Outfoxthemarket

ValiantSon

grayme-m wrote: »

On first glance, I'm confused.

If I'm paying wholesale prices, why hasn't my cost per unit gone up as wholesale energy costs have since February? I thought I was paying the cost of the energy at cost to them plus a fixed fee which was Outfox the market's admin fee and profit.

This email suggests either there has always been an element more profit charged over cost price, or they're charging below cost?

My suspicion is that their marketing is somewhat misleading in regards to cost to the consumer, as it suggests you will pay the current wholesale cost. However, they will have bought a certain amount at a set price, which will see them through many months, thus you are paying the wholesale price, but not the current wholesale price, which could be higher, or lower, than what you are paying.

donerkebab

Doesnt look like fixed tariff is available anymore?

ValiantSon

donerkebab wrote: »

Doesnt look like fixed tariff is available anymore?

As my previous post, they will have bought a certain amount of energy at a set price. They then use this price to calculate how much they can afford to sell at any given price, so on a fixed tariff, they calculate how many kWh they can sell and once they near that number based on customers signing up they may withdraw the tariff.

ploddo

The 6.5% increase happened from the 8th August. They omitted to send me an email regarding this so did not submit meter readings on that date. I have had to accept their estimate for that time. So may well have paid too much up to the 8th August.


In addition to that:



OFM has decided that my kwh usage will be 13152kwh per year. I have only been with them for 2 months and both months are considerably below the 109kwh (13152 averaged over 12 months). Yet they have increased my monthly membership fee because of their assumption. When I joined I submitted the annual use for the year as 12865 which is exactly what I had used and was informed the membership fee would be £17.99, there was no indication that they would increase it on a whim.

Phil&Michelle

Have only just switched to them 6 weeks ago and in there that time I've had 2 price increases but completely understand it is linked to the wholesale price but on top of that they have also put up their membership fee, literally days after my contract started which I find unacceptable.

To make matters worse I recevied an email telling me I am being moved on to a variable direct debits every 6 months for Winter/Summer. Essentially you pay a much higher direct debit from Oct-Mar then lower in Apr-Sept. We are a high use residential customer and currently pay £226 per month x 12 = £2712 per annum.

They are now asking me to pay £397 per month! Oct-Mar, then £170 per month Apr-Sep. This is just stupid! This also mean they are estimating my annual usage at £3402 which is £690 more than my estimated annual bill. What the hell are they doing. Now looking to cancel the direct debit and switch again!

System

Phil&Michelle wrote: »

Have only just switched to them 6 weeks ago and in there that time I've had 2 price increases but completely understand it is linked to the wholesale price but on top of that they have also put up their membership fee, literally days after my contract started which I find unacceptable.

To make matters worse I recevied an email telling me I am being moved on to a variable direct debits every 6 months for Winter/Summer. Essentially you pay a much higher direct debit from Oct-Mar then lower in Apr-Sept. We are a high use residential customer and currently pay £226 per month x 12 = £2712 per annum.

They are now asking me to pay £397 per month! Oct-Mar, then £170 per month Apr-Sep. This is just stupid! This also mean they are estimating my annual usage at £3402 which is £690 more than my estimated annual bill. What the hell are they doing. Now looking to cancel the direct debit and switch again!

Take care, if you cancel your DD mandate then you might incur additional charges:

From OFTM's terms and conditions:

Any missed or late payments will incur a charge of £25 if payment is not made within 5 working days from the payment due date.

redfox

A new MSE article on this company can be found here

https://www.moneysavingexpert.com/news/2018/11/outfox-the-market-hikes-energy-bills-a-third-time-and-increases-/