Fixed price deal tariff being increased

lensgirl1234

I did it online. My online tariff looks exactly like that. 

Also, I received this on 13th August after the switch took place

MWT

lensgirl1234 said:

I did it online. My online tariff looks exactly like that.

I'm puzzled though, if you did it online you have to have seen the lengthy description of how the tariff was calculated, that was all on the same page as the sign-up option if I recall correctly?

savers_united

lensgirl1234 said:

I did it online. My online tariff looks exactly like that. 

Also, I received this on 13th August after the switch took place

What does it say on your bill, fixed or variable?

worrywart_3

It’s too complicated and ambiguous a tarrif for the layperson it’s fixed as in fixed at a percentage below cap but saying the unit price won’t change is wrong because if will within those parameters.

worrywart_3

MWT said:

lensgirl1234 said:

I did it online. My online tariff looks exactly like that.

I'm puzzled though, if you did it online you have to have seen the lengthy description of how the tariff was calculated, that was all on the same page as the sign-up option if I recall correctly?

How many people just scroll through lengthy waffle and just click on agree to terms, they see the unit price and that’s it 

Ultrasonic

worrywart_3 said:

It’s too complicated and ambiguous a tarrif for the layperson it’s fixed as in fixed at a percentage below cap but saying the unit price won’t change is wrong because if will within those parameters.

Most people seem to cope OK with the concept of tracker mortgages so if there is an issue I see it more as just being because it's a new one in the energy sector. The particular example here may simply be an isolated error rather than what all customers received too.

bristolleedsfan

Ultrasonic said:

worrywart_3 said:

It’s too complicated and ambiguous a tarrif for the layperson it’s fixed as in fixed at a percentage below cap but saying the unit price won’t change is wrong because if will within those parameters.

Most people seem to cope OK with the concept of tracker mortgages so if there is an issue I see it more as just being because it's a new one in the energy sector. The particular example here may simply be an isolated error rather than what all customers received too.

Around the same time EDF were offering a tariff  5% cheaper than the cap, not an isolated error.

https://twitter.com/AngusTheValuer/status/1448685687121797124

jimjames

Ultrasonic said:

worrywart_3 said:

It’s too complicated and ambiguous a tarrif for the layperson it’s fixed as in fixed at a percentage below cap but saying the unit price won’t change is wrong because if will within those parameters.

Most people seem to cope OK with the concept of tracker mortgages so if there is an issue I see it more as just being because it's a new one in the energy sector. The particular example here may simply be an isolated error rather than what all customers received too.

But a tracker mortgage is different to a fixed rate mortgage and a bank couldn't describe it as fixed. More like a cap and collar rate I guess but that really isn't explained in the screenshots above.

Ultrasonic

jimjames said:

Ultrasonic said:

worrywart_3 said:

It’s too complicated and ambiguous a tarrif for the layperson it’s fixed as in fixed at a percentage below cap but saying the unit price won’t change is wrong because if will within those parameters.

Most people seem to cope OK with the concept of tracker mortgages so if there is an issue I see it more as just being because it's a new one in the energy sector. The particular example here may simply be an isolated error rather than what all customers received too.

But a tracker mortgage is different to a fixed rate mortgage and a bank couldn't describe it as fixed. More like a cap and collar rate I guess but that really isn't explained in the screenshots above.

You've missed my point there. I was saying that in the mortgage sector we have fixed, variable and tracker products and that it is reasonable to have the same in the energy sector. I was not saying that a product that is essentially a tracker (or otherwise constrained variable product) should be called fixed, or that the documentation that Ocotpus have sent out is anything other than an error.

Edit: note I was responding to a post saying the product was too complicated for 'the layperson' to understand and therefore should not have been sold. I don't agree.

QrizB

I'm waiting to find out what the OP is told by Octopus.

From the Twitter post linked to earlier, it seems there are several customers in the same boat so it's not an isolated issue.