EDF - getting out a fixed contract without penalties

Staffordian11

CSI_Yorkshire said:

brewerdave said:

To those who say taking a fix was our risk - we didn't know that HMG were going to throw their cheque book at the problem -after all it was a Tory government (or was it ??)

No you didn't and that's supposed to be the point of a fix.  To avoid anything, good or bad, from affecting your contract.  In the end, you got something good despite that.

But it is annoying when the leadership contenders both ruled out any support, only for Truss to wave a large cheque at us when elected. Then for the rug to be pulled after she resigned.

Guess I was daft to actually take what government and potential leaders said as the truth...


Edit to add...

I'm not complaining, I signed up knowing the score. Just a bit peeved that I took account of known unknowns and unknown unknowns but forgot to account for untruthful knowns

CSI_Yorkshire

Staffordian11 said:

CSI_Yorkshire said:

brewerdave said:

To those who say taking a fix was our risk - we didn't know that HMG were going to throw their cheque book at the problem -after all it was a Tory government (or was it ??)

No you didn't and that's supposed to be the point of a fix.  To avoid anything, good or bad, from affecting your contract.  In the end, you got something good despite that.

But it is annoying when the leadership contenders both ruled out any support, only for Truss to wave a large cheque at us when elected. Then for the rug to be pulled after she resigned.

Guess I was daft to actually take what government and potential leaders said as the truth...


Edit to add...

I'm not complaining, I signed up knowing the score. Just a bit peeved that I took account of known unknowns and unknown unknowns but forgot to account for untruthful knowns

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

jrawle

CSI_Yorkshire said:

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

Then you are in a very, very small minority. Most people on MSE are here to save money. In fact, your contract wasn't "unilaterally modified", and if you are with EDF, they are clear about that. The website gives your current fixed prices, and itemises the government discount separately. If, like me, your fixed price was lower than the price cap, you have saved the taxpayer money because it cost less to discount your tariff to the EPG level.

I think it's also generally accepted that contracts can be modified if it results in better terms for the other party. For example, when the mortgage rates dropped to unprecedented low levels in 2008, Nationwide waived the floor on their tracker mortgage products. What would you do? Take EDF or Nationwide to court and sue them for not charging you more?

If you are still concerned about it, I suggest you send a cheque for the difference to HM Treasury, or perhaps donate the difference to charity.

CSI_Yorkshire

jrawle said:

CSI_Yorkshire said:

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

In fact, your contract wasn't "unilaterally modified", and if you are with EDF, they are clear about that. 

Yes it was.  Or are you suggesting that just because they show a government discount onto the tariff as a separate line then it's not modified the contract?  That could, I suppose, be a viewpoint.

Would you have the same view that if your fixed tariff suddenly had a new government charge added, because it was presented as a different line on the bill then it wasn't a modification?

jrawle said:

CSI_Yorkshire said:

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

I think it's also generally accepted that contracts can be modified if it results in better terms for the other party. 

I completely disagree.  "Better terms for the other party" in whose view?  The one making the change?  So you think that if a company decides that a change to a contract is in their opinion better for you, then they are allowed to just change your contract?  You have an interesting view on the benevolence of corporations.

As much as we would like it, it's a bad principle to argue that contracts should be flexible when we think it's to our benefit, when we also argue (quite correctly) to hold companies to the terms of the contract rigidly when we prefer that option.

Staffordian11

CSI_Yorkshire said:

jrawle said:

CSI_Yorkshire said:

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

In fact, your contract wasn't "unilaterally modified", and if you are with EDF, they are clear about that. 

Yes it was.  Or are you suggesting that just because they show a government discount onto the tariff as a separate line then it's not modified the contract?  That could, I suppose, be a viewpoint.

Would you have the same view that if your fixed tariff suddenly had a new government charge added, because it was presented as a different line on the bill then it wasn't a modification?

It can and does happen.

VAT changes, for example, and that applies whether or not you're on a fix.

bristolleedsfan

Staffordian11 said:

CSI_Yorkshire said:

brewerdave said:

To those who say taking a fix was our risk - we didn't know that HMG were going to throw their cheque book at the problem -after all it was a Tory government (or was it ??)

No you didn't and that's supposed to be the point of a fix.  To avoid anything, good or bad, from affecting your contract.  In the end, you got something good despite that.

But it is annoying when the leadership contenders both ruled out any support, only for Truss to wave a large cheque at us when elected. Then for the rug to be pulled after she resigned.

Guess I was daft to actually take what government and potential leaders said as the truth...


Edit to add...

I'm not complaining, I signed up knowing the score. Just a bit peeved that I took account of known unknowns and unknown unknowns but forgot to account for untruthful knowns

EDF as well as the other large suppliers offered a window of opportunity for customers to change to SVR without exit fees up until a certain date clearly stated on its website as well as mentioned within MSE news.

https://forums.moneysavingexpert.com/discussion/6419974/edf-fix-early-exit-fees-and-the-epg

CSI_Yorkshire

Staffordian11 said:

CSI_Yorkshire said:

jrawle said:

CSI_Yorkshire said:

I was annoyed by the EPG being applied to my fixed contract.

I don't like the precedent it set - that a signed and agreed contract can be unilaterally modified.

This time the modification was for my benefit, but who's to say it will be next time? 

In fact, your contract wasn't "unilaterally modified", and if you are with EDF, they are clear about that. 

Yes it was.  Or are you suggesting that just because they show a government discount onto the tariff as a separate line then it's not modified the contract?  That could, I suppose, be a viewpoint.

Would you have the same view that if your fixed tariff suddenly had a new government charge added, because it was presented as a different line on the bill then it wasn't a modification?

It can and does happen.

VAT changes, for example, and that applies whether or not you're on a fix.

I don't think they should either - I see that as part of the risk that the company is taking - but I doubt I'd have any luck arguing against them.

edit:  Either that, or it should be clear in the contract that what is 'fixed' is the price before tax, government discount, free cash giveaways, etc.  At least then it's clear.

Staffordian11

bristolleedsfan said:

Staffordian11 said:

CSI_Yorkshire said:

brewerdave said:

To those who say taking a fix was our risk - we didn't know that HMG were going to throw their cheque book at the problem -after all it was a Tory government (or was it ??)

No you didn't and that's supposed to be the point of a fix.  To avoid anything, good or bad, from affecting your contract.  In the end, you got something good despite that.

But it is annoying when the leadership contenders both ruled out any support, only for Truss to wave a large cheque at us when elected. Then for the rug to be pulled after she resigned.

Guess I was daft to actually take what government and potential leaders said as the truth...


Edit to add...

I'm not complaining, I signed up knowing the score. Just a bit peeved that I took account of known unknowns and unknown unknowns but forgot to account for untruthful knowns

EDF as well as the other large suppliers offered a window of opportunity for customers to change to SVR without exit fees up until a certain date clearly stated on its website as well as mentioned within MSE news.

https://forums.moneysavingexpert.com/discussion/6419974/edf-fix-early-exit-fees-and-the-epg

Yes, I did consider that at the time and can't honestly remember why I didn't swap.

I think things were still very volatile and the possibility that rates might soar further was still present, but I'm losing no sleep over what might have been, and as mentioned above I fully intend to jump ship in early July. I'm just waiting in case there is a change of heart, or pressure exerted on companies to allow a fee free swap again.

SteveCooper

This info from EDF , if I stay with EDF and move off my fixed contract onto their standard variable rate , no exit fees are payable

Staffordian11

SteveCooper said:

This info from EDF , if I stay with EDF and move off my fixed contract onto their standard variable rate , no exit fees are payable

The exact opposite to what I was told via WhatsApp chat last week!

If you manage to do this and incur no fee, I'd be very grateful if you could report back here and let us know.

My plan was to swap to Octopus but am prepared to stay with EDF if it saves me the £300 exit fee.

Edited to add: I don't suppose they said anything about having to stay with them on their SVT for a particular period?

Otherwise, tempting to swap to it to avoid the fees then a few days later swap to Octopus...