What to do?

ji2611

Fixed rate finishes 1st December was paying £75.98…now being offered fixed £137.56 or variable £94.32. 

Any advice on what might be best option?

tastyhog

Without knowing the actual rates who knows.

But going to the standard variable seems to be the current advice going around, but not the one they offer, the one you default to when your fixed comes to an end. 

Just let the fix lapse, and you'll go on to a capped tariff, then look around if / when prices come down as its at or under the price cap, pretty much any fixed or variable is currently higher than the price cap.

The time to get a decent priced fix was a month or so ago, now you just have to weather the storm. 

ji2611

Thanks for your advice…have read so much about this but not sure which option to take, I am with Octopus and when my fixed tariff finishes on 1st December If I do nothing I will go on to Co-op flexible at £94.32 so maybe do that and just wait and see what happens.

[Deleted User]

ji2611 said:

Thanks for your advice…have read so much about this but not sure which option to take, I am with Octopus and when my fixed tariff finishes on 1st December If I do nothing I will go on to Co-op flexible at £94.32 so maybe do that and just wait and see what happens.

Factor in to your thinking that the Ofgem cap could rise by £300 to £400 in April 2022. The accounting period for the next cap adjustment started in August.

ji2611

So probably better to go to a fixed rate than variable as it would be fixed for 12 months?

brewerdave

ji2611 said:

So probably better to go to a fixed rate than variable as it would be fixed for 12 months?

ALL the currently available 12 month fixes I've looked at ,are far more for my usage than the capped tariffs EVEN with a substantial increase in the cap in April !!

ji2611

My payments will double on the fixed tariff offered but if I do nothing and go onto the variable tariff which  is less I am worried about how high the payments will go with the increase in April,just not sure what to do.

bristolleedsfan

ji2611 said:

My payments will double on the fixed tariff offered but if I do nothing and go onto the variable tariff which  is less I am worried about how high the payments will go with the increase in April,just not sure what to do.

Loyalty 12 month gas kwh rate is 70% more expensive than Flexible Octopus, whilst energy cap will increase in April most gas gets used between now and then, Electricity 2.45pkwh more until April after which time might be about the same ish until 30 September 2022, I would have thought flexible tariff is a no brainer whilst keeping eye as the months go by on what fixed rates become available,

ji2611

Thanks very much for your advice, 
I think maybe better to do nothing then and just go Flexible Octopus.

jimjames

ji2611 said:

My payments will double on the fixed tariff offered but if I do nothing and go onto the variable tariff which  is less I am worried about how high the payments will go with the increase in April,just not sure what to do.

Bear in mind that your usage from April will be very likely much less than usage between now and then so lower rate now will be more beneficial

ji2611

Thanks for all advice