Loyal Octopus 12m Fixed

Aego

Thankyou MWT.. I just read your reply and now seen this on my account.. oh my! Thoughts?

Spies

Unit prices gone up from 37/10 electric and gas to 42/13 now and fixed term is 10 instead of 12 months 

Aego

It's a crapshoot... stay on variable??

MWT

Aego said:

Thankyou MWT.. I just read your reply and now seen this on my account.. oh my! Thoughts?

Looks like you are staying on the variable rate then, the price of the 'insurance' effectively doubled with that change overnight.

Together with it being 10 months not 12, it is hard to suggest that it is a good deal, but it does give an indication of what Octopus are seeing when trying to hedge the fixed contracts...

facade

Yes,  40.89 & 12.31 for me this morning- over £100 a month more than what I fixed at in Feb!

I'm starting to worry about next year now, my income is too low to just absorb these increases.

kdotdotdotdot

Can someone explain to me like I'm stupid (because I am) why I would choose a fixed rate? I'm also with Octopus and currently paying £51 every month for gas and electric.

They've emailed me to offer the following:
Octopus 12 month fixed: estimate £123 per month
Flexible Octopus: estimate £65 per month
Loyal Octopus 12 month fixed: estimate £110 per month

On the face of things, even if the flexible rate doubled, I'd be no worse off than a fixed rate, and if it doesn't double, better off.  What am I not understanding?

Spies

It's a gamble because although we know the April rates, we don't know what October is going to be, the argument is you pay more April to October but potentially save money from October going forwards if the price cap increases more than your fixed rate. 

sitesafe

Kdotdotdot Did you ask them for quotes by email please as any correspondence I’ve had they’re taking ages to email back.  Is it a specific contact email you speak to please? Thank you 

Ruddy09

Hi All,
Like with a few people on here after a bit of help or guidance please?

Last year I had some issues with E.ON so I ended up signing up with OCTOPUS on a 24M fixed until 15/08/2023

Gas
3.79p/kWh
26.59p/da

Electricity
19.46p/kWh
23.76p/day

Have I lucked into a good deal or should I be looking at changing with the fixed term not changing until next year?

Appreciate and help.

MWT

Ruddy09 said:

Have I lucked into a good deal or should I be looking at changing with the fixed term not changing until next year?

Appreciate and help.

Back away from the keyboard, do not... I repeat ... do not change anything!

Go buy a lottery ticket and relax while the world goes crazy around you, you are good until next year.