Loyal Octopus 12M Fixed - Unexpected Exit Fees

danco

And looking at mu current bill I see that I am told there that I can save £67 by changing tariff but have an exit fee of £75 so it is not worth changing, with the exit fee printed in bold.

I will look again when the new tariffs come in. While it would not be worth changing over the remaining period of my current contract, if the new fixed tariff has no exit fees it might be worth changing then to ensure they don't go back to charging.

Beryl_Oneill

Me to I was on the price cap changed January 24 loyal v1. 3 weeks later loyal Octopus changed Loyal no exit fee rang up to change to that thinking that now no fees said this was for everyone but they would charge fees on mine challenged them saying they must have known this was going to happen  didn't get a straight answer   it was take it or leave it   So after November December I will look around for a different provider . I was with British Gas before even they use to tell you before a new tariff came out  so you could switch used to say your  on the cheapest tariff.    Big rip off .

andymatAgain

This is what I am being offered now - this is an updated fixed tariff I think and I dare not click on the review terms in case I inadvertently end up on a tariff with £75 exit fee for each fuel. I suspect the details after the pink button will say an exit fee is payable but I do think it is a bit off if it is just a website error. It is really not at all difficult to correct it and if it is still not correct now after a couple of months, that is just sloppy if not worse.

If there was really no exit fees there would be no reason why I shouldn't be on it!

Gerry1

The new fixed tariffs don't have exit fees but the earlier ones did and they still apply.

In any case you would still have the cooling off period.

bagand96

andymatAgain said:

This is what I am being offered now - this is an updated fixed tariff I think and I dare not click on the review terms in case I inadvertently end up on a tariff with £75 exit fee for each fuel. I suspect the details after the pink button will say an exit fee is payable but I do think it is a bit off if it is just a website error. It is really not at all difficult to correct it and if it is still not correct now after a couple of months, that is just sloppy if not worse.

If there was really no exit fees there would be no reason why I shouldn't be on it!

There's no error.  That tariff is clear that there's no exit fees.

andymatAgain

If this fixed tariff has no exit fees, there must be some other restrictions or costs? Otherwise it is just the same as the Flexible octopus tariff in that you can change to something else when ever you want to, but cheaper. Perhaps I need to find the terms and conditions - I would not want to find myself in the position the person who started this thread.

jak22

There's no hidden catch - but you will likely find the link to that tariff renewal page disappears from the dashboard once you switch - so bookmark the page first (the one with a URL ending in /tariff-renewal/#/ ) so it's easier to check as newer versions of Loyal Fix appear over time.

If a current fix has early exit fees (until 49 days before it ends) this will be shown on the PDF statement under 'About your tariff'. 

CuthbertCatface

I was on the December 2023 "loyal" Octopus fix, and was aware of the £75 per fuel exit fees. I contacted Octopus earlier this week to see what was available following the new April 2024 cap. Moving to the latest fix, even paying the £150 exit fees, should result in savings, so I have moved. Octopus told me that no exit fees were payable when I opened the new fixed tariff, but I think this was misinformation.I've asked for clarification, but they're not answering my emails. I've found on several occasions that they are great at responding to simple questions or requests, but not very good at more complicatrd questions or requests for clarification. They are still better than any other company I have been with.

badger09

CuthbertCatface said:

I was on the December 2023 "loyal" Octopus fix, and was aware of the £75 per fuel exit fees. I contacted Octopus earlier this week to see what was available following the new April 2024 cap. Moving to the latest fix, even paying the £150 exit fees, should result in savings, so I have moved. Octopus told me that no exit fees were payable when I opened the new fixed tariff, but I think this was misinformation.I've asked for clarification, but they're not answering my emails. I've found on several occasions that they are great at responding to simple questions or requests, but not very good at more complicatrd questions or requests for clarification. They are still better than any other company I have been with.

BIB Not misinformation. There are no exit fees on Octopus’ current 12 month fixed rate tariff 

Justmeme

On my December Octopus bill (downloadable from the web site)

 in the right hand column :

Electricity
Tariff Name Loyal Octopus 12M
Fixed September 2023 v1
Product Type Fixed
Payment Method Direct Debit
Unit Rate 26.20p/kWh
Standing Charge 45.67p/day (£166.70/year)
Price Guaranteed Until 11 Oct. 2024
Early Exit Fee £75.00

so it's fairly clear.

Also on the March bill :

For your electricity
You could save £76.25 a year by switching
to Loyal Octopus 12M Fixed, which is more
than the early exit fee of £75.00 per fuel
on your current tariff.

For your gas
You could save £168.20 a year by switching
to Loyal Octopus 12M Fixed, which is more
than the early exit fee of £75.00 per fuel
on your current tariff. 

It may involve changing how you pay or your meter setup
- contact our team to find out more.