E.ON Next - Next Loyalty Fixed v4

Nebulous2

I didn't do anything with this. Smooth renew has now gone and I'm being offered smooth renew v2. The SVT is cheaper than the fix. 

There are a couple of other offers, including a 24 month fix, but it has a £150 exit fee per fuel for a product or provider change. 

RG2015

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

spot1034

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

Can we take it that they did not impose exit fees for this internal transfer? I know that was the interpretation of the rules at the time, but the real test was only ever going to be once someone actually went ahead and did it. 

Sea_Shell

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

I saw on my latest bill that I've also been told that PTv2 will be cheaper for me, but i'm a bit nervous about the "tracker" part, rather than the certainty of the v4.    It might save me about £8 a month, based on your 7% stated above.

I haven't done a deep dive on the rates yet.    It's probably only a little bit cheaper because they have used higher estimated usage (compare to my actual over the last 12 months), so the saving will likely be even smaller than the bill says. 

As asked above, I trust they didn't impose any exit fees (otherwise it wouldn't be worth it)?

hmmm

RG2015

spot1034 said:

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

Can we take it that they did not impose exit fees for this internal transfer? I know that was the interpretation of the rules at the time, but the real test was only ever going to be once someone actually went ahead and did it. 

I had to phone up as there was no option to do this online. The agent initially said that there would be an exit fee, but when I challenged this he said that I was correct and the exit fee only applied when changing suppliers. 

RG2015

Sea_Shell said:

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

I saw on my latest bill that I've also been told that PTv2 will be cheaper for me, but i'm a bit nervous about the "tracker" part, rather than the certainty of the v4.    It might save me about £8 a month, based on your 7% stated above.

I haven't done a deep dive on the rates yet.    It's probably only a little bit cheaper because they have used higher estimated usage (compare to my actual over the last 12 months), so the saving will likely be even smaller than the bill says. 

As asked above, I trust they didn't impose any exit fees (otherwise it wouldn't be worth it)?

hmmm

The 7% may not be the same for you as I am on electricity only. Also the tracker standing charge is 13.6% higher than the fixed v4.

However, as my standing charge is only 21% of my total, the lower unit rate gives me the overall 7% reduction this quarter.

As above I was not charged an exit fee.

It is interesting that your latest bill told you about NPTv2.

My latest bill dated 25/09/23 said  "Good news, you're already on our cheapest tariff. We'll let you know if this changes."

Sea_Shell

RG2015 said:

Sea_Shell said:

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

I saw on my latest bill that I've also been told that PTv2 will be cheaper for me, but i'm a bit nervous about the "tracker" part, rather than the certainty of the v4.    It might save me about £8 a month, based on your 7% stated above.

I haven't done a deep dive on the rates yet.    It's probably only a little bit cheaper because they have used higher estimated usage (compare to my actual over the last 12 months), so the saving will likely be even smaller than the bill says. 

As asked above, I trust they didn't impose any exit fees (otherwise it wouldn't be worth it)?

hmmm

The 7% may not be the same for you as I am on electricity only. Also the tracker standing charge is 13.6% higher than the fixed v4.

However, as my standing charge is only 21% of my total, the lower unit rate gives me the overall 7% reduction this quarter.

As above I was not charged an exit fee.

It is interesting that your latest bill told you about NPTv2.

My latest bill dated 25/09/23 said  "Good news, you're already on our cheapest tariff. We'll let you know if this changes."

It was literally the 1st October bill that offered it.  It wasn't on the one issued on 11th September.*  I've just looked at it again.  We are on v4 until 1st July 24.

They say it could save me £27 pa on Electric (on 1462 kwh), from current predicted cost of £588
and save £39 pa on Gas (on 8611 kwh), from a current predicted cost of £709

So a grand potential saving of £5.50 a month, or less if my usage stays lower than their predictions.

My actual usage over the last 12 months has been less, at 1391 / 8210 respectively.   So they are probably allowing for a bad winter!! 

I'll give it some more thought, but I'm not sure its enough of a saving to take a chance on.  

Also does the new tariff have the same exit clause about not applying to a change of tariff, rather than supplier.  As I thought they'd tightened up that 'loophole'? 



*Smart meter readings trigger a bill on the 11th, but I always submit my own on the 1st to keep my own month on month records, and it generates another bill. 

RG2015

Sea_Shell said:

RG2015 said:

Sea_Shell said:

RG2015 said:

I have just switched from the Next Loyalty Fixed v 4 to the Next Pledge Tracker v2. The saving is relatively small at 7%, but this will always track below the price cap.

The real question is what the price cap will do in January and April. The Loyalty fix would have expired in late June.

So here’s hoping that the price cap doesn’t surge for the first half of next year.

I saw on my latest bill that I've also been told that PTv2 will be cheaper for me, but i'm a bit nervous about the "tracker" part, rather than the certainty of the v4.    It might save me about £8 a month, based on your 7% stated above.

I haven't done a deep dive on the rates yet.    It's probably only a little bit cheaper because they have used higher estimated usage (compare to my actual over the last 12 months), so the saving will likely be even smaller than the bill says. 

As asked above, I trust they didn't impose any exit fees (otherwise it wouldn't be worth it)?

hmmm

The 7% may not be the same for you as I am on electricity only. Also the tracker standing charge is 13.6% higher than the fixed v4.

However, as my standing charge is only 21% of my total, the lower unit rate gives me the overall 7% reduction this quarter.

As above I was not charged an exit fee.

It is interesting that your latest bill told you about NPTv2.

My latest bill dated 25/09/23 said  "Good news, you're already on our cheapest tariff. We'll let you know if this changes."

It was literally the 1st October bill that offered it.  It wasn't on the one issued on 11th September.*  I've just looked at it again.  We are on v4 until 1st July 24.

They say it could save me £27 pa on Electric (on 1462 kwh), from current predicted cost of £588
and save £39 pa on Gas (on 8611 kwh), from a current predicted cost of £709

So a grand potential saving of £5.50 a month, or less if my usage stays lower than their predictions.

My actual usage over the last 12 months has been less, at 1391 / 8210 respectively.   So they are probably allowing for a bad winter!! 

I'll give it some more thought, but I'm not sure its enough of a saving to take a chance on.  

Also does the new tariff have the same exit clause about not applying to a change of tariff, rather than supplier.  As I thought they'd tightened up that 'loophole'? 



*Smart meter readings trigger a bill on the 11th, but I always submit my own on the 1st to keep my own month on month records, and it generates another bill. 

I asked the E.ON Next agent and he said that the NPTv2 had an exit fee if I changed supplier. But he had already made a mistake on the exit fee on the NLFv4.

My email has this on it. "An exit fee of £25 per fuel will be applied if you change supplier before your tariff ends".

I wouldn't consider it a loophole though. It sounds like a sensible way to retain customers.

spot1034

Having followed the market through from when the new assessment period  began (for the price cap January to March) right up until a few days ago, I have seen nothing that makes me think the Cornwall Insight prediction of an increase in the price cap in January is incorrect, making E.On Next Loyalty Fixed v4 will probably be a decent tariff to be on. Just in the last week, prices have weakened but for how long this lasts, who knows? We are already half way through the assessment period. As for the second quarter, April to June 2024 I'd suggest the price cap for this period will depend very largely on the weather in the winter quarter. Stocks of gas in Europe are high and if the weather means they stay high, clearly gas in the second quarter will be much cheaper than will be the case if stocks are depleted significantly and have to be refilled in time for the following year.

Sea_Shell

FYI

Interesting email exchange with Eon today.

Received one first thing saying "your DD of £91* is too low, so we're increasing it to £100." Annual estimated cost £1300.

Ok, but, they haven't taken into account my current true credit of £230.  After bill on 1st October, on current readings, but not including my October DD payment.

So I emailed them earlier to request my £230 back, and I've just had a "yes, no problem, we'll credit within 10 days" reply. 😁

So as we head into winter, let's see how far into debit they'll let my account go, before wanting to increase the DD again?

* I'd reduced it down manually last month to the lowest it would allow 😉