IMPORTANT NEWS FOR THOSE ON ENERGY FIXES

What_time_is_it

What about those of us on a fix that is BETWEEN the April and October price caps?
I am paying 11.75p for gas and 40.2p for electricity.
Will I get a reduction?

MWT

What_time_is_it said:

What about those of us on a fix that is BETWEEN the April and October price caps?
I am paying 11.75p for gas and 40.2p for electricity.
Will I get a reduction?

Your fix is above the new cap for October so yes, it should get adjusted down.

Ryan_Holden

I recently signed up to a 12 Month deal with Octopus at 68.6 pence. I have £0 cancellation fee.

I am within the 14 day cancellation period. My SVR was 30 pence before.

They've told me I need to sit tight and wait as I might be better off staying on the fix. Makes no sense.

Also noticed last night my smart meter display dropped my tariff from 68.6 pence to 47.31 pence and has since returned to 68.6 pence this morning.

I can't see any reason why I wouldn't return to the SVR right now if the average predicted is going to be 34 pence. 

What_time_is_it

MWT said:

What_time_is_it said:

What about those of us on a fix that is BETWEEN the April and October price caps?
I am paying 11.75p for gas and 40.2p for electricity.
Will I get a reduction?

Your fix is above the new cap for October so yes, it should get adjusted down.

Ah I see. Thanks.
So it's the NEW cap (EPG) that is important here (about 10p for gas and 34p for electricity), not the Ofgem price cap that was announced a few ago (about 15p for gas and 51p for electricity)

MWT

Ryan_Holden said:

I recently signed up to a 12 Month deal with Octopus at 68.6 pence. I have £0 cancellation fee.

I am within the 14 day cancellation period. My SVR was 30 pence before.

They've told me I need to sit tight and wait as I might be better off staying on the fix. Makes no sense.

Also noticed last night my smart meter display dropped my tariff from 68.6 pence to 47.31 pence and has since returned to 68.6 pence this morning.

I can't see any reason why I wouldn't return to the SVR right now if the average predicted is going to be 34 pence. 

With what we believe we know now, there is no reason not to go back to the SVR.

With what we believed we knew 2 days ago there was the possibility that it would be worth waiting.

We no longer believe that to be the case...

All 'advice' right now comes with a very short expiry date...

Ryan_Holden

MWT said:

All 'advice' right now comes with a very short expiry date...

Absolutely, it's a very frustrating time. But critically I have registered anyway with Octopus that I want to go back within the 14 days, but I am taking their advice. So, touch wood, with that and the news in Martin's email about the "amnesty period" I am hoping I can just revert to the SVR on October 1st without any fuss.

hypochondriac

So I am on a fix with eon next for a year that is above the current svr. I have no exit fees. Should I request to revert to the svr immediately or hang on? Martin says to do nothing but that doesn't look like it will save me any money. 

bristolleedsfan

Ryan_Holden said:

I recently signed up to a 12 Month deal with Octopus at 68.6 pence. I have £0 cancellation fee.

I am within the 14 day cancellation period. My SVR was 30 pence before.

They've told me I need to sit tight and wait as I might be better off staying on the fix. Makes no sense.

Also noticed last night my smart meter display dropped my tariff from 68.6 pence to 47.31 pence and has since returned to 68.6 pence this morning.

I can't see any reason why I wouldn't return to the SVR right now if the average predicted is going to be 34 pence. 

Even two days ago, no good reason for staying on fixed rate of 68.6p when tariff has no exit fees ....

deano2099

TheAble said:

LauraJayne_2 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.

Agreed, I think Martin needs to stop giving people such poor advice. It more sounds like those on fixes should be trying to shift to standard variable rates with immediate effect

Also your fix's contractual end date has value. May be nice to rely on in case the govt changes the goalposts.

Yup. People seem to be jumping to make the same mistake a second time: assuming the government won't change their mind. A fix reduced down to the SVT has the advantage of reverting to the fix price if the government support stops for any reason. Jumping back to the SVT means paying full price if the government support stops. 
If we get a cold winter and blackouts I can absolutely see the level of support being dropped in order to strong-arm people into reducing usage.
Your fix is contractually guaranteed. The government subsidised rate is not. 

The_Green_Hornet

MWT said:

Ryan_Holden said:

I recently signed up to a 12 Month deal with Octopus at 68.6 pence. I have £0 cancellation fee.

I am within the 14 day cancellation period. My SVR was 30 pence before.

They've told me I need to sit tight and wait as I might be better off staying on the fix. Makes no sense.

Also noticed last night my smart meter display dropped my tariff from 68.6 pence to 47.31 pence and has since returned to 68.6 pence this morning.

I can't see any reason why I wouldn't return to the SVR right now if the average predicted is going to be 34 pence. 

With what we believe we know now, there is no reason not to go back to the SVR.

With what we believed we knew 2 days ago there was the possibility that it would be worth waiting.

We no longer believe that to be the case...

All 'advice' right now comes with a very short expiry date...

The advice right now is somebody else's BEST GUESS.

https://www.moneysavingexpert.com/latesttip/ (See point 5.)

I certainly wouldn't make any financial decisions based on someone's best guess and I suggest people wait until they have received official notification as to what has been agreed between the government and the energy suppliers.