Regretting not switching last week

jamtheman80

Am a former Utility Point customer I followed Martins advice on the 14th to wait to be chosen a new supplier. On the 20th I was contacted by EDF who have put me on my standard/variable rate, which even though its a massive hike from what my previous Utility Point tariff is less than other fixed deals. I didnt have any credit with Utility Point and a small amount of debit. In hindsight I may have got a better deal than I can now switching immediately after Utility Point went under. Suppose I am better waiting for the time being. 

Streaky_Bacon

The standard advice from Ofgem is to wait, but it may not always be the best option, especially when prices are rising so quickly.

It means that customers normally get their credit back sooner, but it might also mean missing out on significantly better deals.

Whether a switch will actually go through is the other issue. Some people has hit major hassles and some have gone through fine.

I find myself in the same situation now, because I initiated a switch away from Green today, unaware that administration had just been announced (I was aware that they were in discussions).

It's really the risk of late credit and switching chaos vs the reward of potentially successfully switching to a much better deal.

As you say, now the best fixes are at least as much as the energy cap, so moving forward there is perhaps less to be gained by switching early than there might have been a few weeks ago.

macgyver

I have switched against the Ofgem advice . I was with Utility Point and have applied for the switch to BG lidl offer yesterday. I have a credit of £290 with UP. Keeping my fingers crossed.