Ovo Renewal how does it work?

jem16

Coming to the end of my current fixed deal with Ovo and have now received their renewal offer. Their offer is better than anywhere else having checked it out via comparison sites so will likely go with it. However I'm getting conflicting advice from my Ovo account and from Ovo via Facebook messages.

So can anyone who has renewed help here please?

Ovo are saying if I renew early I move on to the new plan (prices are lower) immediately and contract ends one year later.

My Ovo account, when clicking on renew, shows the new plan starting on the day after the current one finishes and then going on for one year.

Which is correct?

Nada666

Don't know specifics about Ovo but my past experience with other suppliers is that they usually do the correct thing - if it is cheaper they do so immediately if it is more expensive they wait until the end.

In your situation there doesn't seem to be any reason to not ask to switch now. You can then find out and answer your own thread.

Hammer_Time

I would phone them. I believe they send a renewal letter six weeks before your renewal date, there should be no exit fees at this point and you should be able to transfer to the cheaper rate straight away.

jem16

Ok answer seems to be that a normal renewal would take place the day after the old contract runs out. Prices are locked in so if they go up you won't be affected. If they go down before renewal date you would get the lower price.

I've been told, however, that if I phone up they would put it through earlier if I wanted.

As they have just lowered their fixed prices on January 15th, I can't see them lowering them again before March 19th which is my renewal date but possible I suppose?

System

jem16 wrote: »

Coming to the end of my current fixed deal with Ovo and have now received their renewal offer. Their offer is better than anywhere else having checked it out via comparison sites so will likely go with it. However I'm getting conflicting advice from my Ovo account and from Ovo via Facebook messages.

So can anyone who has renewed help here please?

Ovo are saying if I renew early I move on to the new plan (prices are lower) immediately and contract ends one year later.

My Ovo account, when clicking on renew, shows the new plan starting on the day after the current one finishes and then going on for one year.

Which is correct?

I like OVO but in a falling energy market I do not like their high exit fees. Why commit yourself to a tariff with a £60 exit fee. Remember this will apply even if you just want to change to a lower OVO tariff in a month's time?

jem16

Hengus wrote: »

I like OVO but in a falling energy market I do not like their high exit fees. Why commit yourself to a tariff with a £60 exit fee. Remember this will apply even if you just want to change to a lower OVO tariff in a month's time?

Mainly because the Ovo tariff is already around £70 cheaper than the best price, the first of which I wouldn't touch given the bad reviews here.

System

jem16 wrote: »

Mainly because the Ovo tariff is already around £70 cheaper than the best price, the first of which I wouldn't touch given the bad reviews here.

You are ignoring, with respect, the key point. If after the Election, energy prices fall by 10% and Ovo issues a lower tariff saving you £65, you will only be £5 better off by switching. Other suppliers allow free tariff switches provided you remain in contract. Why restrict yourself?

jem16

Hengus wrote: »

You are ignoring, with respect, the key point. If after the Election, energy prices fall by 10% and Ovo issues a lower tariff saving you £65, you will only be £5 better off by switching. Other suppliers allow free tariff switches provided you remain in contract. Why restrict yourself?

No I am taking on board your key point and do intend to weigh it up.

However you have to balance the actual savings now against possible savings after an election. I'm also looking at the fact that other suppliers with free tariff switches are much dearer at the moment.

System

jem16 wrote: »

No I am taking on board your key point and do intend to weigh it up.

However you have to balance the actual savings now against possible savings after an election. I'm also looking at the fact that other suppliers with free tariff switches are much dearer at the moment.

Have a look at E.oN. It worked out £4 a month cheaper for me than Ovo's 1Yr fixed tariff. Exit fee £5 per fuel and you can switch tariffs for free.

jem16

Hengus wrote: »

Have a look at E.oN. It worked out £4 a month cheaper for me than Ovo's 1Yr fixed tariff. Exit fee £5 per fuel and you can switch tariffs for free.

It's dearer for me by about £70pa.