End of fixed rate tariff

mikegardinertwk

Hi all, my Scottish Power 1 year fixed rate is coming to an end soon and I’ve been offer 4 further options of a fixed rate for the future…all way too much money and not what I want to pay. 

My question is…If I do not select any of the four options do I automatically then go on to the variable rate by default and continue to pay the DD amount I have been ?

TIA

EssexHebridean

You should go onto the variable - if in doubt give them a clear instruction that you want to do that. As for the DD, chances are it will increase as I imagine the new variable rate will be higher than your previous fix, so your cost of use will increase. 

jimjames

mikegardinertwk said:

My question is…If I do not select any of the four options do I automatically then go on to the variable rate by default and continue to pay the DD amount I have been ?

You might not want to pay the new rates but unfortunately prices have gone up so you have no choice unless you stop using them.
The new variable rates will be capped but the price is likely to be more than your previous fixed rate so the DD is very likely to increase. DD amount is irrelevant, important thing is the actual unit rate you're paying. Check that and you'll be able to see how much it will rise by

mikegardinertwk

Yeah, I see.
My DD has been £77 for a year and I’m in credit…my new tariff option begins at £142 which seem a little steep !!

bristolleedsfan

mikegardinertwk said:

…my new tariff option begins at £142 which seem a little steep !!

Is that for one of the fixed rate options SP are offering or is that for variable rate default option if you do nothing as suggested by everyone on this forum

sammyjammy

mikegardinertwk said:

Yeah, I see.
My DD has been £77 for a year and I’m in credit…my new tariff option begins at £142 which seem a little steep !!

Sounds about right under the current circumstances, its normal to be in credit at the end of the Summer

mikegardinertwk

That’s the cheapest option SP are
offering.
im thinking I’ll be better off on the variable rate and pay what I’m using ??

MWT

mikegardinertwk said:

That’s the cheapest option SP are
offering.
im thinking I’ll be better off on the variable rate and pay what I’m using ??

You can drop onto the variable rate, but the cheapest option will still be to continue with a DD. The tariff cap is higher on accounts that do not pay via DD.

If you want some help to figure out what your new annual cost is likely to be just post your actual annual use for the last year and we can give you a rough figure.

If you want to let us know which region you are in we can be more precise...

mikegardinertwk

AAU = 1129
Gloucestershire

MWT

mikegardinertwk said:

AAU = 1129
Gloucestershire

That should be around £337.61 for the full year, including the standing charge.

That is an exceptionally low figure for electricity though…

mikegardinertwk

elec + gas combined sorry !