fixed rate dilemma

beowulf_shaeffer

forgive me but a lot of this is all new to me......my late wife sorted the family finances but now im having to do it, and im in a bit of a quandry as what to do

just had email off the gas/leccy supplier telling me they have put me on standard varible plan as the existing fixed rate one has ended......usual stuff that we are all hearing

ive just been doing some number crunching to try and work out what to do.........stay on the variable.......new fixed rate for one year......or two?

the difference between estimated variable for a year and the fixed one year is about 300 quid...........but we know prices are going to go up again so that figure will narrow anyway...............and im going to be doing my best to use less of energy to get it down as well.......the fixed rate 2 year adds about 70 quid a year

OVO is a bit vague on their website..............i assume if i pay more up front fixed but dont actually use it then i get it back as a rebate? (said this is all new to me lol)

but i just dont know weather to go for a one or two year...........do i go for one year, knowing prices are going to go silly again later in the year, meaning the next fixed plan they offer will be based on new prices..............or bite the bullet, pay more now but save more down the line?....maybe?...possibly?

all advice greatfully recieved

beowulf_shaeffer

that should read the fixed 2 years adds an ADDITIONAL 70 quid to what the one year said

QrizB

I'm sorry for your loss.

For most customers, the best option at present is to move to (or stay on) the standard variable tariff at least until August, when the new capped tariffs for October will be announced.

There are a few exceptions; if your supplier has a mad five minutes and decides to offer a fix that's cheaper than the current cap (I'm thinking of a recent BG incident here) or if you're on a legacy fix that your supplier allows to roll over (Octopus ...) then take it, but most people won't get these lucky accidents.