Why did Martin say not to fix

Sncjw

Hi all 

Around this time last year alot of energy companies were collapsing and he said not to fix but I fixed with my new company..now the prices are sky high on standard and variable and the people on fix could be winning. 

I know he can't see into the future but why did he say not to fix. 

Aylesbury_Duck

You've answered your own question with your last sentence.  

[Deleted User]

At that time, the advice was that all of the fixes were more expensive than the predicted variable rates.  Fixing then had a change of a year of paying too much.

The advice has been (for many months now) that there are some fixes worth considering, to think about it for yourself and then decide.

Phlik

Because he can't see into the future and the information available at the time meant it would have been a big gamble to fix.
Had he told everyone to fix and then the prices dropped he'd have been called out for that too.
The man gives out advice, not instruction, personal responsibility.

dunstonh

I know he can't see into the future but why did he say not to fix. 

It seems you don't know that he can't see in the future.

ossian

I think Martin isn't the problem here.  The only people who can help with the economic hardship are the ones we put in power.  Ultimately we will have to pay a huge price for energy and the choices are to individually do so or to socialise the problem and for the government to tax and borrow to spread the pain across time and by getting the wealthy to shoulder a bit more of the burden.  You must use your personal judgement as to what you think the right thing is and we have elected the right men and women for the job.

QrizB

Sncjw said:

Hi all 

Around this time last year alot of energy companies were collapsing and he said not to fix but I fixed with my new company.

If you took a 12-month fix a year ago it will be expiring now.

spot1034

Hi all 

Around this time last year alot of energy companies were collapsing and he said not to fix but I fixed with my new company..now the prices are sky high on standard and variable and the people on fix could be winning. 

I know he can't see into the future but why did he say not to fix. 

Anyone who fixed last autumn would (assuming a one year fix, which the majority of fixes are) would now be facing a renewal at today's sky high prices. Those who held off and made the decision earlier this summer have paid SVT rates which only increased sharply in April and if they fixed, say in June or July, are now protected from the rise announced today and even bigger forecast rises in January and April, and will only have to look at renewal next summer. Who knows, it might be the case that prices have started to ease by then. Let's hope so. 

Of-course if you fixed for a longer term than one year you'd have done well, so congratulations if that's what you did.

artyboy

QrizB said:

Sncjw said:

Hi all 

Around this time last year alot of energy companies were collapsing and he said not to fix but I fixed with my new company.

If you took a 12-month fix a year ago it will be expiring now.

Around this time last year, the cheaper fixes were becoming those for 2 years and not 1.  That plus the longer term stability it offered, was why I went for one of them.

Although back to the original point of the post, well yes, obviously Martin should have foreseen the biggest shock to worldwide energy prices, i.e. the Russian invasion of Ukraine. Call himself an 'expert'? Sheesh...  

FreeBear

QrizB said:

Sncjw said:

Hi all 

Around this time last year alot of energy companies were collapsing and he said not to fix but I fixed with my new company.

If you took a 12-month fix a year ago it will be expiring now.

Yup. I bagged a fix that was on par with the capped rates announced last August. Quids in when the rates went up again in April.

Renewed my fixed tariff earlier in the week - Looks like I'll be paying ~8% over the SVR to start with. But if the rates go up again in January, I'll be better off.

savers_united

The SVT was the best option at the time based on information available. Prices were rising on the back of the covid recovery and the SVT was not a bad rate for the 2021/22 winter, the thought process was that prices would level off / ease back by this winter. But Russia changed all that and yes with hindsight fixing for more than a year would now be paying off.