Hope I did the right thing in taking a fixed rate

babs

My current fixed rate was coming to an end this month and I was intending on going over to the variable rate, but panicked yesterday and saw this current customer offer with Scottish Power so took it. Have I done the right thing? My current fixed rate unit price is Gas 2.7783p per kWh and Electricity 14.9898p per kWh - so my bills are going to be over double what they are now. 

Exclusive Fixed June 2023 B1

GAS - End date: 30 Jun 2023

Early exit fee: £30

Unit rate

7.095p per kWh

Standing charge

22.197p per day

ELECTRICITY - End date: 30 Jun 2023

Early exit fee: £30

Unit rate

27.536p per kWh

Standing charge

22.197p per day

molerat

Looks just below the new cap, the saving is on the electric daily charge which has rocketed this time.

saintscouple

I've got a very similar offering from SP and am wondering if to take it - plus would be it locks in a rate slightly below the new price cap, but more important protects you from the potential rise in October.

May i ask if you were able to select a start date for your new tariff? 

ProDave

You are certainly no worse off and as above you will be saving on the daily charge that is rising a lot.  It will also protect you from any future rises in October (or possibly sooner)

Andrea15

Very good rate, not available to everyone as I have just discovered. Just been on their website and what they have on offer for the casual browser is not even worth mentioning (the gas is over 10p per unit!)

QrizB

Andrea15 said:

Very good rate, not available to everyone as I have just discovered. Just been on their website and what they have on offer for the casual browser is not even worth mentioning (the gas is over 10p per unit!)

Scottish Power "Exclusive" tariffs are loyalty deals for renewing customers.

mighty2022

saintscouple said:

I've got a very similar offering from SP and am wondering if to take it - plus would be it locks in a rate slightly below the new price cap, but more important protects you from the potential rise in October.

May i ask if you were able to select a start date for your new tariff? 

I raised this with SP'sTwitter support yesterday and their answer was that the start date for the new tariff cannot be selected, it becomes effective when you sign up for it.

saintscouple

mighty2022 said:

saintscouple said:

I've got a very similar offering from SP and am wondering if to take it - plus would be it locks in a rate slightly below the new price cap, but more important protects you from the potential rise in October.

May i ask if you were able to select a start date for your new tariff? 

I raised this with SP'sTwitter support yesterday and their answer was that the start date for the new tariff cannot be selected, it becomes effective when you sign up for it.

Thank you, that's very helpful to know. 

Leaves me in a predicament, do i wait to join near to the end of the month hoping the tariff will still be there and save me 3 weeks at basically half off, or sacrifice that and jump to the new tariff now, paying double but protecting myself from further rises to June next year. 

My monthly direct debit goes out on Monday so can't see them being able to change that to the higher amount in time if i signed up today? 

mighty2022

saintscouple said:

mighty2022 said:

saintscouple said:

I've got a very similar offering from SP and am wondering if to take it - plus would be it locks in a rate slightly below the new price cap, but more important protects you from the potential rise in October.

May i ask if you were able to select a start date for your new tariff? 

I raised this with SP'sTwitter support yesterday and their answer was that the start date for the new tariff cannot be selected, it becomes effective when you sign up for it.

Thank you, that's very helpful to know. 

Leaves me in a predicament, do i wait to join near to the end of the month hoping the tariff will still be there and save me 3 weeks at basically half off, or sacrifice that and jump to the new tariff now, paying double but protecting myself from further rises to June next year. 

My monthly direct debit goes out on Monday so can't see them being able to change that to the higher amount in time if i signed up today? 

I was in the same boat, but I was scared of losing the deal so just took it. Perhaps, get in touch with SP and ask when the offer will expire? 

On the DD, mine was changed within 24 hours. But then again, my monthly DD for Feb had already gone out. 

saintscouple

mighty2022 said:

saintscouple said:

mighty2022 said:

saintscouple said:

I've got a very similar offering from SP and am wondering if to take it - plus would be it locks in a rate slightly below the new price cap, but more important protects you from the potential rise in October.

May i ask if you were able to select a start date for your new tariff? 

I raised this with SP'sTwitter support yesterday and their answer was that the start date for the new tariff cannot be selected, it becomes effective when you sign up for it.

Thank you, that's very helpful to know. 

Leaves me in a predicament, do i wait to join near to the end of the month hoping the tariff will still be there and save me 3 weeks at basically half off, or sacrifice that and jump to the new tariff now, paying double but protecting myself from further rises to June next year. 

My monthly direct debit goes out on Monday so can't see them being able to change that to the higher amount in time if i signed up today? 

I was in the same boat, but I was scared of losing the deal so just took it. Perhaps, get in touch with SP and ask when the offer will expire? 

On the DD, mine was changed within 24 hours. But then again, my monthly DD for Feb had already gone out. 

Thanks,

I've asked them about when the offering of the tariff will expire - I expect they will say they have a limited number of uptakes and will be taken off sale when that is fulfilled. 
They have confirmed the new DD amount won't apply till next month though if i do join now. 

Ahh ok, a quick vague response via twitter - 

Hi there, the tariffs do expire but this should be available at the end of the month

Thrugelmir

babs said:

My current fixed rate was coming to an end this month and I was intending on going over to the variable rate, but panicked yesterday and saw this current customer offer with Scottish Power so took it. Have I done the right thing? 

Like fixing your mortgage for a period of time. You'll never know whether the decision was good or bad until the term ends and you've the benefit of hindsight. What it does enable you to do is to budget, and not get caught out by another unexpected event.