Help - Energy crisis - Bill query

ChristopherCj

Good evening everyone,

I was really hoping someone in the know may be able to advise me as to what I should do with regards to my current Energy tariff please?

I am currently with Scottish Gas (British Gas) on their Energy Plus Protection Jan2022v4 - this is due to end on 31/01/2022.

I've had my renewal through and as you can see the price rice for the fixed rate is astronomical - 920 per year up to 2119.  The SVT is much cheaper at 1337 per year, however this price is likely to go up (they state this on the letter and "advise" to go with a fixed rate).

Essentially I am a bit lost and am unsure as to what I should do - could anyone kindly give me a bit of advice?

Many thanks,

Chris

 

Merlin139

Do nothing and you go on to SVR automatically.

Look to make a decision in a few months based on advice that Martin Lewis will give before the next Price Cap Fix.

ChristopherCj

Merlin139 said:

Do nothing and you go on to SVR automatically.

Look to make a decision in a few months based on advice that Martin Lewis will give before the next Price Cap Fix.

Merlin139 said:

Do nothing and you go on to SVR automatically.

Look to make a decision in a few months based on advice that Martin Lewis will give before the next Price Cap Fix.

Hi Merlin,

So your advice is to go on to the SVR (by doing nothing) and then decide whether to remain on SVR or look to move to a fixed rate?

Cheers

Chris

P.S. Thanks for quick response!

Merlin139

ChristopherCj said:

Hi Merlin,

So your advice is to go on to the SVR (by doing nothing) and then decide whether to remain on SVR or look to move to a fixed rate?

Cheers

Chris

P.S. Thanks for quick response!

Yes. Keep watching Martins Money Saving programme each week or look at the MSE weekly email for when to do something. 

Astria

You have to decide yourself unfortunately as it's a gamble either way.

If you go onto the SVR the price may increase higher than the fix you have been offered by next April/October.

If you go onto the fix, you will pay more initially, but the overall cost for the year might be more or less than the SVR.

There will be more fixes available closer to April but they might be more or less than what you have been offered.

You need to think about how much energy you are likely to use between now and then and then jump.

Personally, the current SVR plus 50% is still cheaper than fix and doesn't have the £75 exit fee, so I'd go SVR.