Energy switch! How can I avoid DOUBLE monthly charge?

Linzink

I want to switch energy suppliers but I am concerned that due to the variable time it can take to switch - what is the best way to avoid paying both my old suppliers monthly direct debit & ALSO the new supplier in the month that I choose to switch.
I realise that there is a 14 day cooling off period with the new supplier, but I read here that it can take up to 6 weeks to switch over.
If there is an overlap I will end up paying an extra £90 that month which reduces the annual saving I was attempting to make in the first place!
As my monthly DD goes out on 18th of the month - is it safe to simply switch 14 or 15 days before that date...or doesn't it work like that?
I am confused & would really appreciate any guidance on this please.
Thank you )

Raxiel

If you're switching from one supplier that bills in arrears to another, any double payments would be refunded by the old supplier (unless your account was in debit, quite possible over winter). It might be a few weeks before it all gets balanced out, but you won't pay both companies for the same time period, and you'll only ever pay once for what you actually use.

If you switch from a company that charges in arrears to one that charges in advance (as some of the small companies do) you will have a double payment, but you could also have a month without a payment when you leave.

System

Linzink wrote: »

If there is an overlap I will end up paying an extra £90 that month which reduces the annual saving I was attempting to make in the first place!
)

Err - no. You will pay your present supplier for all energy used up to the date of the transfer of supply. Your new supplier will charge you from the date of transfer.

In the event that an extra payment is taken by your old supplier, then it will be used to reduce any debit balance or it will increase your credit balance. Your Final Bill will address the issue: you WILL NOT pay for the same energy twice.

On a practical level, you could reduce this risk of two payments by initiating a switch 14 days before your next DD is due. That said, there is no guarantee that this strategy will work as many suppliers now ask for the first monthly payment in advance of supply.

Linzink

Thank you so much - very helpful indeed! )