New Electricity Tarrifs

geoffrimmer

I have a one year fixed rate tariff that runs out on 31 May. I have a current credit of £86 on my direct debit. but my supplier wants to increase my direct debit by 124%. I have read Martin Lewis's article in the Daily Mail and as he says there is no reason to double someones direct debit when they are in credit and the price cap is going up by 54 percent. But I am not sure if this just relates to variable tariffs and if in fact fixed rate deals are treated differently. Any advice would be appreciated.

pochase

the "54%" is from SVT to SVT, your fixed tariff will be much cheaper than the old SVT before April, so you increase will be much higher.

Depending how good your old fixed rate were an increase of 124% might be even on the low side, for me it was a 90% increase for electricity and more than 220% for gas.

What are you paying now for gas and electricity, and what have you used the last 12 months.

BUFF

& is this new DD for a new fix that you are being offered or for dropping onto SVT going forward?

The_Fat_Controller

The 54% is a red herring and only applies to Mr/Mrs Average Dual Fuel User who is already on the capped tariff.

When I come off my fix in July my bills (dual fuel) will go up by 126% when I move onto the SV (capped) tariff.

The current fix offered in my online account would be more than triple what I am paying right now.

If you fixed a good while ago the pain is going to be very real and that 124% may still not be enough if you want another fixed tariff.

molerat

Going from a pre Oct 21 fix to the post April 22 SVR could well lead to that sort of increase.  My fixes with expired suppliers should have ended around now and I was paying £82 pm, my current rate is £210 pm so a 156% increase.