Octopus 15 month fix tariff

2010

Outfox The Market pays £1.8 million for failing to report its financials

https://www.ofgem.gov.uk/press-release/outfox-market-pays-ps18-million-failing-report-its-financials#:~:text=Outfox The Market – which supplies,detail within the timescale required.

bristolleedsfan

2010 said:

bristolleedsfan said:

2010 said:

bristolleedsfan said:

2010 said:

No brainer really.
15m fixed is cheaper than the Oct. cap and with another predicted increase in Jan., April will be the very earliest it it could go below the 15m fix but that is extremely unlikely.

If there is big demand for this it could soon get pulled and another less attractive put in it`s place.
So the tiny amount you could save by waiting another three weeks will be lost.

It is only a no brainer if someone wants to stay with Octopus and be on a fixed rate tariff. ( Many Octopus customers would not currently consider either flexible Octopus or Octo fixed rate tariff.

15 month fix rates exactly the same as 12 month fix Octopus were previously offering, both fuels unit rates significantly more expensive than OFTM 12 month fix

No use quoting a tariff that doesn`t exist anymore.
OFTM, Fox Standard Dual or 2 year Fix'd Dual Aug24 v5.0 (plus £100 exit fees per fuel), is all that`s available just now.

I think people a fed up with "here today gone tomorrow" suppliers.
That`s the main reason why S/C are so high, to pay for the ones that failed.

Outfox The Market have been in operation since 2017

12 month fix on its website now albeit more expensive than when I posted - Exit fees: £25.00 per fuel. 

Current level of standing charges have more to do with OFGEM moving costs from unit rate to SC, April 2022 onwards than failed supplier costs.

As I said  many Octopus customers would not currently consider either flexible Octopus or Octo fixed rate tariff.

bristolleedsfan said:

2010 said:

bristolleedsfan said:

2010 said:

No brainer really.
15m fixed is cheaper than the Oct. cap and with another predicted increase in Jan., April will be the very earliest it it could go below the 15m fix but that is extremely unlikely.

If there is big demand for this it could soon get pulled and another less attractive put in it`s place.
So the tiny amount you could save by waiting another three weeks will be lost.

It is only a no brainer if someone wants to stay with Octopus and be on a fixed rate tariff. ( Many Octopus customers would not currently consider either flexible Octopus or Octo fixed rate tariff.

15 month fix rates exactly the same as 12 month fix Octopus were previously offering, both fuels unit rates significantly more expensive than OFTM 12 month fix

No use quoting a tariff that doesn`t exist anymore.
OFTM, Fox Standard Dual or 2 year Fix'd Dual Aug24 v5.0 (plus £100 exit fees per fuel), is all that`s available just now.

I think people a fed up with "here today gone tomorrow" suppliers.
That`s the main reason why S/C are so high, to pay for the ones that failed.

Outfox The Market have been in operation since 2017

12 month fix on its website now albeit more expensive than when I posted - Exit fees: £25.00 per fuel. 

Current level of standing charges have more to do with OFGEM moving costs from unit rate to SC, April 2022 onwards than failed supplier costs.

As I said  many Octopus customers would not currently consider either flexible Octopus or Octo fixed rate tariff.

Your also wrong about the Octopus 12 month fix being exactly the same as the 15m.
The 12m had £75 exit fees per fuel, the 15m has none.

As I said  "15 month fix rates exactly the same as 12 month fix Octopus were previously offering"

12m fix also had no exit fees

2010

@bristolleedsfan

Octopus is still cheaper than OFTM with their £100 per fuel exit fees.

If you know of a cheaper, available, duel fuel tariff than Octopus 15m fix (and you don`t need a SM), share it with us now. 

EssexHebridean

Interestingly we've been put on the 15m fix in place of the 12m I originally selected. Having switched to that one, I realised they were putting it in place to take effect after the fix we were rolling off ended - mid October. I emailed to ask for it to be actioned immediately as it would be a saving for us, and on getting confirmation that the change had happened, I checked to see that they had put us onto the 15m version instead. I'm not complaining, as there is no exit fees we can always jump off again, and indeed, may well be doing exactly that to Agile at some stage!

MikeJXE

I am on 12M fix from last October.

A couple of weeks ago I selected the 12M fix from October 16th 2024 no exit fees

Just logged in and my DD is going up from £50 to £51.01, Octopus recommended £44.01 probably because I am £251 in credit 

I don’t want odd pence on my spreadsheet so I changed it to £50 

I also want to be able to use my heating as and when I want when I want. 

I find it all so funny, it’s so simple 

Gerry1

2010 said:

bristolleedsfan said:

2010 said:

No brainer really.
15m fixed is cheaper than the Oct. cap and with another predicted increase in Jan., April will be the very earliest it it could go below the 15m fix but that is extremely unlikely.

If there is big demand for this it could soon get pulled and another less attractive put in it`s place.
So the tiny amount you could save by waiting another three weeks will be lost.

It is only a no brainer if someone wants to stay with Octopus and be on a fixed rate tariff. ( Many Octopus customers would not currently consider either flexible Octopus or Octo fixed rate tariff.

15 month fix rates exactly the same as 12 month fix Octopus were previously offering, both fuels unit rates significantly more expensive than OFTM 12 month fix

I think people a fed up with "here today gone tomorrow" suppliers.
That`s the main reason why S/C are so high, to pay for the ones that failed.

And much of the blame for those high standing charges is down to dozy Ofgem.  They allowed amateurs to set up man-and-a-boy operations from their own front rooms.  They weren't securely funded, relying instead on accumulated balances from fixed DDs to buy energy on the spot market.

When wholesale prices rocketed, the decks of cards collapsed and electricity customers of all suppliers were hit with surcharges on their standing charges.

If Ofgem had used due diligence when licensing new applicants and had also made fixed DDs the exception rather than the rule then most of this aggro would have been avoided.

EssexHebridean

We've had this conversation before around fixed -v- variable DDs. To the majority of us posting regularly on here, it's a perfectly simple process to budget for the higher winter bills by setting aside money from the lower summer ones. Unfortunately though this is not simple for the world at large these days as so much financial stuff is dumbed down, and budgeting not being something that is routinely taught any more. Making variable DD the default would be an extremely fast way of seeing huge number of customers ending up unable to pay their winter bills - for the simple reason that they would not know HOW to ensure that this didn't happen. Once personal financial education in schools is being implemented properly, and we are a sufficient number of years down the line that those who have been taught it have taught THEIR children the principles, as well as that teaching being backed up in schools also, then we may be back in a place where assuming that everyday budgeting is something practiced in the majority of households. Right now though, we are several decades away from that point. Ultimately, it's not fair to expect someone to know that they ought to be doing something that nobody has ever taught them, and it's even more unfair to then put them in a position where they are caught out by that lack of knowledge! 

2010

Octopus fixes with no exit fees are not really fixes.
Win,Win. 

wrf12345

Have not the failed supplier costs been paid off by the outrageous increase in electric s/c's already?

Gerry1

EssexHebridean said:

Making variable DD the default would be an extremely fast way of seeing huge number of customers ending up unable to pay their winter bills - for the simple reason that they would not know HOW to ensure that this didn't happen.

It wasn't a problem in the days of the Gas and Electricity boards.  Pay on receipt of bill, red warning letter a fortnight later if you didn't.

It's not a problem today with petrol or supermarket trolleys: drive more, eat more, drink more and you'll pay more.  And it wouldn't be compulsory.

Far better than finding your DD has suddely doubled after the 6-month review.