Best time to move supplier

Hammer_Time

Hi All, just a bit of advice please. My deal comes to an end on the 31 December. I know if I move within 49 days I should not be charged a early exit fee, however when would be the earliest time I could start the transfer?

Robin9

Once you get the letter / email from your existing supplier - ie within the next week or so.

Just make sure you are using accurate consumption in doing your switch and look only at the bottom line cost and not the "savings" figure given.

Hammer_Time

Thanks all, I will start moving suppler on the 12 November I believe I shouldn’t be charged as it is in the 49 days. If I start it any earlier then I may be.

Update
Phoned Scottish Power they told me the earliest I can initiate a transfer without incurring a fee is the 13 November. I will start then.

RelievedSheff

You don't mention how you pay for your bills but just beware that if you pay by direct debit your current supplier will refund all of the credit you have built up over the summer months to run down over the winter months and you will immediately be building up a debt balance with your new supplier.

This shouldn't be a problem if you use actual kwh useage when making the switch as you should in theory run the debt back down again over the summer.

sevenhills

Hammer_Time wrote: »

Thanks all, I will start moving suppler on the 12 November I believe I shouldn’t be charged as it is in the 49 days. If I start it any earlier then I may be.

Just before winter is not a good time to change supplier. Some might have put their prices up and some not.
Prices may then fall when the warmer weather comes. You could get a 2 year fix, if you are sure that you have the best deal. A 2 year deal, did not work for me. Its all very complicated, lol

cyka

Initiating a switch before the 49 days but switch over date happening within the 49 day period of the contract. Can a supplier charge termination fees?

Hammer_Time

cyka wrote: »

Initiating a switch before the 49 days but switch over date happening within the 49 day period of the contract. Can a supplier charge termination fees?

Thanks, exactly the question I wanted to ask, but you put it much clearer.

PennineAcute

cyka wrote: »

Initiating a switch before the 49 days but switch over date happening within the 49 day period of the contract. Can a supplier charge termination fees?

Your proposed new supplier would inform your current supplier that you have requested to leave them. If they get this request before the 49 days kick in, then they would be within their rights to charge you an exit fee.

Some suppliers inform the old supplier immediately. Some leave it until the 14 day cool-off period has elapsed.

Edit

Now can the date your old supplier receives this notification, be classed as your leaving date. That is the $64000 question.

But this has happened to people before.