Switching from monthly to quarterly

paddyposh

Hi all

Would it be recommended if struggling monthly to switch our gas and electric to quarterly rather than monthly? Combined it is £100 a month but that could be used to clear off our credit cards or at least get most of it cleared.

I know we would need to pay a lump sum after 3 months, however we would then be able to put some aside.

On the other hand I suppose it could lead to further problems if we can't afford to pay say a £300 quarterly bill.

Any advice would be greatly appreciated.

Skools_Out

paddyposh wrote: »

Hi all

Would it be recommended if struggling monthly to switch our gas and electric to quarterly rather than monthly? Combined it is £100 a month but that could be used to clear off our credit cards or at least get most of it cleared.

I know we would need to pay a lump sum after 3 months, however we would then be able to put some aside.

On the other hand I suppose it could lead to further problems if we can't afford to pay say a £300 quarterly bill.

Any advice would be greatly appreciated.

Presumably you are paid monthly, and so if you are struggling to pay monthly you'll struggle even more to pay quarterly.

Speak to your supplier who will arrange a suitable repayment plan you can afford.

If you really do struggle with credit (as evidenced by other debt issues you raise) the supplier may ultimately recommed that PPMs would be the best solution for you (or you could request them) ... but try to avoid that if possible as they will work out more expensive.

I suggest to post on the Debt Free Wannabe board if you want more advice on your problems. Lots of well informed posters over there that specialise in helping people in your situation

matelodave

You will find that going quarterly will cause you even more problems.

If you are pay around £100 a month that implies an annual fuel bill of around £1200.

As you use around 70% of your energy between October and March you'll find that your December and April bills are likely to be around £450-£500 each so although you might be able to save a bit in the summer you'll get crippled by the winter ones and be in a significantly worse position.

Blackbeard_of_Perranporth

Stay monthly but check out the fixed price deals on your stitched dot con!

AndyPK

you would end up with a big bill in February (just after Christmas!)
And a big bill at the end of November


They would be~ 40% + 40% of your yearly bill.
Does not sound a good idea for you

macman

The vast majority of competitive fixes require monthly DD: screen them out by going quarterly and you will pay for a higher tariff. Not to mention the variable billing that will result in playing havoc with your cashflow.