Pleased I didn't listen to Martin's advice re not to fix in January and rely on the price Cap.

alnsv1000s

I knew I was coming off of a fixed rate deal on 8th March, and in January started panicking about what to do when this fixed rate deal was ending.
The advice being given was to go onto a capped rate, as fixed rate deals will be more expensive.

Very pleased I checked first.

I spoke to Eon in January 22, who said that I can book the Fix 1 year V9 now, but set it to start from the 9th March 22 for 1 year. Eon said that as there are no early release fee's, if it would work out a lot cheaper to go on a capped rate, I can change to that at any time.

Although I will now be paying £100 a month more than previous, I am saving on this fixed deal for the next year, and know that this winter my rates are fixed as of now.

Just hope things will go down as of next March or will be a massive hike.;-(

jimjames

Really depends what the unit rates are that you've signed up to. The DD amount and what you posted doesnt really show anything to tell whether it's a good deal or not but £3552 sounds huge.

alnsv1000s

This is the detail. 
If I chose a fixed rate deal now this is what i would be offered. I never heard before that you can pre-fix your rate. Pleased I actually spoke to Eon 2 months in advance. 

Fix 1 Year v13

£5,504.56

per year

£458.71

per month

*Price includes VAT at 5%

GingerTim

Here's the price cap rates courtesy of @QrizB - judge for yourself whether or not it's a good deal. That gas standing charge is pretty painful.

alnsv1000s

GingerTim said:

Here's the price cap rates courtesy of @QrizB - judge for yourself whether or not it's a good deal. That gas standing charge is pretty painful.

Its not the fact it's a good deal. Just over a year ago I was paying £145 per mth with Simplicity and then they ceased trading. 
I am saying that it is a better deal than if I hadn't gone onto it, and I wont have to worry about another increase on Oct, until next March. Definitely not a good deal. 

GingerTim

That's what I meant, I'm not convinced it's massively better than the SVT, apart from the lower electricity standing charge and unit rate - how do they balance out against the 15p extra you're paying for the gas SC?

Even if it's a bit of a saving, every little helps, of course!

Ultrasonic

Bear in mind that any advice Martin Lewis shared was always heavily caveated as a form of 'best guess' for 'most people' with plenty of scope for some people's individual circumstances making different options a good idea. Also, January was before Russia invaded Ukraine which understandably won't have been factored into the advice (or fixed tariff pricing at the time).

I took a punt on a fixed tariff right at the end of February. As of yet I don't know if it will work out in my favour but my hunch is it will. This was an informed decision based on accurate personal usage data, and not a switch that would likely have been a good move for the majority.

alnsv1000s

Ultrasonic said:

Bear in mind that any advice Martin Lewis shared was always heavily caveated as a form of 'best guess' for 'most people' with plenty of scope for some people's individual circumstances making different options a good idea. Also, January was before Russia invaded Ukraine which understandably won't have been factored into the advice (or fixed tariff pricing at the time).

I took a punt on a fixed tariff right at the end of February. As of yet I don't know if it will work out in my favour but my hunch is it will. This was an informed decision based on accurate personal usage data, and not a switch that would likely have been a good move for the majority.

The point I am making is that it was not made clear that you can pre-book rates, months in advance and if you have no penalties to leave early, you can just cancel the fixed at anytime and go on variable capped rate.  

Ultrasonic

alnsv1000s said:

Ultrasonic said:

Bear in mind that any advice Martin Lewis shared was always heavily caveated as a form of 'best guess' for 'most people' with plenty of scope for some people's individual circumstances making different options a good idea. Also, January was before Russia invaded Ukraine which understandably won't have been factored into the advice (or fixed tariff pricing at the time).

I took a punt on a fixed tariff right at the end of February. As of yet I don't know if it will work out in my favour but my hunch is it will. This was an informed decision based on accurate personal usage data, and not a switch that would likely have been a good move for the majority.

The point I am making is that it was not made clear that you can pre-book rates, months in advance and if you have no penalties to leave early, you can just cancel the fixed at anytime and go on variable capped rate.  

Cancelling a fix without exit fees doesn't make it an option without downsides. My fix has no exit fees but is currently more expensive than the price cap. The gamble is that it will work out better overall once next winter's price cap and energy use is factored in. You were also paying more in March than you would have on the price cap. The option you had to 'pre-book' the tariff you're on was certainly in your favour though. How common this was/is I have no idea. My supplier (Shell) had no fixed tariff options to be offered.

pochase

GingerTim said:

That's what I meant, I'm not convinced it's massively better than the SVT, apart from the lower electricity standing charge and unit rate - how do they balance out against the 15p extra you're paying for the gas SC?

The minimum savings for gas (cheapest region) is 1.748p per KWh. So you have saving of £221 in the unit price vs a£63 higher standing charge.

littlemoney

alnsv1000s said:

GingerTim said:

Here's the price cap rates courtesy of @QrizB - judge for yourself whether or not it's a good deal. That gas standing charge is pretty painful.

Its not the fact it's a good deal. Just over a year ago I was paying £145 per mth with Simplicity and then they ceased trading. 
I am saying that it is a better deal than if I hadn't gone onto it, and I wont have to worry about another increase on Oct, until next March. Definitely not a good deal. 

How can I find out which region I live in?