day you go on supply with the new supplier. You should be OK with only a month left, but maybe wait until the end of this week.
I'm afraid that all the cheap fixes are long gone now, MSE has been pushing them all Autumn.

Terrylw1

Its the switch date that matters and this is less than the quoted 6 weeks (which is now 5) so you need to use the cooling off period + about 5 working days, which is the minimum a supplier could even try. However, they do have the cooling off period + 21 days to be compliant.

Ofgem included a clause in their licence to suppliers that a customer can indicate "after X date" to avoid exit penalties. So, you could just follow this route. If it goes wrong for any reason, post again so you can be pointed to the relevant clause.

OhReally_2

billykeats wrote: »

My current gas & electric contract with Ovo Energy expires on the 15 November 2013 but I would get charged an exit fee of £60 for leaving prior to that date.

I would very much like to take advantage of the only good decent fixed rates as advised by Martin Lewis. I would like to know if I was to make an application today knowing that it can take up to 6 weeks to transfer Gas & Electric, will I be charged the exit fee with Ovo Energy?

Comparison sites say I will save approximately £70 in the year plus the possibility of £30-40 cashback

Any advice would be much appreciated

Haven't OVO written to you yet inviting you to fix for another year?

OVO fixed rates are one of the good, fixed rate tariffs that Martin has been recommending.

billykeats

Ovo did invite us to fix for another year but the rates are not as good as the Scottish Power rate

elektra

good advice by Terrylw1

I'll let you know if it happens to me , but may be too late an answer for you by then.

I'm still waiting for my final bill from OVO. How long does it take ? As long as possible so they can hold onto to my credit balance.
Bit annoyed as they took a direct debit 5 days after they stopped being my supplier (even though more than enough credit on there to cover final bill) and also skipped September billing.

contract end date 31/08
switch initiated via moneysupermarket 21/08
first email from new supplier SP 24/08

so I'm hoping that should be within 7 working day cooling off period.

edit: just seen on SP site - it is normal to wait 4-6 weeks for final bill.

billykeats

Well we have applied for the Scottish Power Fixed until April 2014 and they expect to switch over by the 23 November which is well after the date our contract ends with Ovo so we shouldn't be charged exit fees

Terrylw1

elektra wrote: »

good advice by Terrylw1

I'll let you know if it happens to me , but may be too late an answer for you by then.

I'm still waiting for my final bill from OVO. How long does it take ? As long as possible so they can hold onto to my credit balance.
Bit annoyed as they took a direct debit 5 days after they stopped being my supplier (even though more than enough credit on there to cover final bill) and also skipped September billing.

contract end date 31/08
switch initiated via moneysupermarket 21/08
first email from new supplier SP 24/08

so I'm hoping that should be within 7 working day cooling off period.

edit: just seen on SP site - it is normal to wait 4-6 weeks for final bill.

Ofgem's condition states no more than 6 weeks for a final bill unless some problem is found that makes that impossible in which case its the dreaded "reasonable endeavours". As long as your address, meter details & readings all match up, the 6 weeks should be the case as your account is correct.

Good luck!

umborrington

We are with npower and got a letter yesterday to say that our gas rates are to be increased from late November. We are on Flexsaver Feb 13, which I understand is a fixed rate deal. They are putting up the rate for gas but not for electricity.
I thought that if they change the tariff we can leave without exit penalties. They are changing the tariff on the gas but not on the electric - it's a dual fuel tariff - does that count as avoiding exit charges or not? I am thoroughly confused now!

macman

If it's a fixed rate tariff and doesn't expire before late Nov, then the price will not go up. When does the tariff expire?

jalexa

umborrington wrote: »

We are on Flexsaver Feb 13, which I understand is a fixed rate deal. They are putting up the rate for gas but not for electricity.

It is "capped rate" not "fixed rate". What made you think it was fixed?

While there are ways to avoid early termination charges in the face of a notified increase, the real question is can you avoid hiked tariffs. Have you one in mind?