Advice Needed

StevieD54

Apologies if in the wrong thread....

My parents had an email in March from their supplier Ovo, informing them that as of April 1st, their Direct Debit would be rising from £80-ish per month to £129, so just over 50%, as was expected.  We pay a similar amount, £88 direct debit monthly payment on our “Energy Plus Protection Apr 2022v2” deal with British Gas, which expires on April 30th.  We have a smart meter so we know the current monthly DD level is pretty accurate.

So unlike thousands of you, we’ve been able to put our heads in the sand until today, when British Gas sent an email saying the new annual figure estimate is £2104!!!  That would be a rise of about 113%, that’s unthinkable, and can’t surely be right?

I was braced for a rise of around 55% but 113% is off the scale.  Are others experiencing a similar situation?  I’m pretty much resigned to the fact that we can’t do much about it as there’s nowhere obvious to switch to.

QrizB

StevieD54 said:

... until today, when British Gas sent an email saying the new annual figure estimate is £2104!!!  That would be a rise of about 113%, that’s unthinkable, and can’t surely be right?

It could well be right. You're coming off a low fixed rate  -"Energy Plus Protection Apr 2022v2" - onto a much higher capped variable rate.

What is your typical annual consumption, in kWh? We can work out your likely annual bill on the curent capped variable tairff from that.

vic_sf49

StevieD54 said:

Apologies if in the wrong thread....

My parents had an email in March from their supplier Ovo, informing them that as of April 1st, their Direct Debit would be rising from £80-ish per month to £129, so just over 50%, as was expected.  We pay a similar amount, £88 direct debit monthly payment on our “Energy Plus Protection Apr 2022v2” deal with British Gas, which expires on April 30th.  We have a smart meter so we know the current monthly DD level is pretty accurate.

So unlike thousands of you, we’ve been able to put our heads in the sand until today, when British Gas sent an email saying the new annual figure estimate is £2104!!!  That would be a rise of about 113%, that’s unthinkable, and can’t surely be right?

I was braced for a rise of around 55% but 113% is off the scale.  Are others experiencing a similar situation?  I’m pretty much resigned to the fact that we can’t do much about it as there’s nowhere obvious to switch to.

I'm on the same fixed tariff as you, or at least one that ends the same day (with BG).

My annual costs will jump from £583* on the fixed rate, to £1320 on SVR.

All figures are bang on the money, using my actual annual figures (and consistent over the last 7 years), but the big jump is because the nice fixed rate is ending.

*I have solar panels so my costs are a bit lower than average.

ryanm8655

I’ve also moved from a reasonable fixed tariff where I was paying about £35 a month dual fuel and mine has jumped by a ridiculous amount.

I’ll be sticking with the flexible tariff as it’s considerably cheaper than fixed offerings still…OVO want £180 a month…

Time to start properly budgeting again :-(

StevieD54

QrizB said:

StevieD54 said:

... until today, when British Gas sent an email saying the new annual figure estimate is £2104!!!  That would be a rise of about 113%, that’s unthinkable, and can’t surely be right?

It could well be right. You're coming off a low fixed rate  -"Energy Plus Protection Apr 2022v2" - onto a much higher capped variable rate.

What is your typical annual consumption, in kWh? We can work out your likely annual bill on the curent capped variable tairff from that.

Thanks QrizB.  The best we can work out for our annual consumption is @15300kwh for Gas and @2300kwh for Electric 

QrizB

StevieD54 said:

QrizB said:

It could well be right. You're coming off a low fixed rate  -"Energy Plus Protection Apr 2022v2" - onto a much higher capped variable rate.

What is your typical annual consumption, in kWh? We can work out your likely annual bill on the curent capped variable tairff from that.

Thanks QrizB.  The best we can work out for our annual consumption is @15300kwh for Gas and @2300kwh for Electric 

I get roughly £2060/yr for that annual consumption on a typical SVT, so yes the supplier's estimate of £2104 is the right ballpark.

sammyjammy

StevieD54 said:

Apologies if in the wrong thread....

My parents had an email in March from their supplier Ovo, informing them that as of April 1st, their Direct Debit would be rising from £80-ish per month to £129, so just over 50%, as was expected.  We pay a similar amount, £88 direct debit monthly payment on our “Energy Plus Protection Apr 2022v2” deal with British Gas, which expires on April 30th.  We have a smart meter so we know the current monthly DD level is pretty accurate.

So unlike thousands of you, we’ve been able to put our heads in the sand until today, when British Gas sent an email saying the new annual figure estimate is £2104!!!  That would be a rise of about 113%, that’s unthinkable, and can’t surely be right?

I was braced for a rise of around 55% but 113% is off the scale.  Are others experiencing a similar situation?  I’m pretty much resigned to the fact that we can’t do much about it as there’s nowhere obvious to switch to.

You are forgetting that the 54% rise is from the October capped rate not your current fix so its expected the rise would be more than 54%