Look After My Bills

trevman

In the name of saving money I signed up to "the big deal" (another crowd switching site that tries to bargain for better deals) but I recently recevied an email from them about lookaftermybills.com which claims to do the comparison and switching work for you. I have yet to use it so (and it's new) so can't recommend or confirm how good it is, but I think MSE could easily copy this to good effect.

Has anyone signed up to test it out?

jk0

I misread that as 'crowd stitching site'. Maybe not so far off the mark?

System

trevman wrote: »

In the name of saving money I signed up to "the big deal" (another crowd switching site that tries to bargain for better deals) but I recently recevied an email from them about lookaftermybills.com which claims to do the comparison and switching work for you. I have yet to use it so (and it's new) so can't recommend or confirm how good it is, but I think MSE could easily copy this to good effect.

Has anyone signed up to test it out?

You are better off making your own comparisons. I check once a month. The reason why these sites are appearing is because (a) people are generally lazy and (b) there is no longer very much money for PCWs via collective switches. Remember, switching organisations may only switch you to suppliers that pay third-party referral fees. These are no longer the cheapest suppliers on the market.

Boogle

Interestingly the email suggesting I join jumped into my inbox within half an hour of perusing for a better deal.

I notice that just about all comparisons are based against the standard rate energy usage price and the savings the site suggests is no different. This site I am typing this on is actually no different and you have to be canny, look at what your new deal would be and compare by KWH and not price savings in the first instance.

I also noticed that after deciding to peruse that legends of only big known names were there as comparison. This makes me favour being the master of my own destiny and likely trade via MSE as they compare a broader spectrum of firms.

System

Boogle wrote: »

Interestingly the email suggesting I join jumped into my inbox within half an hour of perusing for a better deal.

I notice that just about all comparisons are based against the standard rate energy usage price and the savings the site suggests is no different. This site I am typing this on is actually no different and you have to be canny, look at what your new deal would be and compare by KWH and not price savings in the first instance.

I also noticed that after deciding to peruse that legends of only big known names were there as comparison. This makes me favour being the master of my own destiny and likely trade via MSE as they compare a broader spectrum of firms.

It's the Ofgem-mandated method based on a rolling 12 months cost projection. MSE CEC also shows an annual cost now compared to annual costs on these tariffs.

Robin9

Look After Your OWN Bills ! Whatever they are - gas, electric, insurance.

15 mins spent a month will help you see where your money is going

System

trevman wrote: »

In the name of saving money I signed up to "the big deal" (another crowd switching site that tries to bargain for better deals) but I recently recevied an email from them about lookaftermybills.com which claims to do the comparison and switching work for you. I have yet to use it so (and it's new) so can't recommend or confirm how good it is, but I think MSE could easily copy this to good effect.

Has anyone signed up to test it out?

If consumers are happy with this type of model, then my advice would be check that the site is signed up to Ombudsman Services so that there is a proper complaints process. It is also worth pointing out that things have now moved on:

https://www.thelabrador.co.uk

donerkebab

There wasn't a new thread since they were on Dragon's Den but so far little research I have done.

Cons
a) they get the commission - really not MSE style when I normally factor this in to the annual savings
b) They auto switch - 14 day cooling period - like really.
c) They only search the big companies with good customer service - so likely the cheaper smaller companies won't show up

Pros - hmmmm looks simple sign up process

JenniferK

Whats the difference? Which is best?

[Deleted User]

Neither is the best.
Faster to do it yourself and you may get some cashback instead of them.

Skools_Out

donerkebab wrote: »

There wasn't a new thread since they were on Dragon's Den but so far little research I have done.

Cons
a) they get the commission - really not MSE style when I normally factor this in to the annual savings
b) They auto switch - 14 day cooling period - like really.
c) They only search the big companies with good customer service - so likely the cheaper smaller companies won't show up

Pros - hmmmm looks simple sign up process

Actually I think you may have got (c) a little wrong.

As pointed out by one of the dragons, they only search the suppliers that agree to pay this switching service.
They may like to target the big suppliers, but the big suppliers would be cutting their own throats if they were to pay for somone to switch a customer from a higher tariff to a lower tariff with them, or even worse someone else.

So effectively, it will only be the newer, smaller suppliers that might pay as this will attract new customers.
Despite the owners of the site claiming if a supplier doesn't want to be part of the site, they probably would not be the type of supplier the site would like to recommend anyway, just look at the posts on this site about small suppliers.

e.g. Iresa, Solarplicity, etc.

Sure there may be a few small suppliers that get good reviews (e.g. Zog) but they don't pay anyone comissission, so I don't think they will start here.

You see with general comparison sites, as was stated on Dragons Den, people may switch once, but generally not even look again for several years. And suppliers know that, hence they are happy to pay £50 for a new customer that may remain with them for several years.
But this new venture doesn't allow suppliers that longevity - as soon as a cheaper option becomes available, they will be switched away cutting their own throat.

I understand that 'Look After My Bills' is a trading style of the same company that runs'The Big Deal' collectiove switches.
People can read on this site for themselves what MSEers experience of that was. (which may explain this new venture)

Of course there are us MSEers who do keep a clsoe eye on the market, they call it engaging with the market, and switch at the drop of a hat if something better comes along ... considering any early exit fees that may apply.
But we don't need this service, prefer to be fully in control of who we switch to (so we can ensure we don't get automatically switched to a supplier we do not want to be supplied by) and get any possible cashback for doing so.
That's what bing a monmeysaving expert is all about ... at least as far as energy tariffs is concerned.

Well done to the owners who managed to secure a pledge of £120k for 3% of the business.
If that does ever get to fruition (not everything seen on Dragons Den does, once due diligence is carried out) then I fear the Dragons may have backed a loser in this instance.

Say £50 a switch, then they need 2400 switches to earn the £120k
But the dragons will only have 3%, so actually the site needs to make 80000 switches just for the dragons to get their money back ... and that doesn't include any cost in making those switches which MSE says is about 50%

The Big Deal has only ever made 70,000 switches to date. You can see for yourself how long they have been trading.

I wondering if the gragons misunderstood, as the pitchers calimed to have about 240,000 customers I think. What they actually meant was they have 240,000 account holders who signed up to The Big Deal website to see what was available, but only 70,000 were ever tempted.

I have read reports on here that some people may have initially been tempted but ended the request durting the cooling off period. I've no idea of the 70,000 quoted includes or excludes people such as that.