Help please as I’m panicking

Kat78MFW

If you are currently on a fixed rate and it's coming to an end, you will automatically drop onto the price cap SVR (standard variable rate) if you do nothing ie don't sign up for another fixed rate. 

Toomuchdebt

Kat78MFW said:

I think these are the Octopus variable rate prices...

Thank you so much!!

otb666

agree you can get free insulation even in rented 
https://www.eoninstall.com/affordable-warmth/affordable-warmth-landing.html

Floss

Also, sit down with a cuppa, a pen & paper & your phone and go through your monthly usage for the last year on the Octopus app. Write down gas & electricity KWh used for each month and add them up so you can then work out your costs using the variable rates + 365 days of standing charges for both gas & electricity. 

Kat78MFW

So you are coming to the end of a fixed tariff. It is disgraceful that the companies are being so confusing and don't fully explain your options. Have you already accepted that very high quote for one of the new fixed tariffs? If not, just "do nothing" as Martin Lewis would say and you'll move to the capped SVR rate

cnetwork

Hey @Toomuchdebt,

Everyone who is coming off a fix is in the same boat here, I still can't get my head around how this year has just changed. Just 7~ months ago I felt honoured to have energy at 10p/kwh for electric and 1.9p/kwh for gas, and the unit rates now + standing charges are just at eye watering rates. Higher users like myself are suffering more and I completely feel your pain.

The main thing I would suggest you do now, take a deep breath, and sort things out step by step. DO NOT let debt control you or affect your health, there is help out there.

Based on those figures, I'd recommend not to fix, but instead as Martin Lewis says "do nothing", you are better of on the Standard Variable Tariff rates. Yes, you're supplier may try and hide these, and Yes, it may be hidden, but if you let your existing fix expire you'll just go onto the Standard Variable Tariff and be protected by the price cap. Alternatively if you are on Flexible octopus already, just stay with it.

Kat78MFW

Can you post some details of your energy use over the past year? If you can access old bills, they should have meter readings on there and then we can calculate your usage and approximately how much you should be paying each month. 

Toomuchdebt

cnetwork said:

Hey @Toomuchdebt,

Everyone who is coming off a fix is in the same boat here, I still can't get my head around how this year has just changed. Just 7~ months ago I felt honoured to have energy at 10p/kwh for electric and 1.9p/kwh for gas, and the unit rates now + standing charges are just at eye watering rates. Higher users like myself are suffering more and I completely feel your pain.

The main thing I would suggest you do now, take a deep breath, and sort things out step by step. DO NOT let debt control you or affect your health, there is help out there.

Based on those figures, I'd recommend not to fix, but instead as Martin Lewis says "do nothing", you are better of on the Standard Variable Tariff rates. Yes, you're supplier may try and hide these, and Yes, it may be hidden, but if you let your existing fix expire you'll just go onto the Standard Variable Tariff and be protected by the price cap. Alternatively if you are on Flexible octopus already, just stay with it.

Thank you so much. I’ve checked the email again and it says my fixed rate is coming to an end on April 3rd and I will be moved over onto flexible octopus. I think I just panicked too much to take that in. 

Toomuchdebt

@Kat78MFW thank you. I’m going to sit down and do that calmly tomorrow now I’ve got over the shock of that. I need to do it on my computer really as it’s really awkward from my phone screen. 

Toomuchdebt

Floss said:

Also, sit down with a cuppa, a pen & paper & your phone and go through your monthly usage for the last year on the Octopus app. Write down gas & electricity KWh used for each month and add them up so you can then work out your costs using the variable rates + 365 days of standing charges for both gas & electricity. 

Thank you yes I’m going to do that tomorrow on the computer as the phone screen is a little too small to be comfortable with all those numbers.