I wish I hadn't followed Martin's advice not to fix my energy deal

Tristan74

I'm actually minded to complain to the regulator, while a shocking amount, the bill would have been affordable for me but if I were struggling and saw that level of increase that could have been terrifying/distressing

GadgetGuru

I'm glad I didn't listen to Martin's advice this time round. 
My previous fixed deal ended in April (EON) and even though my monthly bill doubled, I promptly renewed with a new 1 year fixed deal. I could only see prices rise in the near future, so decided to take the gamble. 
Looks like it paid off as I am now fixed until April 2023.

However, I'm already concerned about the state of energy prices come April next year, as I could have a potentially HUGE jump in prices due to the Oct and Jan increases hitting me together!

Phlik

IftiBashir said:

I'm glad I didn't listen to Martin's advice this time round. 
My previous fixed deal ended in April (EON) and even though my monthly bill doubled, I promptly renewed with a new 1 year fixed deal. I could only see prices rise in the near future, so decided to take the gamble. 
Looks like it paid off as I am now fixed until April 2023.

However, I'm already concerned about the state of energy prices come April next year, as I could have a potentially HUGE jump in prices due to the Oct and Jan increases hitting me together!

No one is getting out of this unscathed, all we're doing is delaying the inevitable for a year, two if you're really lucky.

spot1034

IftiBashir said:

I'm glad I didn't listen to Martin's advice this time round. 
My previous fixed deal ended in April (EON) and even though my monthly bill doubled, I promptly renewed with a new 1 year fixed deal. I could only see prices rise in the near future, so decided to take the gamble. 
Looks like it paid off as I am now fixed until April 2023.

However, I'm already concerned about the state of energy prices come April next year, as I could have a potentially HUGE jump in prices due to the Oct and Jan increases hitting me together!

It could be argued with hindsight that you would have been better off staying on the SVT until the middle of summer, then taking a fix which would have been more expensive until October but balanced against your savings from staying a while longer on the SVT, and it would have given you several months more at the other end. Of-course we won't know for sure until we see what prices are actually on offer next spring, and hindsight is a wonderful thing!

Lastonestanding

I switched against advice in March, it lasts until May 2022, Scottish power.
Up until recent weeks I thought it might mean I pay more, only now we are thinking it could have been the best thing to do.

ariarnia

spot1034 said:

IftiBashir said:

I'm glad I didn't listen to Martin's advice this time round. 
My previous fixed deal ended in April (EON) and even though my monthly bill doubled, I promptly renewed with a new 1 year fixed deal. I could only see prices rise in the near future, so decided to take the gamble. 
Looks like it paid off as I am now fixed until April 2023.

However, I'm already concerned about the state of energy prices come April next year, as I could have a potentially HUGE jump in prices due to the Oct and Jan increases hitting me together!

It could be argued with hindsight that you would have been better off staying on the SVT until the middle of summer, then taking a fix which would have been more expensive until October but balanced against your savings from staying a while longer on the SVT, and it would have given you several months more at the other end. Of-course we won't know for sure until we see what prices are actually on offer next spring, and hindsight is a wonderful thing!

we;re in the same boat coming off a good fix onto the ovo 'mistake' tariff well below the current rates until next march (electric 20p per unit and 21p standing and gas 3.7p per unit and 23p standing)

 had to go for it because i dont think there was anything even close since and as low users we've saved mostly on the much lower electric standing charge. i think only a much longer fix would have been better for us. 

MattMattMattUK

Tristan74 said:

I'm actually minded to complain to the regulator, while a shocking amount, the bill would have been affordable for me but if I were struggling and saw that level of increase that could have been terrifying/distressing

On what actual grounds would you seek to complain? Prices rising is not grounds for a complaint. 

pochase

Brilliant idea, this cost will be added to the admin costs for the suppliers, and will increase the next cap.

Thanks for making my bill higher.

Tristan74

MattMattMattUK said:

Tristan74 said:

I'm actually minded to complain to the regulator, while a shocking amount, the bill would have been affordable for me but if I were struggling and saw that level of increase that could have been terrifying/distressing

On what actual grounds would you seek to complain? Prices rising is not grounds for a complaint. 

Hi Matt,

Over the past 12 months my usage has been as follows Electricity: 5486 units and Gas: 1585 units. At the new rate this would come to: 

Electricity  (5486 x £0.5891) + (365 x £0.3188) = £3348.16

Gas   (1585 x £0.1737) + (365 x £0.2722) = £374.66

Total = £3722.83

Therefore the monthly payment suggestion should be in the region of:

Monthly £3722.83 / 12 = £310.23

However, Octopus are recommending that I pay £467 per month, this would require me to increase my usage by around 53% which is highly unlikely.

They seem to want me to pay £157 more than I need to each month. Let's assume they are making the same recommendation to all their customers. They have 3.1m customers. After 12 months they would be holding (and taking interest on) the following account surplus.

£157 x 12months x 3,100,000 = £5,840,400,000

That's nearly £6 trillion.

For many this needless over-payment could cause significant financial distress and may force them to make choices they don't need to make.

It seems fairly immoral to me.

Swipe

Tristan74 said:

MattMattMattUK said:

Tristan74 said:

I'm actually minded to complain to the regulator, while a shocking amount, the bill would have been affordable for me but if I were struggling and saw that level of increase that could have been terrifying/distressing

On what actual grounds would you seek to complain? Prices rising is not grounds for a complaint. 

Hi Matt,

Over the past 12 months my usage has been as follows Electricity: 5486 units and Gas: 1585 units. At the new rate this would come to: 

Electricity  (5486 x £0.5891) + (365 x £0.3188) = £3348.16

Gas   (1585 x £0.1737) + (365 x £0.2722) = £374.66

Total = £3722.83

Therefore the monthly payment suggestion should be in the region of:

Monthly £3722.83 / 12 = £310.23

However, Octopus are recommending that I pay £467 per month, this would require me to increase my usage by around 53% which is highly unlikely.

They seem to want me to pay £157 more than I need to each month. Let's assume they are making the same recommendation to all their customers. They have 3.1m customers. After 12 months they would be holding (and taking interest on) the following account surplus.

£157 x 12months x 3,100,000 = £5,840,400,000

That's nearly £6 trillion.

For many this needless over-payment could cause significant financial distress and may force them to make choices they don't need to make.

It seems fairly immoral to me.

Why are you using so much electric if you have gas? That's double what it should be