Outfox the market variable rate

CaptainWales

Just had an email saying prices on this tariff about to increase. Thing is, not sure if it's worth it changing to fixed term with another supplier or just stick with the increase. Anybody know how I can calculate which is best option?

QrizB

Did the email tell you your new tariff? If so, use your annual consumption numbers to work out what your new tariff will cost over the next 12 months. You can then compare on one of the usual sites against that annual cost.

viva1

This is the relevant section of the email they sent me...


Assuming your email is set out in the same way as mine then they have done virtually all the calculation for you - all you need to do is calculate the cost of the tariff which you are comparing it with, which you can easily do with a price comparison site.

CaptainWales

Great, thanks v helpful.

Hammer_Time

I received the same, their variable tariff is more expensive than some other suppliers 12 month fix. I have already started a transfer. A saving of £130 for me.

greenguppie

MSE has been screaming for months to get your tariff fixed due to forthcoming price rises.

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.
https://forums.moneysavingexpert.com/discussion/6296857/zog-variable-or-fixed

Good luck with your switch to Avro @Hammer_Time .
https://forums.moneysavingexpert.com/discussion/comment/78598488/#Comment_78598488
I hope you never need their Customer Service which you acknowledge OTM are "excellent" at.

heatherw_01

greenguppie said:

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.

I don't think anyone is shocked they are going up, the issue is OFTM is doing a much larger increase than many others. 61% increase for me! That is much more than the Ofgem cap.

No one has said they are shocked prices are going up though..

Norman_Castle

greenguppie said:

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.
https://forums.moneysavingexpert.com/discussion/6296857/zog-variable-or-fixed

I'm not surprised prices are going up, I'm questioning why their variable rate is cheaper than their fixed.

greenguppie

Norman_Castle said:

greenguppie said:

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.
https://forums.moneysavingexpert.com/discussion/6296857/zog-variable-or-fixed

I'm not surprised prices are going up, I'm questioning why their variable rate is cheaper than their fixed.

Because it is capped by Ofgem?

greenguppie

heatherw_01 said:

greenguppie said:

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.

I don't think anyone is shocked they are going up, the issue is OFTM is doing a much larger increase than many others. 61% increase for me! That is much more than the Ofgem cap.

No one has said they are shocked prices are going up though..

Only a supplier's SVT (default) tariff is capped by Ofgem.

You cannot look at the size of the increase as a percentage, and complain it is greater than what Ofgem cap is.
Ofgem cap is not set as a percentage - the figure they give is guidance only for an 'average' user in an 'average' region. The former probably doesn't exist in reality, the latter definitely does not exist in reality.

Also, OFTM have a tendancy not to vary their variable tariffs (meaning you will stay on them until either they are withdrawn from you or you opt to transfer), but withdraw them to new applicants, replacing it with a new version/name.. That means the current variable tariff you are on is probably cheaper than that offered to new applicants.

So the increase comes as a SHOCK when it does arrive, just like those who were on the Neon Reef Aqua One variable tariff tariff 6+ months after it was withdrawn to new applicants.

Norman_Castle

greenguppie said:

Norman_Castle said:

greenguppie said:

Not sure why people who doggedly remained on variable tariffs, or worse still, allowed themselves to be rolled onto their suppliers SVT, are now surprised that their prices are going up.
https://forums.moneysavingexpert.com/discussion/6296857/zog-variable-or-fixed

I'm not surprised prices are going up, I'm questioning why their variable rate is cheaper than their fixed.

Because it is capped by Ofgem?

I know, my question was answered in my thread that you linked to.