So is everyone locking in Fixed Deals right now?

benny5

MiserlyMartin said:

Hi all, back to energy costs. Quick question. I'm on a fix from last winter expiring December (no exit fees) DO I save more if I switch now on todays lower fixes - compared to when the cap is removed, or wait until my current fix expires? Is that what Martin Lewis's email is all about?

I’m in a similar position but with an exit charge of £30. My current ‘long standing fix’ ends 30th November. Looking at my current charges £60 P/M vs. the cheapest currently available I’m now facing an £84 P/M bill. (40% increase).

My thought process is that it can’t possibly go any higher so I’ll hold on and then go for another long-term fix.

JGB1955

I'm on a variable tariff (for now) with Outfox the Market.  Pay £82 per month for a dual fuel deal.  Separate contracts for gas/electricity has never proved cheaper, despite all the suggestions that it might be.  I'm happy to see what happens in the future.....

I don't (generally) pay exit fees ...but did to escape Avro!

MiserlyMartin

I've saved in the past on seperate gas and electric tariffs but not for 8 years or so. Having thought about this, I think the price cap rising will actualy help people who switch for the best deals, and only impact people who don't bother. It's typical Martin really who goes very socialist these days at times. I'm going to leave switching until November, what is the time it takes now? 4 weeks?

Marvel1

On a prepayment meter, really should change to credit, but wary they may say not possible as the meters are too close to each other (30cm) for today's regulations rubbish.

y3sitsm3

MSE_Kelvin said:

y3sitsm3 said:

Andrewzy said:

d000hg said:

The latest MSE newsletter (https://www.moneysavingexpert.com/latesttip/ - sorry can't find the article on its own anywhere) paints a bleak picture about energy prices continuing to rise, but is mainly focused on those using standard tariffs and the caps in place... which presumably isn't the typical MSE user who knows about switching(?)

Our current fixed deal is expiring and the cheapest variable dual-fuel I can see is £550/yr more than I currently pay - a 25% increase. 
The cheapest fixed deals I can see are an additional £350 (1yr fixed) or £400 (2yr fixed). Clearly suppliers are expecting prices to rise and baking this in to their fixed deals, but it's tough to decide if it's worth paying an extra £400 a year! A variable tariff would have to on average increase £800/year before it's a worse deal... clearly providers don't offer these fixed deals to save you money, they do so to make money.

So, any thoughts? I haven't been following the energy market news so am totally out of the loop.

What worries me about the latest MSE newsletter is that it says "My email bag is swamped with people angry and horrified as their cheap fixes set up a year ago are ending, and they're being asked to pay many £100s/yr more" and suggests that people who don't like this should write to their MP. Does this mean that fixed deals are, in effect, not worth the paper they aren't written on? I expect I'm missing the point but that's how it sounds. My cheapest fix is also about £500 over what we're now paying for two years but if that doesn't mean anything - if the supplier can just ignore fix and charge more - why bother? I'm sure I've missed an essential point but I don't have a lot of time to research this, all advice very welcome!

You're missing that MSE often includes completely irrelevant points in its articles to try and make mountains out of molehills and to whip its (less intelligent) readers into some sort of frenzy.

If someone is on a fixed deal they must have done so knowing that the alternative is variable pricing and that as variable pricing means prices can go up or down, it's hardly a surprise that prices might have risen between fixing and their deal expiring. If they aren't aware of that they're idiots.

I suspect, however, that it's a load of nonsense, much like their "moral dilemmas" that almost certainly are made up by MSE staff.

Hello there y3sitsm3,

Just thought I'd weigh in here to say that, as the member of the MSE team that writes Money Moral Dilemma each week, I can only assure you that they are genuine.

Obviously I'm unable to share the details of any contributors here, but suggestions are emailed to us by MoneySavers like yourself or suggested by other members of the MSE team, either their own or those mentioned to them by friends and family.

As another forumite mentions in this comment, contributors occasionally pop up in the forum thread for their dilemma to get involved in the debate (which is very brave of them ), so I hope that goes some way towards assuaging your doubts.

Cheers,

MSE Kelvin

It doesn't.  The situations are ridiculous and the dilemmas non existent.

It's agony aunt level garbage that belongs in a tabloid rag.

But you're taking this OT for the thread.

Mr.Boy

y3sitsm3 said:

MSE_Kelvin said:

y3sitsm3 said:

Andrewzy said:

d000hg said:

The latest MSE newsletter (https://www.moneysavingexpert.com/latesttip/ - sorry can't find the article on its own anywhere) paints a bleak picture about energy prices continuing to rise, but is mainly focused on those using standard tariffs and the caps in place... which presumably isn't the typical MSE user who knows about switching(?)

Our current fixed deal is expiring and the cheapest variable dual-fuel I can see is £550/yr more than I currently pay - a 25% increase. 
The cheapest fixed deals I can see are an additional £350 (1yr fixed) or £400 (2yr fixed). Clearly suppliers are expecting prices to rise and baking this in to their fixed deals, but it's tough to decide if it's worth paying an extra £400 a year! A variable tariff would have to on average increase £800/year before it's a worse deal... clearly providers don't offer these fixed deals to save you money, they do so to make money.

So, any thoughts? I haven't been following the energy market news so am totally out of the loop.

What worries me about the latest MSE newsletter is that it says "My email bag is swamped with people angry and horrified as their cheap fixes set up a year ago are ending, and they're being asked to pay many £100s/yr more" and suggests that people who don't like this should write to their MP. Does this mean that fixed deals are, in effect, not worth the paper they aren't written on? I expect I'm missing the point but that's how it sounds. My cheapest fix is also about £500 over what we're now paying for two years but if that doesn't mean anything - if the supplier can just ignore fix and charge more - why bother? I'm sure I've missed an essential point but I don't have a lot of time to research this, all advice very welcome!

You're missing that MSE often includes completely irrelevant points in its articles to try and make mountains out of molehills and to whip its (less intelligent) readers into some sort of frenzy.

If someone is on a fixed deal they must have done so knowing that the alternative is variable pricing and that as variable pricing means prices can go up or down, it's hardly a surprise that prices might have risen between fixing and their deal expiring. If they aren't aware of that they're idiots.

I suspect, however, that it's a load of nonsense, much like their "moral dilemmas" that almost certainly are made up by MSE staff.

Hello there y3sitsm3,

Just thought I'd weigh in here to say that, as the member of the MSE team that writes Money Moral Dilemma each week, I can only assure you that they are genuine.

Obviously I'm unable to share the details of any contributors here, but suggestions are emailed to us by MoneySavers like yourself or suggested by other members of the MSE team, either their own or those mentioned to them by friends and family.

As another forumite mentions in this comment, contributors occasionally pop up in the forum thread for their dilemma to get involved in the debate (which is very brave of them ), so I hope that goes some way towards assuaging your doubts.

Cheers,

MSE Kelvin

It doesn't.  The situations are ridiculous and the dilemmas non existent.

It's agony aunt level garbage that belongs in a tabloid rag.

But you're taking this OT for the thread.

I don't think these forums are your sort of place. Feel free not to use this thread for your whining.

Farmerbob

benny5 said:

MiserlyMartin said:

Hi all, back to energy costs. Quick question. I'm on a fix from last winter expiring December (no exit fees) DO I save more if I switch now on todays lower fixes - compared to when the cap is removed, or wait until my current fix expires? Is that what Martin Lewis's email is all about?

I’m in a similar position but with an exit charge of £30. My current ‘long standing fix’ ends 30th November. Looking at my current charges £60 P/M vs. the cheapest currently available I’m now facing an £84 P/M bill. (40% increase).

My thought process is that it can’t possibly go any higher so I’ll hold on and then go for another long-term fix.

We are in a very similar situation deal ends 30th November, it’ll be £60 exit fee for us and monthly cost will go from approx £54 to £71 for a 2 year fix.  I can get £140 cashback with SSE which expires tomorrow so swithering whether to just weather it out until mid Oct see the lay of the land or just go ahead and switch.  

hubb

Not sure why my last post was deleted by MSE but my fixed tariff ends with Avro on the 4th Nov. The Energy Club is bringing totally different results than other comparison sites, with Octopus energy not showing when it is supposed to be the best deal. It's not very acurate.

 I really am at a loss to know where to go (including the best cashback) 

JGB1955

JGB1955 said:

I'm on a variable tariff (for now) with Outfox the Market.  Pay £82 per month for a dual fuel deal.  Separate contracts for gas/electricity has never proved cheaper, despite all the suggestions that it might be.  I'm happy to see what happens in the future.....

I don't (generally) pay exit fees ...but did to escape Avro!

Well - that didn't take long!  One day on and OTM have sent me their new prices.  Their offer of a 'fix' doesn't do it for me, so decamping to Sainsbury's with a 24 month fix (no penalties) at £110 per month.  That's a 25% rise, but at least I have the flexibility of leaving with no penalties if gas/electricity/both become available at a cheaper rate.  Looking back through my spreadsheets - we were paying over £100 per month in 2013 and 2014, so can't really complain - just be grateful that our annual bill has been well under £1K for all the intervening years.

hubb

Octopus Energy comes out top for me on Uswitch at +279.46 and Yet the Energy Club doesn't show it at all, unless I scroll a couple of pages and it shows -£499.

What am I to believe in this minefield, and then there is cashback etc to try and factor in ?