OVO Transfer

Hammer_Time

bsod wrote: »

If their prices went up, would you be happy if they tore up the 1 year fixed rate/term contract without penalty too, it's only another 4 months before you'll probably get a cheaper deal anyway.

Whoever you jump to will have a similar policy.

No, but they can!!! Also some suppliers do let you transfer without paying any exit fine.
I believe customer is king, we all need to fight to get the best deal!!!
10.5. We can end your Fixed Plan contract early by giving you 28 days’ prior written notice. If this happens, we have to move you onto a contract for our variable Simpler Energy plan (under Ofgem rules).

System

bsod wrote: »

Whoever you jump to will have a similar policy.

I think that I am correct in saying that EDF will allow its customers to switch tariffs at will, and switch out, without penalty. In my view, the smaller energy companies could have a customer retention problem if energy prices fall as predicted. Only they can judge whether it is better to get £30/£60 exit fee and lose a customer, or allow the customer to switch tariffs and stay.

bsod

9.3. We will not change the prices you pay under your contract while you are on a Fixed Plan.

customer may be king, but you agreed to a contract and so did they.

Hammer_Time

bsod wrote: »

9.3. We will not change the prices you pay under your contract while you are on a Fixed Plan.

customer may be king, but you agreed to a contract and so did they.

Yes, but they can get out of the contract by quoting this I can't. I believe the contract is not fair.
10.5. We can end your Fixed Plan contract early by giving you 28 days’ prior written notice. If this happens, we have to move you onto a contract for our variable Simpler Energy plan (under Ofgem rules).
Hey ho, as you stated only four months to go and there might be a good deal out there then!!!

energyworker

bsod wrote: »

If their prices went up, would you be happy if they tore up the 1 year fixed rate/term contract without penalty too, it's only another 4 months before you'll probably get a cheaper deal anyway.

Whoever you jump to will have a similar policy.

Nope. I think most of the big six and a number of smaller suppliers have the policy that you can switch tariff without exit fees as long as the tariff you are moving too is not shorter than your current one.

bsod

Any different terms can be priced into the contract.

ovo, extra, first utility, eon, coop, woodland, sainsb, greenstar,sse, npower all have fixed rate options with exit fees.

if the op wanted the option, they could have gone on the more expensive standard ovo tariff

energyworker

bsod wrote: »

Any different terms can be priced into the contract.

ovo, extra, first utility, eon, coop, woodland, sainsb, greenstar,sse, npower all have fixed rate options with exit fees.

if the op wanted the option, they could have gone on the more expensive standard ovo tariff

Yes but most of them will allow you to extend to another fixed term with preferential rates with no fee as long as they stick around. It seems a little bit short sighted to prefer to lose a customer over £60 than to allow them on to a contract you offer anyway.

System

The 'worst' thing about threads like this is that it forces one to look at current tariff rates. I like Ovo as a company but I now find that I could save £139 pa by switching to E.on, or £136 if I stayed with Ovo. If both cases there would be a £60 exit fee; however, by moving to E.oN I would only incur a potential £10 exit penalty if energy prices continue to fall. Staying with Ovo, I am faced with a further £60 exit penalty.

And I have just noticed that a switch to E.oN via MSE would result in a £30 cashback. Not a lot to think about here: best I just get on with it.

OVO_Energy

Hi Hammer Time,

Because we buy customers energy up front, at the unit prices we quoted, when a customer signs up to us, we are able to guarantee that their unit prices won’t change during their contract.

If a customer decides to switch away, or to a cheaper tariff, early termination fee’s still need to be applied. This is because another 12 months of energy would need to be bought, at different rates, meaning that not all the energy bought at the prices before would be consumed.

I hope this helps but if you have any further queries, please email socialmedia@ovoenergy.com with your account details and further questions.

Thanks,
OVO

KDH_2

Ovo said "If a customer decides to switch away, or to a cheaper tariff, early termination fee’s still need to be applied."

This seems at odds with the policy at First Utility according to the post here:-
http://forums.moneysavingexpert.com/showpost.php?p=67558348&postcount=15

"...........Taking my example, I'm with first utility at present and I can switch my fixed tariff with them without charge as long as the deal I am going onto is longer than my current deal."