Switch done in September as advised by Martin but now told it is a bad idea?

immy1

The advice from Martin in the September newsletter warnings was to switch and fix as energy costs were going up by a considerable amount.  I changed to a new fixed deal but now the advice in the newsletter states it is not a good idea to move to a new deal?   Anyone else noticed this?

MWT

immy1 said:

The advice from Martin in the September newsletter warnings was to switch and fix as energy costs were going up by a considerable amount.  I changed to a new fixed deal but now the advice in the newsletter states it is not a good idea to move to a new deal?   Anyone else noticed this?

Yes....

The advice given was correct in both cases, it was advisable to switch to lock-in a cheaper deal before the prices went up.

Now that the prices have gone up the advice to stay and drop onto a capped variable rate when your fix ends is also good advice.

JJ_Egan

This is October and a lot changed in the weeks since September as per the news and this forum  .

Basically many firms went bust and some may be still on the edge , hence why the advice changed .

New fixed deals are much more expensive now .

immy1

Thanks to you both for clarifying.  I changed to a two year fix with EDF. This was pretty expensive but obviously nowhere near as much as prices now.

worrywart_3

immy1 said:

Thanks to you both for clarifying.  I changed to a two year fix with EDF. This was pretty expensive but obviously nowhere near as much as prices now.

It’s all been explained but bet your happy with two years security, you got in just in time 

McKneff

Yes me too, ecstatic . Phew !!! 

Neil_Jones

immy1 said:

The advice from Martin in the September newsletter warnings was to switch and fix as energy costs were going up by a considerable amount.  I changed to a new fixed deal but now the advice in the newsletter states it is not a good idea to move to a new deal?   Anyone else noticed this?

There are two key bullet points at the bottom of every page:

• This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.
• Do note, while we always aim to give you accurate product info at the point of publication [my emphasis], unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.

So it would have been right in September based on the information available at the time and six weeks later, it will now say don't switch, because that is based on the information available now.  That's sort of how these sort of sites work