should i switch?

wallofbeans

Hello All,

I'm just trying to figure out if I'm in a good situation energy-wise and am confused by all of it!

I'm currently with EDF and on a 'Blue+Price Promise November 2016' tariff with no exit fees.

I've looked at the Energy Club comparisons and the latest British Gas offer looks like it will save me some money, although I'm worried about the exit fee of £60 as I am looking to move within the next year. Should that effect my decision?

I'm also confused by the 'credit' on my EDF account. Why do I have £458.23 credit on my account? Isn't that plus money? If it is then why do they have chunk of my money? Can't I have it back and just pay them what I owe month my month?

I assume I've got this wrong somehow but would love it if someone could explain how this works so I can feel like all is okay...

Thanks so much!

victor2

Switching to a tariff with an exit fee should of course affect your decision. You're currently on a fixed rate tariff with a year to run and no exit penalty. There are cheaper tariffs available, but make sure you use your annual kWh usage to compare, and consider how much of a saving would make it worth switching.

You would normally expect to be in credit on a monthly DD account at this time of year, as winter is about to start, However, unless your annual cost is well above average, the £458.23 credit you say you have seems very high. You can ask EDF to refund you - just phone them or look at the online help. However, if you are refunded the whole amount, you would probably end up with a large debit balance and EDF would then increase your DD to cover it. Phone them - or do an online chat (which at least gives you a record of the conversation) - and ask them to recalculate what your monthly DD should be assuming a current balance of zero. If that's acceptable ask for a refund of the full credit amount.

wallofbeans

Energy Club suggest I'll save £137 if I move to the British Gas option...

I'll definitely talk to EDF about at least a partial refund and see what they say.

Thanks so much for the advice!

victor2

wallofbeans wrote: »

Energy Club suggest I'll save £137 if I move to the British Gas option...

I'll definitely talk to EDF about at least a partial refund and see what they say.

Thanks so much for the advice!

Do double check that the Energy Club figure for your current cost agrees with what you said your annual usage is on your existing EDF tariff.
Assuming it's realistic, then even with a £60 exit penalty should you leave early, you'll be ahead of the game (as long as you've stayed long enough to offset the penalty). Plus there's cashback for switching, but I just view that as a nice little bonus when it comes.
Will be interesting to hear what EDF say when you contact them...

JJ_Egan

Cost per unit and standing charges are better to work out than some estimate .

modsandmockers

wallofbeans wrote: »

Why do I have £458.23 credit on my account? Isn't that plus money? If it is then why do they have chunk of my money? Can't I have it back and just pay them what I owe month my month?

These are the questions which energy suppliers really hate!

However, you could ask EDF to replace your monthly payment plan with a variable direct debit which would take only what you owe. EDF are one of the few companies who won't charge higher prices for such a scheme (well, that's my experience so I assume the same applies to all of their customers). You would then have to submit meter readings at regular intervals so that an accurate bill can be produced. Quarterly bills are the norm, but you can submit meter readings more frequently if you want to and receive more frequent bills. Obviously, wintertime bills will be significantly higher than summertime bills.

If you were to switch to a variable direct debit then you could ask for a refund of your credit balance, or you could leave it where it is and pay nothing more until the balance has reduced to zero.

If you switch to BG, then it's possible that they will allow you to transfer to a new address without penalty - check it out. As a general rule, it's well worth avoiding credit balances with energy suppliers - they really don't enjoy giving you your money back!

[Deleted User]

My advice is to switch, like I ve just done, moving from Sainsburys Energy which is BG s white label brand who offer very good tariffs in their own right. No exit fees when moving within the BG/Sainsburys tariffs. The rates for me are the cheapest in the UK in my area and very rare for BG to come out with this offer. BG are one of the most reliable suppliers.You can see it in action on this forum. Even though they are the largest supplier we don`t see too many complaints on here. I ve been with them for many years and have never had a hint of a problem.

wallofbeans

sacsquacco wrote: »

My advice is to switch, like I ve just done, moving from Sainsburys Energy which is BG s white label brand who offer very good tariffs in their own right. No exit fees when moving within the BG/Sainsburys tariffs. The rates for me are the cheapest in the UK in my area and very rare for BG to come out with this offer. BG are one of the most reliable suppliers.You can see it in action on this forum. Even though they are the largest supplier we don`t see too many complaints on here. I ve been with them for many years and have never had a hint of a problem.

And what happens to my credit with EDF if I do that?

wallofbeans

modsandmockers wrote: »

These are the questions which energy suppliers really hate!

However, you could ask EDF to replace your monthly payment plan with a variable direct debit which would take only what you owe. EDF are one of the few companies who won't charge higher prices for such a scheme (well, that's my experience so I assume the same applies to all of their customers). You would then have to submit meter readings at regular intervals so that an accurate bill can be produced. Quarterly bills are the norm, but you can submit meter readings more frequently if you want to and receive more frequent bills. Obviously, wintertime bills will be significantly higher than summertime bills.

If you were to switch to a variable direct debit then you could ask for a refund of your credit balance, or you could leave it where it is and pay nothing more until the balance has reduced to zero.

If you switch to BG, then it's possible that they will allow you to transfer to a new address without penalty - check it out. As a general rule, it's well worth avoiding credit balances with energy suppliers - they really don't enjoy giving you your money back!

I think BG do offer that so it could well be worth doing if that's the case. I'm going to talk to EDF tomorrow and see what they say first.

superbigal36

Remember is that credit balance with an up to date reading.
Edf software does produce quick balances if you input readings.

wallofbeans

JJ_Egan wrote: »

Cost per unit and standing charges are better to work out than some estimate .

But much harder to figure out for my maths challenged brain!
I'll see what I can do!