EDF - monthly bill half of what they suggested.

[Deleted User]

LADYXXMACBETH said:

We've seen from the bust companies that there could be an issue with losing money and if they have excess then they are unlikely to fold and then be baled out by the tax payer. 

With the exception of Bulb which is under Special Administration, no taxpayer money is being used to cover such things as consumer credit protection. Failed energy suppliers follow the normal insolvency route once their Licence is withdrawn. SoLR costs including consumer credit protection are paid for by all energy consumers not taxpayers.

If Ofgem wants all consumer credits to have escrow protection (that is, the money held on account is not used to cover the cost of running the business) then supplier borrowing will increase and so will the cost of energy. The other alternative is the consumers could be forced to pay in advance of supply given that this would match the business relationship that suppliers have with their wholesalers. Given the current rate of inflation and the present state of the energy market, some of smaller suppliers will in my view struggle to get affordable borrowing.

[Deleted User]

Hi,

you said in earlier post, you're not stupid, so what you want to do is, ditch the fix DD, go variable, set up a wee spreadsheet, take regular readings, at least once a month, calculate usage and cost, using your tariff rates, then pay that into your account.

Abella12

Hi , sorry you have lost me , I'm not on a fixed DD, on a variable.....yes that's what I will do and as I said earlier put money in an account as a back up should things get really bad in October. 

Abella12

Seems Martin Lewis is saying in his latest video to stay on the variable as fixed deals are still too high.

Mstty

That's pretty much been the message for the past 5-6 weeks. There was one deal that was an exception to that as although more than the cap had a chance of breaking even or better come April but still a gamble.

The odd strange deal has popped up for some like British Gas but only seemed to go accidentally to a few people.

Sounds like you have everything sorted good luck in your new house👍

Abella12

Thank you Mstty said:

That's pretty much been the message for the past 5-6 weeks. There was one deal that was an exception to that as although more than the cap had a chance of breaking even or better come April but still a gamble.

The odd strange deal has popped up for some like British Gas but only seemed to go accidentally to a few people.

Sounds like you have everything sorted good luck in your new house👍

All abit confusing but been good to get people's opinions and experiences, yes I heard about the BG deals but my brain needs a rest ,  thank you Mstty, that's nice of you to say , all unpacked at last ! 👍