Don't know how much I'll be paying from next month.

olliebean

Currently I'm in the last month of a fixed tariff from London Power (part of Octopus), paying about £74/month. About a month ago, they sent me an email informing me my tariff is ending on October 4, and telling me if I don't do anything I'll be rolled onto their fixed yearly default plan, for £96 "monthly estimate." A 30% increase, which seemed steep at the time, but a comparison didn't turn up anything cheaper, so I did nothing.

Now, looking on their website, their fixed tariffs are very nearly double what I'm currently paying, and I'm worried that's how much I'm going to end up paying when they switch me next month. Should I phone them to check the situation? Am I likely to be able to get a better deal if I do? Comparisons aren't currently showing me any fixed deals less than 50% above what I've been paying - variable deals are cheaper, but I'm reluctant to go onto one of those at the moment, not knowing how much higher prices are going to go over the next year.

Thesaltmustflow

olliebean said:

Currently I'm in the last month of a fixed tariff from London Power (part of Octopus), paying about £74/month. About a month ago, they sent me an email informing me my tariff is ending on October 4, and telling me if I don't do anything I'll be rolled onto their fixed yearly default plan, for £96 "monthly estimate." A 30% increase, which seemed steep at the time, but a comparison didn't turn up anything cheaper, so I did nothing.

Now, looking on their website, their fixed tariffs are very nearly double what I'm currently paying, and I'm worried that's how much I'm going to end up paying when they switch me next month. Should I phone them to check the situation? Am I likely to be able to get a better deal if I do? Comparisons aren't currently showing me any fixed deals less than 50% above what I've been paying - variable deals are cheaper, but I'm reluctant to go onto one of those at the moment, not knowing how much higher prices are going to go over the next year.

Unfortunately your in the same position as lots of us in current climate. Once you get your head round to accepting your gonna be paying more (maybe a lot more!!) that will help you make an informed decision.

If it were me I would take the SVT off your current supplier as the price cap will give you some protection, ride out the storm and keep your eyes open for better deals in the future although whether prices will drop back down is anybody's guess.

FWIW fixed tariff deals appear to be a lot more expensive than SVT's and at least with a SVT you can (usually) switch away with no exit fees.

FreeBear

Thesaltmustflow said: FWIW fixed tariff deals appear to be a lot more expensive than SVT's and at least with a SVT you can (usually) switch away with no exit fees.

I managed to snag a 1y fixed where the prices are comparable to current SVT rates. No exit fees to pay, so I'm keeping an eye on the variable tariffs (and fixed deals) with the intention of switching if/when prices drop. If I hadn't managed to get the 1y fixed, I would have stuck with the SVT knowing that the OFGEM price cap would limit the (unit & s/c) cost until next April.

dbks

olliebean said:

Currently I'm in the last month of a fixed tariff from London Power (part of Octopus), paying about £74/month. About a month ago, they sent me an email informing me my tariff is ending on October 4, and telling me if I don't do anything I'll be rolled onto their fixed yearly default plan, for £96 "monthly estimate." A 30% increase, which seemed steep at the time, but a comparison didn't turn up anything cheaper, so I did nothing.

Now, looking on their website, their fixed tariffs are very nearly double what I'm currently paying, and I'm worried that's how much I'm going to end up paying when they switch me next month. Should I phone them to check the situation? Am I likely to be able to get a better deal if I do? Comparisons aren't currently showing me any fixed deals less than 50% above what I've been paying - variable deals are cheaper, but I'm reluctant to go onto one of those at the moment, not knowing how much higher prices are going to go over the next year.

If you do nothing, you will roll onto the suppliers default (SVR) tariff.
You'll need to check if the cost of that they provided allowed for the rise next month, but it will be capped by Ofgem.

I'm not sure with Octopus, but I have found that some suppliers generously will honour the (fixed) deals they offer you at renewal, even if they have been withdrawn from general sale.
So check the link (if provided) or directly with the supplier.

Otherwise you have to choose from their currently available tariffs (including their default option which is probably cheaper, but will increase in April - current estimates are about £300 p.a. for an average user), or switch to another supplier.