Switching part way through a fixed rate deal and paying the exit fee

Kathy535

Hi. I'm currently on a fixed rate deal with Scottish Power which ends in March 2015. I'm annoyed by their belief that I should be paying around 20% more than my usage suggests (based on 12/13 usage as it was a cold winter, just to be on the safe side) and they won't refund me any of the £450 credit I've built up over the last few months.

So, I checked on a comparison site and with dual fuel I can save around £220 while with two separate tariffs I can save around £300 - minus the £50 exit fee from SP.

This seems like a no-brainer, pay up and switch thus paying less and getting my credit back. But, am I missing something? Surely, it can't be that straightforward?

Thanks for any advice.

Nada666

Yes it is almost that straightforward.

(But do make sure you are comparing costs of usage in kWh. And note that if your current fix ends in March the quote will include the following months on the standard tariff. So the actual savings will be smaller as you would have switched to a different fix next Spring.)

And, yes, separate tariffs are often cheaper than dual fuel fixes.

CashStrapped

Why don't you switch (internally) to Scottish Powers latest tariff, Online Fix November 2015. There should be no penalty for switching internally.

Then once on the Nov 2015 tariff, you can decide to stay on this cheaper tariff or to switch away. The Nov 2015 tariff has no exit fee!

Do check that the comparison site you are using includes companies you are already with! As you may find the Nov 2015 tariff just one of the cheapest available. I know energyhelpline shows companies you are with. Others, you have to select an option to show all available tariffs.