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Martin Lewis: ‘Do nothing’ with your energy supply and go onto the price cap when your deal ends - t

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  • Ego_Shredder
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    It gets more complicated when you are looking for suppliers, that do not demand a smart meter being installed in your home.
    What goes around - comes around
    give lots and you will always receive lots
  • Ultrasonic
    Ultrasonic Posts: 4,235 Forumite
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    edited 27 October 2021 at 10:52AM
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    It gets more complicated when you are looking for suppliers, that do not demand a smart meter being installed in your home.
    And it gets less stressful when you realise that having a smart meter installed isn't a big deal.
  • InThrees
    InThrees Posts: 18 Forumite
    First Anniversary Combo Breaker First Post
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    In mid-September MSE recommended we switch to a decent fixed tariff to 'lock in' cheaper prices and also protect ourselves from imminent further rises, rather than doing nothing.  I did so, switching from Igloo to Sainsbury's Energy (1 Year Fix and Reward v19 Direct Debit version).  A couple of weeks later Igloo went bust (I'm still waiting for my credit refund, but that's a different story).  

    I'm assuming I was right to make this switch, rather than 'doing nothing'?  Perhaps I'm on a fixed deal that is now no longer available.
  • nyermen
    nyermen Posts: 1,107 Forumite
    First Anniversary First Post Name Dropper
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    InThrees said:
    In mid-September MSE recommended we switch to a decent fixed tariff to 'lock in' cheaper prices and also protect ourselves from imminent further rises, rather than doing nothing.  I did so, switching from Igloo to Sainsbury's Energy (1 Year Fix and Reward v19 Direct Debit version).  A couple of weeks later Igloo went bust (I'm still waiting for my credit refund, but that's a different story).  

    I'm assuming I was right to make this switch, rather than 'doing nothing'?  Perhaps I'm on a fixed deal that is now no longer available.
    Probably, yes.  I did the same thing in september too.  A 2year fix that is on the current cap rates I think, at the time I thought "is it worth it", because it was an increase on my old SVR, but if (when?) the cap goes up, I will then be saving.  If they go down, then my rate is exit free at least.
    Peter

    Debt free - finally finished paying off £20k + Interest.
  • SaraAbbott
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    Is it possible to get out of a contract that was fixed in October when the pricing was high, this relates to a business and not residential.
  • worrywart_3
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    Is it possible to get out of a contract that was fixed in October when the pricing was high, this relates to a business and not residential.
    Business is different check your terms and exit fees, prices haven’t come down though 
  • MWT
    MWT Posts: 9,307 Forumite
    First Anniversary First Post Name Dropper
    edited 14 December 2021 at 6:30PM
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    Is it possible to get out of a contract that was fixed in October when the pricing was high, this relates to a business and not residential.
    As above, check the contract, but in general you will be able to terminate, but the cost will be astronomical.
    Do make sure you have something cheaper to move to before you do that though as in general prices are not much different to what they were in October at the moment.

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