Fixed rate tariff ending soon. What do I do?

Happyrose11

Hi everyone,

My fixed rate tariff (have had it for two years) is ending this month. What do I do? I'm not a high earner and every penny is accounted for. will my energy company be able to give me a fixed rate now ? Am I better off just going with the variable rate? I understand the price guarantee rate isn't a confirmation of what I'll pay in total but I currently pay a fixed amount each month direct debit & wondered how this will work? Will I still be able to pay the same amount each month even with a variable rate? The reduction has been applied to my account when I looked online & has reduced my monthly payment substantially automatically which sounds good but my fixed tariff hasn't ended yet and I don't want the sudden bill hike once this reduction comes to an end if that makes sense. I just want to pay the same figure each month so I can budget. Sorry if this sounds ignorant but I am confused and worried by the rising costs.

Thank you in advance. Any advice is helpful. I'm currently trying to get through to my supplier on the phone but am on hold of course.

BUFF

When your fix  ends you will automatically go onto SVR at EPG rates like 70+% of the UK households. There are virtually no mainstream fixes available (but you did not say who your supplier is).
Your supplier probably offers the option of paying a fixed amount monthly or paying the whole amount of what you have used on a monthly basis. There is no reason that your supplier should change your existing method of payment (unless you go into debt when eventually they could end up putting you on prepay after a lengthy procedure).

pochase

There will be no fixed tariff that is cheaper than SVR with EPG.

A two year fixed tariff that ends now means a huge increase in your bills, it should be somewhere between double to three times your current cost.

Miser1964

>Any advice is helpful.<

You'll need to look at the unit prices you were paying under the fixed rate and the EPG unit rates to work out the increase in bills over the next 12 months. However there is the £400 rebate to be applied which will reduce your actual bills.

Once you know how much you'll actually be charged you can look at reducing consumption and/or budgeting by reducing other outgoings. There may be additional benefits you can claim such as winter fuel payments. 

pallyman

You say your on a fixed payment amount,I assume you have been giving Monthly meter readings.

Chrysalis

If you have a smart meter, trackers are an option and rates are currently good for gas (not sure how high electric is going on the higher capped agile), but you at the mercy of daily wholesale costs, however they are penalty free to exit so if the market goes bad again could then just switch to SVR.