What happens to EDF Fix Total Service Jul24v3 when prices Freeze

mathesh_kethes

Hi Folks,

I moved my tariff from "standard variable" to  "EDF Fix Total Service Jul24v3" in July 2022, this is significantly higher than the standard variable price, I moved it as it I was worried that the prices might increase further than the anticipated increase. Now the government is talking about "freezing" the prices, I understand what that would do to "standard variable customers" what happens to people who moved to higher fixed tariffs? I feel like daft right now any help would be appreciated. The exit fee is £300 for both fuels - Electricity and Gas, I am right inside crocodiles mouth.

thanks,

Neil_Jones

mathesh_kethes said:

Hi Folks,

I moved my tariff from "standard variable" to  "EDF Fix Total Service Jul24v3" in July 2022, this is significantly higher than the standard variable price, I moved it as it I was worried that the prices might increase further than the anticipated increase. Now the government is talking about "freezing" the prices, I understand what that would do to "standard variable customers" what happens to people who moved to higher fixed tariffs? I feel like daft right now any help would be appreciated. The exit fee is £300 for both fuels - Electricity and Gas, I am right inside crocodiles mouth.

thanks,

You pays your money and you takes your choice.

Your choice was to fix as there was no guarantee intervention would be made at the time, and the goal posts have now moved.  Of course nothing is confirmed so it may be just a load of hot air.

So to answer your question - probably nothing.  When it boils down to it its the same situation if you pick a fix and the price falls in normal times. You were not forced to take the fied deal - advised to consider it, possibly, but not forced.  So if it turns out to have been the wrong choice you made, then well sucks to be you basically.

The_Fat_Controller

Nobody knows and it is already being discussed here

https://forums.moneysavingexpert.com/discussion/6384905/energy-price-cap-freeze-on-a-fixed-tariff#latest

It is not just EDF customers who have this dilemma.

mathesh_kethes

The_Fat_Controller said:

Nobody knows and it is already being discussed here

https://forums.moneysavingexpert.com/discussion/6384905/energy-price-cap-freeze-on-a-fixed-tariff#latest

It is not just EDF customers who have this dilemma.

thanks for the reply, I will follow that thread. 

xzibit

BG and Eon customers are free to move back to the SVT without penalty and any time. Surely EDF will be the same?

[Deleted User]

IF prices freeze.  Nobody knows what happens yet.

Why is everyone complaining that they might be held to a contract that they freely signed?

What_time_is_it

"You pays your money and you takes your choice."
This is massively harsh.

Energy shouldn't be a gamble.

The new PM has just been elected by 80,000 people on the basis of offering lower taxes and no energy "handouts". The original poster, myself, and many others acted in order to mitigate against the massive uncertainty caused by government inaction. We didn't do it our of choice, but out of necessity. I would not have been able to afford the projected SVT rates so took out a fix as the least worst option that was still affordable. 

Astria

What_time_is_it said:

"You pays your money and you takes your choice."
This is massively harsh.

Energy shouldn't be a gamble.

It shouldn't be but it's been that way since last year, people have been taking fixes that are higher than the capped rate because they are not sure of the future rates.

This year I took a fix that is higher than the SVT but guaranteed until next October. 

We'll never have a guarantee of energy prices for 12 months unless we fix, so it'll always be a gamble.

Staffordian11

I'm on the same fix.

If prices are frozen at the April 22 cap level for 18 months, as suggested, then I shall bale out of the fix at the earliest opportunity.

The lower payments in the first three months up to the end of Dec 22 will cover the extortionate £300 exit fee and I'll save a further £1200 by the time the 18 month freeze is over.

I can't say I'm happy with the goalpost moving and U-turns which this zombie government appears to be undertaking but I guess £300 is the price I must pay for the governments ineptitude and lying. And at least I'll be £1200 better off.

However, if (as likely) the final plan differs, it's back to the number crunching...

[Deleted User]

Staffordian11 said:

I'm on the same fix.

If prices are frozen at the April 22 cap level for 18 months, as suggested, then I shall bale out of the fix at the earliest opportunity.

The lower payments in the first three months up to the end of Dec 22 will cover the extortionate £300 exit fee and I'll save a further £1200 by the time the 18 month freeze is over.

I can't say I'm happy with the goalpost moving and U-turns which this zombie government appears to be undertaking but I guess £300 is the price I must pay for the governments ineptitude and lying. And at least I'll be £1200 better off.

However, if (as likely) the final plan differs, it's back to the number crunching...

£300 pounds is the price you agreed to when you signed the contract - you obviously didn't mind it then.

The_Green_Hornet

xzibit said:

BG and Eon customers are free to move back to the SVT without penalty and any time. Surely EDF will be the same?

No, T&Cs state that you pay the exit fee even if you are moving on to a different tariff unless you are within 49 days of the end of the fix.