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Termination Charges

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Termination Charges

4 replies 51 views
newks44newks44 Forumite
6 posts
MoneySaving Newbie
I signed up via Martin Lewis' Cheap Energy Club on January 5th to what was then the cheapest tariff for Gas & Electricity  on the Website - People's Energy 2 months upfront Winter 19 v2 tariff . Now  through the Cheap Energy Club I find that People's Energy 2 months upfront Winter 20 v3 tariff will save me £266 per year. However People's Energy tell me that I will have to pay £60 in termination charges- £30 for each commodity- which doesn't seem fair considering that I am remaining with the same Company. Comments please.

Replies

  • JGB1955JGB1955 Forumite
    576 posts
    500 Posts First Anniversary
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    It's probably hidden in their terms and conditions ,and the £60 is likely to be £72 once 20% VAT is added on,. Phone them and ask for a definitive answer.
    #36 Saving for Christmas 2020 - £1 a day challenge.... £178/366
  • macmanmacman Forumite
    44.1K posts
    Part of the Furniture 10,000 Posts
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    It's a tariff change charge, not an early termination charge (the latter is when you change supplier)
    No free lunch, and no free laptop ;)
  • EssmumEssmum Forumite
    65 posts
    10 Posts
    JGB1955 said:
    It's probably hidden in their terms and conditions ,and the £60 is likely to be £72 once 20% VAT is added on,. Phone them and ask for a definitive answer.
    VAT is only 5% on energy and pretty sure the VAT is already included in the exit fee.
  • DawnCrushDawnCrush Forumite
    202 posts
    100 Posts Name Dropper
    ✭✭
    newks44 said:
    I signed up via Martin Lewis' Cheap Energy Club on January 5th to what was then the cheapest tariff for Gas & Electricity  on the Website - People's Energy 2 months upfront Winter 19 v2 tariff . Now  through the Cheap Energy Club I find that People's Energy 2 months upfront Winter 20 v3 tariff will save me £266 per year. However People's Energy tell me that I will have to pay £60 in termination charges- £30 for each commodity- which doesn't seem fair considering that I am remaining with the same Company. Comments please.
    As per the tariff information label for that tariff:
    https://cms-server.peoplesenergy.co.uk/uploads/_/originals/pdf-peoples-energy-2-months-upfront-winter-tariff-19-v2-1-year-1.pdf

    the early exit fees applies for leaving the supplier or switching to another tariff.

    I can confirm the exit fees you have quoted are correct and include VAT at the appropriate rate (currently 20%)
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