IMPORTANT NEWS FOR THOSE ON ENERGY FIXES

[Deleted User]

hypochondriac said:

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. 

Above the current SVR or above the new EPG rates?

TheAble

deano2099 said:

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. 

You put it better than I did 🙂

It's not protection I'd be giving up to save a few quid.

Ryan_Holden

deano2099 said:

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. 

I had not considered it from this point of view, gosh, even more confused. I will wait as Octopus have said they will refund the difference if i've overpaid.

Sea_Shell

I wonder, will each of the four* elements that can make up a fixed deal be subject to a reduction if, taken in isolation, they are above the new EPG breakdown of each element, for your region ?




*Assuming single tariff electric.

Hutch100uk

I literally just switched to a new fix with BG after using the calculator on here. Within a week the new announcement was made so I immediately contacted BG asking to cancel (was still in my 14 day cooling off). They told me there would be no exit fee after the 14 days if my fix works out more. I'm sitting tight until I hear from them.

Ryan_Holden

Hutch100uk said:

I literally just switched to a new fix with BG after using the calculator on here. Within a week the new announcement was made so I immediately contacted BG asking to cancel (was still in my 14 day cooling off). They told me there would be no exit fee after the 14 days if my fix works out more. I'm sitting tight until I hear from them.

You're not alone here Hutch, doing the same with Octopus. Just have to suck up the bill for this month.

hypochondriac

[Deleted User] said:

hypochondriac said:

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. 

Above the current SVR or above the new EPG rates?

Here you go 

lisyloo

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...

We know that things can change, so for the 99% why not retain the certainty I.e. stay fixed?

MWT

lisyloo said:

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...

We know that things can change, so for the 99% why not retain the certainty I.e. stay fixed?

My answer was in the context of a fix far enough above the cap to still not be reduced down to the cap, for those it looks like leaving the fix may be the best choice.

If the fix is cose enough to the cap that the reduction will being it down to the cap, then yes, staying with the fix seems like a good idea, just in case...

lisyloo

MWT said:

lisyloo said:

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...

We know that things can change, so for the 99% why not retain the certainty I.e. stay fixed?

My answer was in the context of a fix far enough above the cap to still not be reduced down to the cap, for those it looks like leaving the fix may be the best choice.

If the fix is cose enough to the cap that the reduction will being it down to the cap, then yes, staying with the fix seems like a good idea, just in case...

Yes that’s the 1%, 99% split.