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

Ego_Shredder

It gets more complicated when you are looking for suppliers, that do not demand a smart meter being installed in your home.

Ultrasonic

Ego_Shredder said:

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

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

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.

SaraAbbott

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

SaraAbbott said:

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

SaraAbbott said:

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.