Scottish power

dumbleton

I am in the same situation. Pay £116 DD and have just received email from SP offering new fixed £334 DD. Where am I supposed to find that money.  I could cry. Are the courts going to be full of people defaulting on their bills. 

Ultrasonic

dumbleton said:

I am in the same situation. Pay £116 DD and have just received email from SP offering new fixed £334 DD. Where am I supposed to find that money.  I could cry. Are the courts going to be full of people defaulting on their bills. 

Are Scottish Power offering you a new fixed tariff for a period of time? If so you don't have to accept this and can instead go onto the standard variable rate that is subject to the OFGEM price cap. This will definitely be cheaper until October when the price cap will go up. How much it will go up then nobody really knows though.

Robin9

Is she with one of the "Green" companies ?

dumbleton

Yes it is for 12 months. My fixed rate finishes in May. So if I just do nothing they will automatically put me on the standard variable?

Ultrasonic

dumbleton said:

Yes it is for 12 months. My fixed rate finishes in May. So if I just do nothing they will automatically put me on the standard variable?

Yes. They may well try to convince you to sign up for another fixed term 'deal' but they can't force you to, and if you don't they have no choice but to put you on the SVT.

You can also reassess the situation closer to the time your fix ends, just in case the options look different then.

sycamore11

You may not believe it but I assure you she is in credit and Its been validated to that fact by Scottish power 

dumbleton

Ultrasonic said:

Are Scottish Power offering you a new fixed tariff for a period of time? If so you don't have to accept this and can instead go onto the standard variable rate that is subject to the OFGEM price cap. This will definitely be cheaper until October when the price cap will go up. How much it will go up then nobody really 

Sorry I should have found out how to reply before I started posting. Yes it’s for 12 months. I will wait and see what the variable rate is. Thank you for your help I feel a little calmer for now. I am a 75 year old pensioner trying to sort out my energy and also my 97year old mothers bills.

Ultrasonic

dumbleton said:

Ultrasonic said:

Are Scottish Power offering you a new fixed tariff for a period of time? If so you don't have to accept this and can instead go onto the standard variable rate that is subject to the OFGEM price cap. This will definitely be cheaper until October when the price cap will go up. How much it will go up then nobody really 

Sorry I should have found out how to reply before I started posting. Yes it’s for 12 months. I will wait and see what the variable rate is. Thank you for your help I feel a little calmer for now. I am a 75 year old pensioner trying to sort out my energy and also my 97year old mothers bills.

Glad to have been of some help. The price rises are worrying for many right now.

You're probably aware but note there is at least some additional government help coming, and it's not impossible this may be revisited if prices spike even further in October. 

https://www.moneysavingexpert.com/news/2022/02/chancellor-unveils-up-to-p350-in-support-for-households-to-mitig/

louism

Yes, I was offered fixed tariffs for one and two year terms. I'm wondering if they are hedging the expected cost increases and trying to build that in by over egging it and erring on the safe side. So they could end up overcharging you and you'd get that back in the end a year or two down the line. It is one hell of an increase per month so I think I'm going to go onto their standard variable and go from there.

Ultrasonic

louism said:

Yes, I was offered fixed tariffs for one and two year terms. I'm wondering if they are hedging the expected cost increases and trying to build that in by over egging it and erring on the safe side. So they could end up overcharging you and you'd get that back in the end a year or two down the line. It is one hell of an increase per month so I think I'm going to go onto their standard variable and go from there.

Another reason to not go for an expensive fix with Scottish Power is that the terms of at least the ones I've checked give them the right to end the contract any time they choose with 42 days notice. So if they did end up losing out as prices change anyone could well end up back on the SVT anyway.