Fixed tariffs

KIMCHIWS

I don't understand why it doesn't match my original post but thank you for your advice.

[Deleted User]

KIMCHIWS said:

I don't understand why it doesn't match my original post but thank you for your advice.

You said you were on a fix cheaper than the cap.  These rates are not cheaper than any of the caps ever announced.  I think you got confused comparing your actual annual cost and the 'typical household' annual cost in the news.

KIMCHIWS

Ah probably, I did find it hard to make comparisons.  I have cancelled now so thanks again for the advice. 

Ultrasonic

Deleted_User said:

Right, that's the numbers we needed.  It doesn't match your original post very well though!

That looks to me like it is more expensive than our best guess at the new cap, and it would be worth you cancelling the contract and going back to the standard variable.

Respectfully I'd suggest that is bad advice until we know for certain what is happing in terms of how fixed tariffs are managed. Cancelling might end up being more expensive.

Ultrasonic

KIMCHIWS said:

Ah probably, I did find it hard to make comparisons.  I have cancelled now so thanks again for the advice. 

Missed this before replying above. You may find your supplier stops the cancellation happening for your benefit, but any chance you can cancel your cancellation?

Here's an example of a supplier stopping a customer doing exactly what you have:

Recently Fixed with Octopus - Feedback I hope is Helpful — MoneySavingExpert Forum

And here's a long thread about why it may be a bad idea to cancel a fix before we have all the details:

DONT CANCEL YOUR FIX....JUST YET !!!! — MoneySavingExpert Forum

Ultrasonic

As a simpler read than the long thread I linked to, see point 15 from Martin Lewis here:

Martin Lewis' round-up of the new £2,500 energy price cap – here's what's happening (moneysavingexpert.com)

[Deleted User]

If the fix being talked about was between the April and October levels, I would have been much more reluctant to give that advice.  As it is, the numbers given by the OP were well above even October cap levels.

You're right that we don't know details yet, but for a fix with the numbers given here I stand by my opinion.

Ultrasonic

Deleted_User said:

If the fix being talked about was between the April and October levels, I would have been much more reluctant to give that advice.  As it is, the numbers given by the OP were well above even October cap levels.

You're right that we don't know details yet, but for a fix with the numbers given here I stand by my opinion.

In you original post you referred to the new October cap but checking back to the numbers you make a fair point that them being higher than the originally announced October cap thankfully does reduce the chances of the OP losing out. 

One other thing always worth highlighting to someone asking for advice is the potential cost of exit fees. I hope I'm wrong but I fear the OP may have just incurred some. Waiting may have prevented them doing so.

KIMCHIWS

Thank you all for your comments.  I did read Martin's latest comments and ran the figures through the checker that was available. The checker also told me to cancel because the figures were more expensive. It is done now, the energy company have to confirm it to me as the 'tariff department' is closed to customers because of the current turmoil so I will see what they come back with. 

[Deleted User]

Ultrasonic said:

Deleted_User said:

If the fix being talked about was between the April and October levels, I would have been much more reluctant to give that advice.  As it is, the numbers given by the OP were well above even October cap levels.

You're right that we don't know details yet, but for a fix with the numbers given here I stand by my opinion.

In you original post you referred to the new October cap but checking back to the numbers you make a fair point that them being higher than the originally announced October cap thankfully does reduce the chances of the OP losing out. 

One other thing always worth highlighting to someone asking for advice is the potential cost of exit fees. I hope I'm wrong but I fear the OP may have just incurred some. Waiting may have prevented doing so.

OP was clear that they were inside the 14 day cooling-off window and yes, I can see that my naming is a bit off - I've been referring to the April cap (or old cap) then the October cap (or new cap) and finally the EPG (or Liz's cap or other bits).

So many caps and changes and names and whatnot.

For others reading this thread - the best general advice at the moment is to wait.  Things will be clearer soon and then we can give you more useful and accurate help.