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End of fixed rate tariff

mikegardinertwk
mikegardinertwk Posts: 5 Forumite
First Post
in Energy
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
«1

Comments

  • EssexHebridean
    EssexHebridean Posts: 25,886 Forumite
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    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. 
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  • jimjames
    jimjames Posts: 19,246 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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
    Remember the saying: if it looks too good to be true it almost certainly is.
  • mikegardinertwk
    mikegardinertwk Posts: 5 Forumite
    First Post
    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
    bristolleedsfan Posts: 12,939 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 27 October 2021 at 6:23PM
    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
    sammyjammy Posts: 8,143 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    "You've been reading SOS when it's just your clock reading 5:05 "
  • mikegardinertwk
    mikegardinertwk Posts: 5 Forumite
    First Post
    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
    MWT Posts: 10,889 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    edited 27 October 2021 at 6:36PM
    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
    mikegardinertwk Posts: 5 Forumite
    First Post
    AAU = 1129
    Gloucestershire
  • MWT
    MWT Posts: 10,889 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    edited 27 October 2021 at 7:05PM
    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
    mikegardinertwk Posts: 5 Forumite
    First Post
    elec + gas combined sorry !
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