IMPORTANT NEWS FOR THOSE ON ENERGY FIXES

bristolleedsfan

https://twitter.com/MartinSLewis/status/1569719307487027201

All fixes that are more expensive than the new price guarantee rate will see an automatic reduction in Oct (but they will at most only reduce to the level of the new guarantee) So for now DO NOTHING...

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

Yet firms DONT have full info from govt yet, so don't waste time calling them now (and 99% of fixers needn't do anything anyway).

[Deleted User]

So there's the floor.

Nothing to confirm the edge cases yet though.

[Deleted User]

Deleted_User said:

So there's the floor.

Nothing to confirm the edge cases yet though.

Yes indeed there is the floor

"but they will at most only reduce to the level of the new guarantee"

Would be good to now see this updated in the 'factsheet' I was banging on about.

Ballymoney

Not sure why Martin’s advice for those on a fix is to do nothing?! That means overpaying between now and Oct 1st. Bizarre advice.

TheAble

Ballymoney said:

Not sure why Martin’s advice for those on a fix is to do nothing?! That means overpaying between now and Oct 1st. Bizarre advice.

Early exit fee?

maisie_cat

That's disappointing, I was hoping that we might at least recover the 22% over SVR we've paid since May for our fix.

ashe

TheAble said:

Ballymoney said:

Not sure why Martin’s advice for those on a fix is to do nothing?! That means overpaying between now and Oct 1st. Bizarre advice.

Early exit fee?

Not all have an early exit fee 

Ultrasonic

It would be good to see what Martin Lewis has tweeted officially confirmed, but once it has been I think the point above about those with no exit fees on a fix above the EPG rates not waiting to switch to the SVT is a good one (if their current contract allows it). The only other thing to bear in mind would be any difference in standing charges between someone's fix and the SVT, particularly for low users.

northernsparky

Ultrasonic said:

It would be good to see what Martin Lewis has tweeted officially confirmed, but once it has been I think the point above about those with no exit fees on a fix above the April price cap not waiting to switch to the SVT is a good one (if their current contract allows it). The only other thing to bear in mind would be any difference in standing charges between someone's fix and the SVT, particularly for low users.

This is what Martin had to add:

I've written far more detailed explanation & help for the tomorrow's MSE weekly email (get it from https://moneysavingexpert.com/site/money-tips-email-faqs/…)

Inigo_Montoya

Not surprised by this at all  - will now be switching back to the SVR this evening as there is no exit fee in my case & I can do it myself online 

I know its not official yet but the likelihood of Martins tweet being incorrect is vanishingly small IMO

Also even in the unlikely event Martins tweet proves incorrect I still have 14 days to change my mind anyway

[Deleted User]

Inigo_Montoya said:

Not surprised by this at all  - will now be switching back to the SVR this evening as there is no exit fee in my case & I can do it myself online 

I know its not official yet but the likelihood of Martins tweet being incorrect is vanishingly small IMO

Have you been reading this board lately?  Martin has been fed some duff information recently that he's had to quickly correct.