What date to switch to avoid exit fee?

sho_me_da_money

My current supplier says that my tariff ends on the 31st May 2015. I understand I will jump over to their variable rate on 1st June 2015.

I was wondering what date to actually process the switch using the comparison sites? 1st June?

I basically want to avoid the exit fees as well as the extortionate variable rates..

Thanks

lvf

Technically you can start the switch from today as it is less than 42 days until your tariff ends, so the supplier cannot add an exit fee during this time.

Good luck!

sho_me_da_money

Oh there is a 42 day rule? Is that for first utlity only or for any switch?

So if I switch within 42 days of my tariff ending, I wont incur exit fees?

macman

For any provider. No, you won't. Wait until 1/6 and you will be on Standard Variable for 3-4 weeks.

System

From the 'Horse's Mouth'.......

1. Fixed term contracts

Suppliers will be banned from increasing prices, or making other changes to fixed term contracts which are to the disadvantage of a customer. The only exceptions to this are “tracker” tariffs that follow an independent index over which the supplier has no control, or structured price increases set out in advance which are fully in line with consumer protection law. This new rule applies to any contracts entered into on or after July 15 2013.

Suppliers will be required to notify customers that their current fixed-term is coming to an end between 42 and 49 days before the contract ends.

Between this notification period and the end of the fixed term contract, suppliers will be banned from charging a termination fee should the customer decide to switch.

Suppliers will be banned from automatically rolling a customer over onto a further fixed term contract.

Instead suppliers will be required to default customers to an evergreen contract if the customer takes no switching action before the end of their fixed-term contract (this default contract must be the cheapest evergreen tariff with the supplier from 31st March 2014).

Provided your new supplier receives your application to switch BEFORE your current contract comes to an end, you will remain on your existing fixed price tariff until the switch goes through. Most switches these days take 17 days (3 days plus 14 day cooling off period).

KDH_2

sho_me_da_money wrote: »

Oh there is a 42 day rule? Is that for first utlity only or for any switch?

If you are with First Utility at the moment you can switch to any of their fixed tariffs without exit fees as long as the tariff you are switching to, ends further into the future than your current one.