Changing energy providers - when to cancel direct debit?

poppellerant

I am changing energy suppliers later this month - the 27th is the date I've been given by my new provider as when they'll start supplying me.

My "dilemma" is that my direct debit for the old provider is due on the first of every month and I have arranged so that my new provider also takes the direct debit out on the first of every month. However, I could end up with two direct debits of around £80 each coming out.

What I would like to do is cancel the direct debit for the old provider as early as I can get away with. I spoke to my old provider and they told me not to cancel it too early, or I could end up being put on the standard rates and pay higher prices.

So when would people suggest to cancel the direct debit for the old provider? Will I get away with cancelling on the 26th, the day before I am supplied by the new provider? Or should I do it on the 27th? Would it be safer to do it earlier than the 26th?

Nada666

No, you should not do it well until well after the next instalment has been taken on the 1st.

You can cancel on the 27th if you like but there is no guarantee that your eventual final bill will not be back-billed for the entire winter quarter at standard rates.

Unless you are needing to spend the £80 on bread and milk it is not worth the gamble.

You should view it as a short-term savings pot - an easy way to force you to save a bit of money for a month or two.

poppellerant

What if I fed my meter readings to my old provider on the 26th then cancelled the direct debit on the 27th? Surely that would work?

A.Penny.Saved

Phone the old energy provider and tell them that you want the DD reduced to the minimum amount possible, preferably £1. There is no point keeping it at the old rate if they are no longer supplying you! Keep the DD open so that any refunds or debts can be paid.