Should I cancel DD?

r2015

I am currently switching from the Coop and have worked out what my gas and electricity readings will be when I switch which gives me a credit of about £30 without the next DD.


However my DD of £110 is due in 8 days so I will probably be in credit by £140 or thereabouts when I am finally switched.


Given that I am only using about £15 worth of gas and electricity a week just now, even if the switch takes another 14 days after it is supposed to be switched I will still be in credit if I cancel the DD.


Should I or will it cause more problems than getting my credit back from the Coop?

Consumerist

Best advice is normally to wait until the new supplier has confirmed completion of the switch (on both fuels, for dual-fuel tariffs) before cancelling the DD with the old supplier.

You run the risk of the old supplier switching you to their standard tariff if you cancel their DD whilst still in contract. This may not be an issue for you if the switch goes according to plan but if there is a hitch with the switch, it may cost you dearly.

keith1950

Hi, as above, if you are on their standard tariff it wouldn't be a problem but if you are on a fixed price deal they could switch you to their standard tariff for everything since the last bill.

r2015

Even with me paying their £60 exit fee I will still pay less over the next year than stay with them. £969 against the Coop's £1097.

System

No. My 17 day switch has just taken 75 days because the new supplier failed to initiate the gas supply transfer. To make matters worse, the new supplier has agreed a meter reading 105Cu/M3s out in the old supplier's favour. Unless we get an early cold snap, I calculate that it will be some months before the new supplier starts to make any money. The difference in unit price is minimal so there is no loss to me. How can the transfer of 2 supplies with 2 readings be so difficult?

modsandmockers

r2015 wrote: »

Even with me paying their £60 exit fee I will still pay less over the next year than stay with them

I would advise you to read through some of the other active ‘Co-op Energy’ threads on here. Co-op Energy’s behaviour is currently very hard to predict.

If you are already resigned to paying a £60 exit fee, then it might be to your advantage if Co-op Energy put you onto their Standard Tariff - they don’t charge for internal switches (sfaik), and the Standard Tariff will have no exit fee. The Standard Tariff is easily the most expensive, but it will be a month or three before it costs you as much as £60 more than the tariff you are on now.

Personally, I wouldn’t cancel the DD, but I would recall all further DD payments as soon as they appear on your bank account. Right now, you definitely don’t want to get into a situation where you are owed money by Co-op Energy.

r2015

I would advise you to read through some of the other active ‘Co-op Energy’ threads on here

I Have.

Co-op Energy put you onto their Standard Tariff

Never thought of that, I might do it when I have a day or 2 to spare hanging on the phone.

Pity I couldn't do it online like any other supplier.

Consumerist

r2015 wrote: »

Even with me paying their £60 exit fee I will still pay less over the next year than stay with them. £969 against the Coop's £1097.

Why not set fire to three twenty pound notes to keep warm?

r2015

Why not set fire to three twenty pound notes to keep warm?

Good idea, I'd be better doing that outside though in case I set off the smoke detector.

r2015

You run the risk of the old supplier switching you to their standard tariff if you cancel their DD whilst still in contract.

I wonder if that would work, my DD is due on the 15th of the month.

r2015

I phoned up the Coop to change my tariff to their standard tariff, at least I think it is changed, she said I should do it on the internet through my account, I said that option does not appear.


Then I got the how they could put me on a cheaper tariff, I thought I was on the cheapest I said, then she couldn't do it someone else would, then after going over my details a third time she said it was done.


Half an hour of my valuable siesta time gone, most of it spent on hold. No wonder I'm grumpy tonight.