Fix Now before Cap Date then revert back?

DE_612183

So I've read a few messages about people thinking about fixing now before the cap is announced, and then if it's not so bad they can back out of their fixed rate and revert.

The cap date is 26/8 ( for October I believe ) - if I want to use a cooling off period is that just 14 days - so anytime after the 12/8 I can fix with knowledge that I can back out during that cooling offperiod?

Thanks

pochase

In principle correct.

Only problem is that I doubt that many of the current fixed tariffs will survive until than. I believe most will be withdrawn today or tomorrow, same as what happened with the last increase of the prediction.

Somebody reported that Octopus has already increased their fixed tariff.

macman

You can cancel after the cooling off period expires, in which case the switch proceeds and you switch again. But the early termination fees are now much higher, rarely below £100 per fuel, so the penalties are steep.
Gone are the days when the ETC might be £30 per fuel.

Northern_Wanderer

I just called Eon Next and asked if I could take the Next Online V18 but delay the start date until 1st October. He couldn't do that but agreed to delay the start date until 1st September which I though was very reasonable. The downside was I had to agree to monthly budget account amount coming off my account on day 1, but can change back to varible monthly DD after that. Therefore, I will know the price cap announcement before my new tariff starts and still have the 14 day cooling off period afterwards with no exit fees.

Worth a call if we can save a bit by staying on SVT for a little longer.

pochase

Good on. 

Mobtr

Northern_Wanderer said:

I just called Eon Next and asked if I could take the Next Online V18 but delay the start date until 1st October. He couldn't do that but agreed to delay the start date until 1st September which I though was very reasonable. The downside was I had to agree to monthly budget account amount coming off my account on day 1, but can change back to varible monthly DD after that. Therefore, I will know the price cap announcement before my new tariff starts and still have the 14 day cooling off period afterwards with no exit fees.

Worth a call if we can save a bit by staying on SVT for a little longer.

Are you sure about the 14 day cooling off. I thought it started from the day you agreed the contract not the day the tariff comes into force

Northern_Wanderer

Mobtr said:

Northern_Wanderer said:

I just called Eon Next and asked if I could take the Next Online V18 but delay the start date until 1st October. He couldn't do that but agreed to delay the start date until 1st September which I though was very reasonable. The downside was I had to agree to monthly budget account amount coming off my account on day 1, but can change back to varible monthly DD after that. Therefore, I will know the price cap announcement before my new tariff starts and still have the 14 day cooling off period afterwards with no exit fees.

Worth a call if we can save a bit by staying on SVT for a little longer.

Are you sure about the 14 day cooling off. I thought it started from the day you agreed the contract not the day the tariff comes into force

I was definitely told I would have 14 day cooling off period from the start of the tarrif as well as being able to cancel anytime before it starts. There are no exit fees anyway with Eon Next so I am free to switch back to SVT if I wish. I don't really care about the cooling off period, just that I got the fix and starting from 1st Sep made me (a bit) happier about electric.

Mobtr

Northern_Wanderer said:

Mobtr said:

Northern_Wanderer said:

I just called Eon Next and asked if I could take the Next Online V18 but delay the start date until 1st October. He couldn't do that but agreed to delay the start date until 1st September which I though was very reasonable. The downside was I had to agree to monthly budget account amount coming off my account on day 1, but can change back to varible monthly DD after that. Therefore, I will know the price cap announcement before my new tariff starts and still have the 14 day cooling off period afterwards with no exit fees.

Worth a call if we can save a bit by staying on SVT for a little longer.

Are you sure about the 14 day cooling off. I thought it started from the day you agreed the contract not the day the tariff comes into force

I was definitely told I would have 14 day cooling off period from the start of the tarrif as well as being able to cancel anytime before it starts. There are no exit fees anyway with Eon Next so I am free to switch back to SVT if I wish. I don't really care about the cooling off period, just that I got the fix and starting from 1st Sep made me (a bit) happier about electric.

If there’s no exit fee than it doesn’t matter about the cooling off, bit of a win win there 😀

MWT

pochase said:

In principle correct.

Only problem is that I doubt that many of the current fixed tariffs will survive until than. I believe most will be withdrawn today or tomorrow, same as what happened with the last increase of the prediction.

Somebody reported that Octopus has already increased their fixed tariff.

Yes, they certainly did...

This is Eastern region, there is a 'Loyal' version for customers who have been with them a while and that is a little cheaper, but this is what would be available to someone switching...

Alnat1

Octopus rarely have good fixes, they concentrate more on customers who are happy with TOU (time of use) tariffs like Agile and Tracker (which are looking fairly decent again after today's predictions)