Outfox the market - stay or go?

jimmy_boy81

Morning all
Currently with outfox the market on a fixed tariff until January and currently paying 99 per month direct debit (to basically pay for overuse of gas in the winter)

Should I jump ship now to another tariff for 15 -20 pounds more a month or wait until January to see what the market looks like or to see if there is any increase from outfox the market (also the risk of them going bust)

Thanks in advance 

oneisnotamused

Sorry, no advice, just another confused consumer.

I'm with outfox the market too. Gone from £114 a month to £161 a month variable tariff. Am concerned they'll be one of the companies to go bust. Best deal I can find is Sainsbury's 1 year fixed at £187 (was £158 last night but stupidly didn't go for it then).

Have no idea whether to hang tight or switch.

Flight3287462

Sainsbury's Energy 2 year fixed tariff which I signed up last week has just risen another 15%.

I suspect you may have missed the boat (but worth checking and doing the sums), your tariffs are now fixed by the cap until April next year.

Neon Reef are the cheapest at the moment but I don't like what I see there, their prices are way below the wholesale cost and for me that is not sustainable.

One small point what you pay as a direct debit tells us nothing.  Better giving us your tariff and standing charge prices.

oneisnotamused

This is all so muddly and worrying.

I'm getting quotes based on 4314 electricity and 23746 gas usage.

Both electricity and gas standing charge is 18.9p.

Any advice gratefully received

stanley25

Hi, just wanted to add my OTM stats in case it is of use to someone or in case someone has a suggestion for me.

Moved to OTM from Bulb in March/April this year. My direct debit has been 114.34 since then until yesterday when I had a message they wanted to increase to £163pm. Approaching Winter normally I would understand wanted to accumulate a buffer against increased heating use but my account is actually £192 in credit already (they owe me).

Context; Current tariff is Spring 21 Variable. Annual usage last annum was Gas 10654kwh (339units), Elec 6188kwh.

Am I being really cynical, given my account is in credit am I wrong to think that this is a potential cash grab from OTM whereby they already know that the road ahead looks bad? Given that as I understand it Ofgem would step in to cover and pay back any credit their customers had accrued. I don't know if OTM were to fold whether if they had cash assets such as customer credit they would not be allowed to simply walk away with it all?

Does anyone know if OTM are one of the suppliers that 'hedged' their purchases long enough in advance that they might ride out the troublesome Winter we appear to be facing?

stanley25

Flight3287462 said:

Sainsbury's Energy 2 year fixed tariff which I signed up last week has just risen another 15%.

I suspect you may have missed the boat (but worth checking and doing the sums), your tariffs are now fixed by the cap until April next year.

Neon Reef are the cheapest at the moment but I don't like what I see there, their prices are way below the wholesale cost and for me that is not sustainable.

One small point what you pay as a direct debit tells us nothing.  Better giving us your tariff and standing charge prices.

I tested a few of the big 6 and 'medium' sized supplier tariffs out on my known energy usage for last year. It would appear my annual energy costs would go from circa £1350 current price a year to between £2k and £2.3k! Feels to me like for some as you say the boat has sailed. If OTM (who I am with) goes under I imagine I will be auto-moved to something very very expensive in comparison. I can only assume that the big 6 are delighted by all of this despite alleged concern about the wholesale supply situation.

LSD25

I was with Outfox a few year ago. They didnt know their !!!!!! from their elbow. Changing DD randomly, weird and random emails all stating different figures.
In the end i left them, but not before i got 2 goodwill gesture payments via 2 x ofgem complaints regarding their timings to respond to complaints and accounts.
They blocked my move away twice even though they had their knuckles rapped twice.
It took me to to do my own actual final bill and sent to them and ofgem, Outfox accepted my final bill of owing them £20, and to be fair, that £20 was the time for energy used during the blocked transfer.

Mad as a box of frogs they were and i was thrilled to get away from them.
Good luck if you do decide to leave them but expect a fight if my experience is anything to go by.

Nick_C

I initiated a switch from OTM to Sainsburys on 16/9.  My cost was £80 a month variable.  It was going to go up to £116 variable.  I got a one year fix witn Sainsburys at £107.

However, I wouldn't switch now.  I have a credit with OTM of over £200.  If they do go out of business then credit balances for customers will be protected and honoured by the new supplier appointed by OFGEM.  What is worrying me is if OTM go bust after Sunday when I switch, then as a former customer I don't think my credit balance is protected.  It's going to be a worrying few weeks waiting for a refund.

QrizB

Nick_C said:

What is worrying me is if OTM go bust after Sunday when I switch, then as a former customer I don't think my credit balance is protected.

Yes it is protected under the SoLR process. It could however take weeks or months for you to get the refund (other posters have anecdotes where it has taken more than an year).

Nick_C

QrizB said:

Nick_C said:

What is worrying me is if OTM go bust after Sunday when I switch, then as a former customer I don't think my credit balance is protected.

Yes it is protected under the SoLR process. It could however take weeks or months for you to get the refund (other posters have anecdotes where it has taken more than an year).

But I wouldn't be switching to an OFGEM appointed SOLR.  I will already have switched to Sainsburys.  Is my credit balance with OTM protected once I am no longer a current customer?  If you think it is, can you point me to an authoritative source of information please?

QrizB

Nick_C said:

QrizB said:

Nick_C said:

What is worrying me is if OTM go bust after Sunday when I switch, then as a former customer I don't think my credit balance is protected.

Yes it is protected under the SoLR process. It could however take weeks or months for you to get the refund (other posters have anecdotes where it has taken more than an year).

But I wouldn't be switching to an OFGEM appointed SOLR.  I will already have switched to Sainsburys.  Is my credit balance with OTM protected once I am no longer a current customer?  If you think it is, can you point me to an authoritative source of information please?

Well Ofgem says:

https://www.ofgem.gov.uk/what-happens-if-your-energy-supplier-goes-bust

I've recently closed my account. will I get back the credit I'm owed?
We’ll try to appoint a new supplier who will refund money that's outstanding on closed accounts. Costs for the energy you have used but have not yet had a bill for will be deducted from your account balance. 

I accept that says "try" but so far they always have.