Fix ending soon, should I refix now?

microscopicmilton

Hi - Apologies if this is already covered elsewhere on the site. I'm new to the forum and finding the size of some of the threads and the sheer number of them rather overwhelming.

I'm on the cheap energy club, and near the end of my fix. The current fix beats anything currently available through cheap energy club, and I've got about six weeks left before my current providers move me onto their variable tariffs.

I keep getting emails from my current providers asking if I want to refix or go onto the variable.

*SO* my question is, will cheap energy club automatically know when my fix ends and tell me when and where to switch? Can I just ignore the emails prompting me to refix now?

Or will I have to go back into Cheap Energy Club when my fix ends and say that I have moved onto the variable tarriff in order to find out what the new best deal is?

Sorry if this stuff is all really obvious to forum regulars ... Please excuse stupid questions from a newbie!

I'm just aware that it can take 6-8 weeks for a switch to complete, so wonder if I need to set the ball rolling now, so that I dont end up paying top whack for a variable tariff for a couple of months after my fix ends.

Thanks in advance for any tips :-)

Consumerist

The first thing to do is enter your consumption figures into an energy-comparison site and see which fixed tariff(s) are currently cheapest for you. See how it compares with what your current supplier is offering for the next fix.

It currently takes up to 6 weeks to complete a switch so you should probably be thinking of switching in the next couple of weeks. If you switch to a new supplier then try to avoid early-termination fees i.e. don't switch before the end of contract. Assume it will only take 4 weeks to switch - if it takes longer then you will spend a short time on the variable tariff but that is likely to be far less expensive than paying early-termination fees.

pickoftheday

Apparently First Utility are forecasting 23 - 30% increase for 2014. I would definitely consider fixing again.

Consumerist

microscopicmilton wrote: »

*SO* my question is, will cheap energy club automatically know when my fix ends and tell me when and where to switch? Can I just ignore the emails prompting me to refix now?

Or will I have to go back into Cheap Energy Club when my fix ends and say that I have moved onto the variable tarriff in order to find out what the new best deal is?

According to the <Cheap Energy Club page>, they will "alert you" when it's time to switch but you should check what they are offering you against the market (i.e. comparison sites).

I agree that hefty rises are likely soon so a fix is is probably your best option. But check that you are not paying too much for it.

macman

The issue is not so much whether to refix, but at what price you refix.

19ninety

macman wrote: »

The issue is not so much whether to refix, but at what price you refix.

This is what I was just looking at. Cheap energy club I'm alerady on the lowest tariff around with Blue+Price Promise September 2013. That expires soon and if I then run the BIue+Price Freeeeze November 2016 through the cheap energy club it says it can save me nearly £200.
Thats today though, and since energy prices are going up still, would you think its better to sign up for the price freeze, its a bit more expensive now but surely it will balance out over two years right?

macman

Since you've only got 6 weeks to run on the current fix, you're only losing that relatively short period on the cheaper rate.
But there's always an element of risk, since no-one has a clue where prices will be in 6 months, let alone in November 2016.
A fix is not intended necessarily to be the cheapest rate, it's simply an insurance policy against potential increases. Only you can decide if the required premium is worth it.

JamesMason_2

I would consider waiting another month. Silly season has not yet kicked off.

macman

I would agree, There are usually rumours when an EDF tariff is about to be pulled, and then all you have to do is log in and switch there and then before the cut off. Since there is no ETC on Blue+, you can still extract yourself without penalty should things change for the worse.

JamesMason_2

Quite. Why keep an expensive tariff when you are about to insert a cheaper one? The former follows the latter.

microscopicmilton

Just wanted to say thank you to everyone for your advice. It's been really helpful - Much appreciated!