Fixing for a year

slhqoue

I'm still a little unclear as to whether people think this fix is a good idea?

bristolleedsfan

slhqoue said:

I'm still a little unclear as to whether people think this fix is a good idea?

Maybe mentioning OFTM currently offer cheapest duel fuel fix depending on usage combined with https://www.ok.co.uk/lifestyle/martin-lewis-warns-fans-lock-32945521 might give you a bit of a clue.

GrahamTyingToSave

Brie said:

I've done a fix with OtM as there's no exit fee if I quit early.  I might change asap as they're not great at communicating and they want me to read the meter monthly which is incredibly difficult for me to do.  No idea why my smart meters don't work for them but they didn't for Bulb either at first.  

Hi Brie, I had the same problem I had to ring them up and confirm that the smart meters wasn't working. They looked into it and got them reactivated after about 2 months

artyboy

I was thinking of moving over to the OFTM fix, but that was at least partly driven by the Energy Club screen suggesting that the cap would RISE by 4% in July... is the data here just out of date or am I missing something...?

ETA: Ah, yes I think I know what I was
missing... I'm with Home Energy and they are already undercutting the April cap rates. So what should be a 7% fall actually looks here as a 4% rise because MSE is comparing my current actual rates to the July cap rates - which are higher than what I'm currently paying. Wonder if Home Energy will also drop in line... in which case I might stay put.

artyboy

...and on speaking with Home Energy, it sounds like they will be announcing a further drop next week. 

Right now I'm paying about 11% under cap rates (plus their SC for electricity is 11p/day under cap). If they maintain that relative discount to the upcoming July caps, then even if the 14% projected increase in October is accurate, it's still unlikely to save me anything much to fix.

So basically I'm in the same boat as most others on here wondering if a fix is worth it!

bristolleedsfan

artyboy said:

 

Right now I'm paying about 11% under cap rates (plus their SC for electricity is 11p/day under cap). 

I got a quote some time ago from Home Energy and have just done so again, on both occasion standing charges for both fuels same as maximum can be charged energy cap SVR, E unit rate is currently just under 3p kWh - G unit rate 0.71p kWh less.

artyboy

Well just to round this out from my perspective - Home Energy yesterday announced their new rates, as usual they cut them ahead of the new cap coming in, but they have only cut by about 2% across gas/electric. True they were already well below cap, but this has narrowed things, and makes their new rates pretty much identical to the cheapest Outfox the Market fix. 

So I've switched to fix. It means I'm going to hold on to the current cheapest variable tariff rates for 12 months; when I think there's not much doubt that prices will be rising over the next 2 cap periods, when my usage will be higher. Back of a cigarette packet calcs suggests that I could save £350 over the year term, based on current projections. Yes I'm a high user.

Let's see if I'm right... I did astoundingly well when I grabbed that Sainsbury's 2 year fix back in 2021, will I be lucky again 

Rivers_mum

I grabbed that fix too and it served us well. I moved to OFTM a few wks ago, seemed to be a good deal with no exit tariff, happy so far. Move went smoothly, web site works ok. We don’t have smart meters so I just take a pic of each meter and send the numbers through each month. 

artyboy

Rivers_mum said:

I grabbed that fix too and it served us well. I moved to OFTM a few wks ago, seemed to be a good deal with no exit tariff, happy so far. Move went smoothly, web site works ok. We don’t have smart meters so I just take a pic of each meter and send the numbers through each month. 

The OFTM tariff does have a £50 exit fee (£25 each for Electricity/Gas) - admittedly not terrible and wouldn't put me off moving if something better came along...

RelievedSheff

artyboy said:

Rivers_mum said:

I grabbed that fix too and it served us well. I moved to OFTM a few wks ago, seemed to be a good deal with no exit tariff, happy so far. Move went smoothly, web site works ok. We don’t have smart meters so I just take a pic of each meter and send the numbers through each month. 

The OFTM tariff does have a £50 exit fee (£25 each for Electricity/Gas) - admittedly not terrible and wouldn't put me off moving if something better came along...

The earlier versions had no exit fee.