Does OFGEM need to go ?

[Deleted User]

ML isn't some sort of dictator, who mind-controls you into taking a fix or not.

He made some predictions.  Other people made some other predictions.  You choose what you believe and act accordingly.

I dallied, and missed out on the fix I wanted, but that wasn't because ML told me to.

pochase

ML can only give advice based on data that is available. He makes this data available to people in an easy to understand way.

Everybody who wants has access to most of the same data and can make up his own mind.

Fixed tariff offers have been withdrawn after each and every new increased prediction over the last few months. Cornwall Insights have given their final prediction this Monday and are just £4 off the official Ofgem cap announced today.

This is publicly available information, and has been posted here in the forum almost daily. It was also posted daily that you should take a fixed tariff that you consider now, as it is very likely to be withdrawn if it is even remotely good, and that you can use the cool off period to decide if you want to keep it for the next 2 weeks.

So it was up to you to beat the energy suppliers at their game by taking the offer, you did have a way out for 2 weeks, they don't.

The_Green_Hornet

DavidD1955 said:

He told us to remain with supplier and not fix, so where is the bad advice

It is right there as you have written it.

If you had ignored his advice and fixed you would be paying a lot less for your gas and electricity than you would be if you stayed on the SVT.

Yes, as some of his ardent followers would say, hindsight is a wonderful thing but you didn't have to be a self appointed financial expert to see the direction of travel in energy prices.

GrumpyDil

But for once let's all take responsibility for our decisions.

ML was providing his thoughts based on the information available at the time.  That information was also available to consumers to make their own decisions.  Fix or stay on SVT.

I get very tired of all the cases where people want to blame someone else for their decisions. 

The_Green_Hornet

[Deleted User] said:

ML isn't some sort of dictator, who mind-controls you into taking a fix or not.

He made some predictions.  Other people made some other predictions.  You choose what you believe and act accordingly.

I dallied, and missed out on the fix I wanted, but that wasn't because ML told me to.

No he isn't a dictator but he is wheeled out by a compliant media every chance they get as being some sort of expert and unfortunately too many people do take his advice..

[Deleted User]

He didn't tell us to do anything.  He suggested what his interpretation of the data was, and gave some broad advice to help you make a decision.

Something like "for most of you, SVT is likely to be the cheapest right now, but this might change when the cap is updated" doesn't really sound like saying "you must not fix".

pochase

The only thing I am blaming the information here regarding fixing is that they don't make users aware that there is a cool off period that allows them to take a fix now and consider later.

I think many missed out here like the OP.

BTW I have no idea what the discussion has to do with the thread title "Does Ofgem need to go"?

PennineAcute

I agree.  Last December, I fixed for 18 months - and it would have worked out in profit for me, if I did not have to move.  My crystal ball was sadly not good enough to see an impending May move.

Moved into my new property and fixed on 1 July.  From May to end of September, I am out of pocket by £50.  From September onwards, I am much better off. 

However, I had the data (my spreadsheet) to work out what to do.  How much a fixed rate was going to cost me, before October.  The problem I have now, is how to prepare for the killer rates come August 23?  I really feel for people who have not fixed.  I am having to redo my bugetting for a much lower UP.  I could not cope with the new Oct UPs.

Aylesbury_Duck

The_Green_Hornet said:

[Deleted User] said:

ML isn't some sort of dictator, who mind-controls you into taking a fix or not.

He made some predictions.  Other people made some other predictions.  You choose what you believe and act accordingly.

I dallied, and missed out on the fix I wanted, but that wasn't because ML told me to.

No he isn't a dictator but he is wheeled out by a compliant media every chance they get as being some sort of expert and unfortunately too many people do take his advice..

And there's the pivotal word. Advice.  Not instruction.  Advice.  

QrizB

The_Green_Hornet said:

It is right there as you have written it.

If you had ignored his advice and fixed you would be paying a lot less for your gas and electricity than you would be if you stayed on the SVT.

That's clearly not true.

For much of the year the MSE article has included an option of a fixed tariff that you could switch to that was potentially cheaper than the forecast cap. ML has been telling people to look at that switch and to make their own decisions.