On fixed deal - when to change?

thescouselander

I'm currently on a Scottish power fixed deal ending 31 March this year so I'm now thinking about changing shortly. My question is when should I submit the application for a new supplier given it seems to take a number of weeks to go through?

Obviously I'd like to access a better deal ASAP but if it changes too early I'll be hit with penalties.

Lurker21

thescouselander wrote: »

I'm currently on a Scottish power fixed deal ending 31 March this year so I'm now thinking about changing shortly. My question is when should I submit the application for a new supplier given it seems to take a number of weeks to go through?

Obviously I'd like to access a better deal ASAP but if it changes too early I'll be hit with penalties.

Go onto uSwitch, put in your annual usage and see what comes up. You might well find the SP February 2016 deal is the best or very close to the best deal for you. The Feb 2016 has no exit penalties.

You'll probably be able to switch to this deal now without penalty.

espresso

Unless you really want to leave Scottish Power, you may find their 'Online Fixed Price Energy February 2016' with no exit fee hard to beat and you could do this now by making a quick telephone call.

thescouselander

I've just checked and it looks like extra energy is the best deal for us. To be honest I'd also like to avoid the big 6 suppliers just as a matter of principle so a switch from Scottish power is defiantly on the cards.

Lurker21

thescouselander wrote: »

I've just checked and it looks like extra energy is the best deal for us. To be honest I'd also like to avoid the big 6 suppliers just as a matter of principle so a switch from Scottish powers is defiantly on the cards.

How much cheaper per year does Extra Energy come out?

And is that amount worth the possible hassle involved in changing companies?

espresso

thescouselander wrote: »

I've just checked and it looks like extra energy is the best deal for us. To be honest I'd also like to avoid the big 6 suppliers just as a matter of principle so a switch from Scottish powers is defiantly on the cards.

Are you sure? Extra Energy have a £50 exit fee and things are currently changing. If you switch now to the best SP tariff, you could still change later when things settle down, as they have no exit fee.

thescouselander

Lurker21 wrote: »

How much cheaper per year does Extra Energy come out?

And is that amount worth the possible hassle involved in changing companies?

They're about £30 cheaper over the year. I've never found it problematic to switch so I'd say it's worth it.

thescouselander

espresso wrote: »

Are you sure? Extra Energy have a £50 exit fee and things are currently changing. If you switch now to the best SP tariff, you could still change later when things settle down, as they have no exit fee.

It's a good point - Scottish power are definitely the cheapest deal with no exit fee and who knows what prices will do next.

DavidRossitter

Hi
I am in the same position as the OP. One thing I have noticed is that a lot of comparison sites quote the annual savings for the next year by working out the savings for the next 2 months against the fixed rate tariff and the other 10 months against the much higher variable rate. So unless you are very careful you think you can think you will be this much better off than the fixed rate you are on. So my comparison shows a possible £300 saving but it's not - So you need to look at the underlying tariff which then shows an annual saving of £30 against the fixed rate tariff.

So I am presently waiting a bit longer as I can always switch to another SP tariff quite quickly and there seems to be more downward than upward pressure on tariffs at the the moment. Be interested in views and options re this.

This David

mttylad

With the reductions being announced or coming, surely fixing means that we may in fact pay more?

espresso

mttylad wrote: »

With the reductions being announced or coming, surely fixing means that we may in fact pay more?

Only if you fix with a tariff with an exit fee, which would be rather stupid!

Currently the cheapest fixed tariffs have no exit fee, so it that supplier doesn't reduce their prices you can simply switch with no penalty.

If you fix now for the next year, you do not have to stay on that tariff for the whole year ,if better tariffs become available.