What happens to EDF Fix Total Service Jul24v3 when prices Freeze

Molech

I'm also on this fix but will wait for confirmation of the Gov price cap etc.
Interestingly though I can switch to the EDF Standard Variable Rate via my online account but the prices seem to be well in excess of the current cap:

Current EDF SVR offered on my account:

Elec unit rate: 50.87p SC: 45.76p
Gas unit rate: 14.665p SC: 28.48p

The_Green_Hornet

Molech said:

I'm also on this fix but will wait for confirmation of the Gov price cap etc.
Interestingly though I can switch to the EDF Standard Variable Rate via my online account but the prices seem to be well in excess of the current cap:

Current EDF SVR offered on my account:

Elec unit rate: 50.87p SC: 45.76p
Gas unit rate: 14.665p SC: 28.48p

I believe they are quoting the October rates not the existing April ones.

Molech

The_Green_Hornet said:

Molech said:

I'm also on this fix but will wait for confirmation of the Gov price cap etc.
Interestingly though I can switch to the EDF Standard Variable Rate via my online account but the prices seem to be well in excess of the current cap:

Current EDF SVR offered on my account:

Elec unit rate: 50.87p SC: 45.76p
Gas unit rate: 14.665p SC: 28.48p

I believe they are quoting the October rates not the existing April ones.

I think you are right.

funny.money

I find some on these forums can be really rude,  I've had personal experience of it and I shall be putting my tin hat on as I'm sure more will follow. 

The thing that is increasingly annoying are the - 'nobody forced you,  it was your choice, you're an adult, you should've known what you were doing etc, etc' - endless, pointless,  comments. 

(Overall I feel these barbs are directed at those of us who did fix and not so much from us to the ones who didn't.)

Yes,  they're all true,  but we don't need to keep being told over and over again.  We're all in the same boat as far as the energy prices are concerned and all of us,  whether we fixed or stayed on the variable, did what we thought was for the best for ourselves. 

It's just my view but I don't think any of us should be penalised for making whatever decision we made, as all of us are just trying desperately to do the right thing.  And,  as others have said, none of us should ever have been put into this situation in the first place. 

I may end up losing money because of my fix,  but I've got three adult children, with families,  who will benefit if the cap is frozen, I'm sure I'm not the only one in this situation. 

Staffordian11

[Deleted User] said:

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.

Correct.I didn't. I weighed the options and went for it

I will mind it if the Government go back on it's word and the entire basis for my decision making is changed but I won't be surprised by it, just resigned to having to pay the price for Government incompetence.

[Deleted User]

Staffordian11 said:

[Deleted User] said:

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.

Correct.I didn't. I weighed the options and went for it

I will mind it if the Government go back on it's word and the entire basis for my decision making is changed but I won't be surprised by it, just resigned to having to pay the price for Government incompetence.

But one of the options that could have been included in your weighting was "government policy or regulation might change" - it already had when the cap was introduced, and then again when it was moved from a 6 month review to a 3 month review.  You made an assumption/decision (which many others including me probably also made) to not include that option.

Staffordian11

Molech said:

The_Green_Hornet said:

Molech said:

I'm also on this fix but will wait for confirmation of the Gov price cap etc.
Interestingly though I can switch to the EDF Standard Variable Rate via my online account but the prices seem to be well in excess of the current cap:

Current EDF SVR offered on my account:

Elec unit rate: 50.87p SC: 45.76p
Gas unit rate: 14.665p SC: 28.48p

I believe they are quoting the October rates not the existing April ones.

I think you are right.

Definitely right, they specifically mention this on one of the tariff pages.

Astria

Staffordian11 said:

[Deleted User] said:

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.

Correct.I didn't. I weighed the options and went for it

I will mind it if the Government go back on it's word and the entire basis for my decision making is changed but I won't be surprised by it, just resigned to having to pay the price for Government incompetence.

I refused to join a tariff with an exit fee, and also insisted that any other tariff didn't start until October because I thought that although the October price rise would go ahead, there might be riots or government intervention by January when prices are going to rise again and I would need to leave the fixed deal then. We still don't know what will happen but it does seem that we will at least skip the January rise (but may end up with one 4 months later when the weather is warmer and we won't use as much energy)

Staffordian11

[Deleted User] said:

Staffordian11 said:

[Deleted User] said:

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.

Correct.I didn't. I weighed the options and went for it

I will mind it if the Government go back on it's word and the entire basis for my decision making is changed but I won't be surprised by it, just resigned to having to pay the price for Government incompetence.

But one of the options that could have been included in your weighting was "government policy or regulation might change" - it already had when the cap was introduced, and then again when it was moved from a 6 month review to a 3 month review.  You made an assumption/decision (which many others including me probably also made) to not include that option.

Agreed. I've made my position clear, I'll take whatever action will be financially most advantageous when any announcements are made. But with any financial decision, there are some assumptions which no-one can reasonably be expected to make.

sienew

[Deleted User] said:

Staffordian11 said:

[Deleted User] said:

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.

Correct.I didn't. I weighed the options and went for it

I will mind it if the Government go back on it's word and the entire basis for my decision making is changed but I won't be surprised by it, just resigned to having to pay the price for Government incompetence.

But one of the options that could have been included in your weighting was "government policy or regulation might change" - it already had when the cap was introduced, and then again when it was moved from a 6 month review to a 3 month review.  You made an assumption/decision (which many others including me probably also made) to not include that option.

At the time of many people fixing both the candidates specifically rejected an almost identical proposal put forward by the energy companies so it's hard to say people should have expected it.