Fixed Rate Buyers Regret

Foxwold_2

I had chosen to fix my gas and electric for three years with First Utility, but I'm now thinking I've been a fool.

I'm going to phone and cancle. But was just wanting to check I'm not missing something. Can anyone help please?

These were the options;

First Fixed April 2017 v3 dual fuel
£380
Save £188

First Fixed May 2017 + dual fuel
£422
Save £145

First Fixed March 2019 v2 + dual fuel
£591
Change tariff

iSave Everyday (v3) dual fuel
£584

CashStrapped

According to the tariff your exit penalties are £60 in total. £30 each fuel.

Can you switch to any other First utility tariff without penalty? Or only specific ones?

Some companies charge for moving to another company but do not charge to hop to another tariff with them. Find out if they do or not.

Pincher

Assuming £180 standing charge for two fuels, you are paying


£200 on the one year fix.


£411 on the three year fix.


I cannot imagine unit price doubling in three years.


So I would stick to the one year fix.


What am I saying, it's First Utility! Run when you are penalty free. Well, not if they are holding your children for ransom.

System

Foxwold wrote: »

I had chosen to fix my gas and electric for three years with First Utility, but I'm now thinking I've been a fool.

I'm going to phone and cancle. But was just wanting to check I'm not missing something. Can anyone help please?

These were the options;

First Fixed April 2017 v3 dual fuel
£380
Save £188

First Fixed May 2017 + dual fuel
£422
Save £145

First Fixed March 2019 v2 + dual fuel
£591
Change tariff

iSave Everyday (v3) dual fuel
£584

Hi - welcome to the World of hard decisions. When energy prices are rising by 8% or so a year then a long-term fix makes good sense. When energy prices are stable or falling, then a short-term fix is undoubtedly better, and a fix with no exit fees is better still.

My advice would be to do a comparison. See what will be the cheapest deal for you based on kWh usage not £s. Look at your current deal and takeaway the exit fees. Only then can you tell whether it makes sense to switch. There may also be cash back to lessen the cost of exit fees but do not be deluded into taking a deal just because there is £30 on offer. I am with Zog (fixed) for gas and GBEnergy (variable but could fix) for electricity. Cheaper than any of the collective deals on offer and neither tariff has any exit fees. I do check my deals at least once a week to make sure that they remain competitive.

phillw

Hengus wrote: »

Hi - welcome to the World of hard decisions. When energy prices are rising by 8% or so a year then a long-term fix makes good sense.

As long as they are cheap long term fixes, you have to factor in the potential switching bonuses that you will miss out on as well. Long term fixes are mainly for people who don't want the hassle of switching, I'm not convinced they are that competitive.