Broker contracts

cadavell

November 2019 I signed a contract to a broker to change energy accounts from 3rd November 2020, I phoned them up today & asked if they can do something about the high tariffs 
Supplier Name: British Gas, Fuel Type: Electric, Term Length: 4 years,
Unit Rate: Day Rate: 19.620

Standing Charge: 42.750p

Contract  Start Date: 03-Nov-2020
my broker told me that they can’t change it as it’s a binding contract, but my argument is that they told me a year ago to change it as prices will be going up each year, they didn’t say that it would go down as it has, so they are going to charge me more money than the electric is worth which I think is wrong. 

Is there anything I can do please

Robin9

Are you a business/commercial ?   This forum is essentially for domestic consumers.

cadavell

Business, but as you say essentially It doesn’t mean I can’t post

cadavell

Ps if I’m on the wrong forum can you please advise which forum I can go on, I’m not advertising or mentioning my business only asking for advise

rjmachin

For domestic customers, you can take out a longer contact of say 2 or 3 years at a higher price, and hope that you save money in the long run, but at the same time, you risk that prices may go down and costing more than if you had taken out a 1 year contract.

Again, for domestic customers, there is usually a exit fee that you can pay to get out of the contact and switch suppliers.

You will need to check your contract to see if such a fee exists, or whether business contracts are completely fixed and you can't get out of it.

Robin9

I would have expected your broker to give you some options.

My experience of brokers hasn't been a good one - I describe them as energy's version of double glazing salesmen - they are very persistent, knowing that they are making money out of you. Perhaps I have been unlucky.

I have a 2 year fix just coming to an end and expecting new figures in November. If I don't like what I see I will contact the suppliers direct.

rp1974

Signing a fixed contract will normally always entail payment of an exit fee.Why did you go via a broker?
Although business as opposed to domestic,the point remains that if you agree to fixed prices,for a fixed time you accept the possibility that if prices fall you'll be overpaying in effect for that period,if they rise you underpay.
Dont know how business energy comparisons work,I'm assuming that you or your broker did some.

cadavell

I signed a contract on November 2019 but my energy contract doesn’t start until 3rd November 20, so in my mind my contract hasn’t begun yet So I should be able to cancel without any charges 

Robin9

Beware that if you do manage to cancel the contract then your present supplier will transfer you to their standard terms - but from the looks of it couldn't be worse than what you are being offered.

I'm with Total Gas and Power, have been with Gazprom - I've not looked at them or the big boys yet but GNE are quoting 15.86/kWH 28.01/day for Elec

rp1974

cadavell said:

I signed a contract on November 2019 but my energy contract doesn’t start until 3rd November 20, so in my mind my contract hasn’t begun yet So I should be able to cancel without any charges 

If thats the case then I'd be doing comparisons and sorting that out pdq.Whatever is in your mind may well be very different to what you agreed to,albeit a year ago.What charges that apply and the notice period required in the event of cancellation will be in the agreement.Only other thing that might be possible to deal directly with British Gas.
Short notice attempting to sort this out five days before the event?.
Again maybe due to being a business that sounds like a poor tariff to me.

Talldave

What made you sign a contract a year in advance??