Should I lock into new deal now?

mapleridge

Hi! I’m with Scottish power for dual fuel and they are pushing me to lock into another fixed price deal of £127 per month (£30 above what I currently pay ending in April).  

Should I go for this? Not sure if I’ll end up paying even more if I wait!

thanks!

QrizB

What tariff have they offered? How much daily standing chanrge and how many pence per kWh?

We can't really help without this information, sorry.

mapleridge

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

MaryNB

mapleridge said:

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

What's the standard variable tariff rate? It's likely to be less than any current fixed deal (but probably higher than your current fix), and for that reason they'll try to push you onto a fixed tariff instead of letting you automatically go onto the standard variable tariff when your current fix ends.

QrizB

mapleridge said:

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

That;s a pretty good deal by current standards. How long is the fix for and is there an early exit fee?

Edit to add: and how does it compare to your current tariff?

bristolleedsfan

MaryNB said:

mapleridge said:

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

What's the standard variable tariff rate? It's likely to be less than any current fixed deal (but probably higher than your current fix), and for that reason they'll try to push you onto a fixed tariff instead of letting you automatically go onto the standard variable tariff when your current fix ends.

Scottish Power are offering very appealing fix early rates as they are hoping to encourage people to pay higher rates this winter particularly gas  than existing cheaper fixed rates

Thrugelmir

bristolleedsfan said:

MaryNB said:

mapleridge said:

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

What's the standard variable tariff rate? It's likely to be less than any current fixed deal (but probably higher than your current fix), and for that reason they'll try to push you onto a fixed tariff instead of letting you automatically go onto the standard variable tariff when your current fix ends.

Scottish Power are offering very appealing fix early rates as they are hoping to encourage people to pay higher rates this winter particularly gas  than existing cheaper fixed rates

Fixed rates on offer will reflect the fixed market rates for future delivery. No different to the mortgage market. Peace of mind comes at a premium. 

wild666

mapleridge said:

Hi! I’m with Scottish power for dual fuel and they are pushing me to lock into another fixed price deal of £127 per month (£30 above what I currently pay ending in April).  

Should I go for this? Not sure if I’ll end up paying even more if I wait!

thanks!

Personally I wouldn't switch to the new deal as the SVR is the lowest price at the moment.

Liamsn92

I've just been talking to a Scottish power guy in town and they've got mine at £152 a month fixed until Jan 2024
Bulb currently have me at £130 but then I've no idea what's gonna happen with them come next year and where I'll be/ how much I'll be paying.

Our gas usage this last ~2 month has been a chunk higher because her indoors can't stop messing with the heating! Meaning it comes on for stupid lengths of time/hours. E.g I came home other week and it had been on for 5 hours while everybody but the cat was out!
Rates were
ELEC:

29.285p per kWh

24.02p per day

GAS:

8.338pper kWh
26.12p per day

Also need to get a Hive to help lower usage!
Is it worth switching?
I've only got ~£20 credit with Bulb so if that gets lost somewhere it's not the end of the world

QrizB

Liamsn92 said:

Rates were

ELEC:

29.285p per kWh

24.02p per day

GAS:

8.338pper kWh
26.12p per day

Ouch. I'd run a mile from that, at least until winter is over.

mapleridge

Thanks for all the comments - still not sure what to do but have to make a decision soon I guess!