Are energy auto-switching companies worth it?

AnnoyedGuy

I was watching an old episode of Dragon's Den - the episode about Look After My Bills and how they won the pitch was great. 

I was sort of looking into it, and came across this article on 'Can Look After My Bills Save You Money?' - which looked at people giving some pretty negative reviews. 

Have you guys used these guys?

Contrary to what the feedback looks to be like on social media - in the article above, they have some good reviews on Trust Pilot, but I'm sceptical on trusting whether an automated system can work well with so many providers - and this may make you complacent as per the feedback given there. 

Gerry1

Even the Magic Dust heaters have a good rating on TrustPilot !

These sites will only switch you to companies that pay commission, and obviously they're not the cheapest.  Some energy companies won't even accept such referrals because they know you'll drop them when a better deal comes along. You'll also lose out on savings below £50.

Just keep reading the meters, keep doing the sums yourself and staying in control.

AnnoyedGuy

Gerry1 said:

Even the Magic Dust heaters have a good rating on TrustPilot !

These sites will only switch you to companies that pay commission, and obviously they're not the cheapest.  Some energy companies won't even accept such referrals because they know you'll drop them when a better deal comes along. You'll also lose out on savings below £50.

Just keep reading the meters, keep doing the sums yourself and staying in control.

Yeah, that's fair, but what I thinking is that then how does this type of business model work, if it isn't economical? 

It must be working for some people?

roddydogs

Defintley not, you will not get a switching bonus, and you can join martins CEC anyway. Look at the referrers page, loads of £50 Or more offers on there.

brewerdave

In my view, such Companies are a waste of space UNLESS you are (very) cash rich and time poor!!
Look After My Bills have had a terrible reaction against them because they switched hordes of customers to Together Energy who currently have just about the worst Customer Services ratings. 
Together Energy were making a terrible mess of transferring customers given to them by OFGEM under the SOLR process even BEFORE LAMB started switching people which suggests very strongly that LAMB were gaining financially by the arrangement!  

Gerry1

AnnoyedGuy said:

Gerry1 said:

Even the Magic Dust heaters have a good rating on TrustPilot !

These sites will only switch you to companies that pay commission, and obviously they're not the cheapest.  Some energy companies won't even accept such referrals because they know you'll drop them when a better deal comes along. You'll also lose out on savings below £50.

Just keep reading the meters, keep doing the sums yourself and staying in control.

Yeah, that's fair, but what I thinking is that then how does this type of business model work, if it isn't economical?
It must be working for some people?

It's economical for them but not the cheapest for you.  Some people are prepared to pay extra for convenience, or believe everything they see on TV.  They fill up at Shell and pop in to Little Waitrose instead of filling up at Tesco and going to Lidl / Aldi.

Biscuit_Tin

AnnoyedGuy said:

Are energy auto-switching companies worth it?

I was watching an old episode of Dragon's Den - the episode about Look After My Bills and how they won the pitch was great. 

I was sort of looking into it, and came across this article on 'Can Look After My Bills Save You Money?' - which looked at people giving some pretty negative reviews. 

Have you guys used these guys?

Contrary to what the feedback looks to be like on social media - in the article above, they have some good reviews on Trust Pilot, but I'm sceptical on trusting whether an automated system can work well with so many providers - and this may make you complacent as per the feedback given there. 

Worth it you ask?

Can I ask how much you paid?
I don't recall them mentioning any fee when they went through all the details and all the various Dragons made their comments when they appeared on BBC.

Nor do I see any fees from CTM, who LAMB sold out to since, and presumably pleased Dragons Tej Lalvani and Jenny Campbell who would have pocketed a nice, quick return on their investments of £60k a piece.

You can find the forum search function here:
https://forums.moneysavingexpert.com/search?adv=1

I'm sure there have been previous threads about auto-switching sites.

Biscuit_Tin

AnnoyedGuy said:

Gerry1 said:

Even the Magic Dust heaters have a good rating on TrustPilot !

These sites will only switch you to companies that pay commission, and obviously they're not the cheapest.  Some energy companies won't even accept such referrals because they know you'll drop them when a better deal comes along. You'll also lose out on savings below £50.

Just keep reading the meters, keep doing the sums yourself and staying in control.

Yeah, that's fair, but what I thinking is that then how does this type of business model work, if it isn't economical? 

It must be working for some people?

I though you said you were watching an old episode of Dragon's Den?
The business model was explained to the Dragons then.
It's also explained in brief on their own website.

gt94sss2

I know MSE are planning to launch their own auto switching service at some stage - I am unlikely to join as I prefer to control which suppliers I use

Richie-from-the-Boro

AnnoyedGuy said:

Gerry1 said:

Even the Magic Dust heaters have a good rating on TrustPilot !

These sites will only switch you to companies that pay commission, and obviously they're not the cheapest.  Some energy companies won't even accept such referrals because they know you'll drop them when a better deal comes along. You'll also lose out on savings below £50.

Just keep reading the meters, keep doing the sums yourself and staying in control.

Yeah, that's fair, but what I thinking is that then how does this type of business model work, if it isn't economical? 

It must be working for some people?

You claim "economical" it's certainly not economical for the people who purchase them, according to those very purchasers. Wade your way through this one thread of many right here on MSE and decide. Additionally note the UK ASA adjudication (s) against them. They are 13 amp plug panel heaters, not 20a storage heaters my friend. Best of luck See below!

https://forums.moneysavingexpert.com/discussion/3516223/fischer-storage-heaters