Changed my mind about switching. Help

terrylamps

Hi, I was switching from Npower to Co-operative, switch has not gone through yet but i'm past the cooling off period. I want to cancel the swtich as they've now put up their prices and i've gone from saving £170 a year to £70 a year. Could Npower refuse the switch as i'm slightly in debit to them and if not how much of a penalty am i likely going to have to pay to cancel the switch?

Thanks

Nada666

As Co-operative have no exit penalties you could let it go through then switch back again (through a cashback site) and receive the £100 cashback from nPower (if their tariffs are suitable). Smaller cashbacks will be available from other suppliers if their tariffs are better.

Consumerist

terrylamps wrote: »

Could Npower refuse the switch as i'm slightly in debit to them . . .

If you are not on a pre-payment meter, it is likely that nPower will object if you are in debt on your account. It depends on when your next DD is due for payment and when they receive the switch request. If you don't settle any debt within 30 days the switch will probably not go ahead.

You could, however, call them and ask them to object.

terrylamps

Thanks Nada666. From what i've been reading the new prices shouldn't affect me, at least until april, as i'm already classed as an existing customer as i requested the switchover before the 12th feb. Going to ring them on monday to double check though.

amcg100

As things stand the co-op are entitled to insist that the switch goes through, but you can switch away again as soon as you become one of their customers. It's probably your best option rather than complicate things.

terrylamps

Yes, that's what i was thinking as well. I'll give it until i receive the letter about the new price increase and then look at switching away from them to a fixed rate deal with whoever happens to work out the cheapest. Even with the new prices they will still be cheaper than what i am paying now so i suppose i can hang fire for a while.

Wywth

terrylamps wrote: »

Hi, I was switching from Npower to Co-operative, switch has not gone through yet but i'm past the cooling off period. I want to cancel the swtich as they've now put up their prices and i've gone from saving £170 a year to £70 a year. Could Npower refuse the switch as i'm slightly in debit to them and if not how much of a penalty am i likely going to have to pay to cancel the switch?

Thanks

Have you been advised of the price rise yet?

I doubt it as I don't think it will apply to you until 15 April

However, the notice should also tell you how you can avoid the price rise

It shouldn't take more than 5 weeks for a switch. I suggest you consider carefully whether a fixed rate tariff may suit you better.

terrylamps

No, not heard anything from them about the price rise. The switch over was started at the end of January and they are due to start supplying me around the 8th March. Think i will just let the switch go through and as soon as i hear that the prices are going to increase which i expect to happen in April then i will switch to a fixed tarrif with another supplier.

macman

For 'new' customers the increase starts from the day they announced it: 12/2. Therefore the new higher rate will apply from the date you go on supply with them.
You may be beyond the cooling-off period, but you are not yet their customer.
Just apply for a switch the day you go on supply.

Wywth

Customers who signed up to the Co-op before 12 Feb 2013 will not have the increased prices applied until at least 15 April 2013