Loyal Octopus 12M Fixed - Unexpected Exit Fees

midnightlightning

I signed up for this Tariff, full title "Loyal Octopus 12M Fixed September 2023 v1", after seeing it in one of the regular MSE emails. I only signed up because the information from MSE stated there were no Exit Fees. 

If I go on the Octopus site now their current version also states no Exit Fees. 

However, as part of an on-going Ombudsman dispute with Octopus, over Smart Meter Range Extenders, Octopus have informed me that there is a £75 per service Exit Fee on this Tariff. 

I am shocked and angry given prices are about to fall and I am now effectively locked in.

I would be interested to hear from anyone else on this Tariff and whether they also find themselves subject to Exit Fees.   

I would also like to find the original posting that MSE put out about this Tariff - the email would have been sent in late August/ early September 2023 - is there a repository for this information?

Thanks

EssexHebridean

I'm on the same tariff and it was extremely clear when I signed up that there were exit fees of £75 per fuel. 

I believe that the old emails are archived somewhere - but you may still be able to find the relevant one in your own email system too? 

QrizB

You can find old MSE weekly emails on the MSE site:

https://www.moneysavingexpert.com/tips/

Gerry1

That's my tariff as well.  It was made perfectly clear to me that there was a £75 exit fee.

IIRC the fee was also shown on the View My Tariff page on the app but not now.

Unfortunately it still applies, although not to new Loyal Octopus tariffs.

TheElectricCow

I was on this tariff and have recently exited for a better deal, the fee has been charged as expected. Octopus had made the exit fee abundantly clear to me prior to sign up as well as in the confirmation email I received detailing the tariff I’d signed up to.

I don’t recall if I ever read about this tariff in an MSE email, but I’d be more inclined to check the provider’s own terms & conditions than to rely on 2nd hand information from elsewhere which could have been inaccurate.

midnightlightning

Thanks for the comments, I found the email that was the basis for me switching, unfortunately it links to the current webpage. I'm sure this said "No Exit fees" at the time, as it does now. 

EssexHebridean

It was prominent on the email Octopus sent out confirming the new tariff when I set it up as well - 

Your new tariff

Loyal Octopus 12M Fixed This tariff features 100% renewable electricity and fixes your unit rates and standing charge for 12 months. This tariff has £75/fuel exit fees.

It's a shame you didn't notice it at the time as I suspect you would have been able to switch back immediately at that stage. 

Gerry1

They should have sent a Welcome Pack which mentions an exit fee of £75 per fuel.  Look for the PDF.

born_again

midnightlightning said:

Thanks for the comments, I found the email that was the basis for me switching, unfortunately it links to the current webpage. I'm sure this said "No Exit fees" at the time, as it does now. 

Always not this at the bottom of every page..

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the informat

Mum161111

I am not on the same tariff:  "Loyal Octopus 12M Fixed September 2023 v1".  My tariff is:  

"Loyal Octopus 12M Fixed June 2023 v1

Ending 01/07/2024." 

 I would be subject to the same £75 per fuel early exit penalty, so £150 in total.  I checked on this site and I decided not to ask Octopus about switching to their cheaper flexible tariff.  The £150 penalty would be too much.

I plan to stay with Octopus but, if changing, I understand that it is possible to leave, penalty free, about 49 days before the end date (for me it would be 49 days before 01/07/2024) of the fixed tariff.  

If so the same 49 day arrangement would apply to midnightlightning.  

MikeJXE

I signed up to 12m September fix and received confirmation email 

How could anyone miss the exit fee seen here in the email